Intelligent Money - your investment questions answered
Discussion
Can you elaborate a bit more on the actual process that will happen when someone signs up? is it a case of telling you where the funds are at the moment (eg Fidelity/Vanguard/L&G/Parmenion/HL etc) & then then you contacting the old manager to organise the transfers, or do we have to get more involved?
A second question about drawdown. If I have a DC pension (non SIPP) I want to go into drawdown with but the current company doesn't offer that can it be transferred to IM & I begin to drawdown from it?
A second question about drawdown. If I have a DC pension (non SIPP) I want to go into drawdown with but the current company doesn't offer that can it be transferred to IM & I begin to drawdown from it?
Testaburger said:
JulianPH said:
Ask me stuff...
1) what type of beer?2) why?
Important stuff.
2) I just like it! Sagres when in Portugal. No particular reason for either, just the taste. It has to be bottled though, I can't stand the tinned ones. I would rather go without TBH.
Great question mate!
Julian - you mentioned (I think) that the minimum investment figure had been waived for PH lunatics(!), but there is presumably still a minimum figure that below which doesn't make sense for you? How far below 100k would you consider?*
* Asking for a friend obvs, I'm absolutely stinking rich, me.
* Asking for a friend obvs, I'm absolutely stinking rich, me.
Mr Pointy said:
Can you elaborate a bit more on the actual process that will happen when someone signs up? is it a case of telling you where the funds are at the moment (eg Fidelity/Vanguard/L&G/Parmenion/HL etc) & then then you contacting the old manager to organise the transfers, or do we have to get more involved?
A second question about drawdown. If I have a DC pension (non SIPP) I want to go into drawdown with but the current company doesn't offer that can it be transferred to IM & I begin to drawdown from it?
When people move to us they only have to tell us where the money they want switched over is and give us the account/contract/policy numbers. We do the rest.A second question about drawdown. If I have a DC pension (non SIPP) I want to go into drawdown with but the current company doesn't offer that can it be transferred to IM & I begin to drawdown from it?
This is no different than any established provider (i.e. we are not doing something unique!). The investment industry works to something called Origo Standards (or Origo Options). All the big players subscribe and it automates such transfers (though is ridiculously expensive every year, which is why the smaller providers don't sign up).
So basically, were you to decide to move to us you only need to provide us with the details of the investments/pensions/SIPPs/ISAs you want to move over to us and we do the rest without your involvement. All the names you mention are signed up to Origo.
As for your second question, this is a simple yes. When Auto-Enrolment came in we were classed as one of the biggest employers in the county due to our PAYE figures. When we pointed out we were a pension provider and this was for drawdown clients a laugh was had on both sides of the table!
I hope that helps, please do not hesitate to ask (or PM) anything further.
Cheers
Julian
Active75 said:
Have you any experience of Transact for holding a portfolio? If so, any points?
I have, I knew the previous MD. They are very good, somewhat expensive, but nothing over the top.They recently floated at a very high share price/ PE Ratio (but that is not relevant).
If you have money with Transact or are thinking about putting some money with them then (assuming you have looked at other options as well) then there is nothing else I can say. They are a good company and their only downside (IMHO) is that they can be more expensive than others.
No risks or worries though, they are a very safe provider.
CharlesdeGaulle said:
Julian - you mentioned (I think) that the minimum investment figure had been waived for PH lunatics(!), but there is presumably still a minimum figure that below which doesn't make sense for you? How far below 100k would you consider?*
* Asking for a friend obvs, I'm absolutely stinking rich, me.
Hi mate, long time no speak!* Asking for a friend obvs, I'm absolutely stinking rich, me.
Please let your friend (ahem!) know there is no minimum (or initial charge) for anyone putting in the PH2607 code.
Yes, you are right in that £100 a month makes no financial sense to us, but most clients have a 6 to 7 figure investment with us, so we can take lower amounts quite comfortably (often smaller investments for children or grandchildren and other friends and family).
Were this balance to shift we would not do it any longer. I don't believe in some people subsidising others. We are a million miles away from this though, so all good.
Obviously I know this it is not for you after ignored us when we got access to the Sunday Time Rich List data!!
Edited to add
I forgot to say that you were an integral part of the the pool build thread yourself. Thank you for some great comments back then!
Edited by JulianPH on Saturday 26th January 17:13
JulianPH said:
... Please let your friend (ahem!) know there is no minimum (or initial charge) for anyone putting in the PH2607 code.
... I forgot to say that you were an integral part of the the pool build thread yourself. Thank you for some great comments back then!
I loved that thread, and loved your approach to it. It still amuses me that the title had reference to paving considering the epic scale of the rest of the work in the time available! ... I forgot to say that you were an integral part of the the pool build thread yourself. Thank you for some great comments back then!
That's really helpful, thanks. Unfortunately, an imminent divorce means that 'my friend' has a much smaller pot to piss in than he was expecting, but some financial recovery based on whatever is left will be the aim once the deed is done. Are you planning to time-limit the concession do you think?
Oh, and apropos of nothing, but the cash prizes and charity donations from you and some of the recipients were a very nice touch.
CharlesdeGaulle said:
JulianPH said:
... Please let your friend (ahem!) know there is no minimum (or initial charge) for anyone putting in the PH2607 code.
... I forgot to say that you were an integral part of the the pool build thread yourself. Thank you for some great comments back then!
I loved that thread, and loved your approach to it. It still amuses me that the title had reference to paving considering the epic scale of the rest of the work in the time available! ... I forgot to say that you were an integral part of the the pool build thread yourself. Thank you for some great comments back then!
That's really helpful, thanks. Unfortunately, an imminent divorce means that 'my friend' has a much smaller pot to piss in than he was expecting, but some financial recovery based on whatever is left will be the aim once the deed is done. Are you planning to time-limit the concession do you think?
Oh, and apropos of nothing, but the cash prizes and charity donations from you and some of the recipients were a very nice touch.
UnclePat said:
What. A. Thread.
I've devoured this build from the start, over the course of just one evening, like a fat kid with cake (and wine, a lot of wine).
Brilliant stuff:
- A totally mental, ambitious project, that pretty much completed on time, and well
- 'Some dust in my eye, honest' moment when Francesca had the first swim
- Fascinating contributions from PH Forumers of various disciplines
- Exemplary OP updates, honest/patient insights & great photos
- Contractors who know their stuff & exceed expectations
- 'Forky'
- Salient lessons about what it means to be a good parent (on any budget)
- Smutty innuendo (plaudits, Gretchen!)
- A snake, a bloody snake!!!!!
Hats off, Julian & lrdisco, a terrific achievement in so many ways.
Sorry to hear of 'your friend's' circumstances, I hope that goes as well as these things can. There is no time limit to the concessions at all. It's a permanent PH mates rate deal.I've devoured this build from the start, over the course of just one evening, like a fat kid with cake (and wine, a lot of wine).
Brilliant stuff:
- A totally mental, ambitious project, that pretty much completed on time, and well
- 'Some dust in my eye, honest' moment when Francesca had the first swim
- Fascinating contributions from PH Forumers of various disciplines
- Exemplary OP updates, honest/patient insights & great photos
- Contractors who know their stuff & exceed expectations
- 'Forky'
- Salient lessons about what it means to be a good parent (on any budget)
- Smutty innuendo (plaudits, Gretchen!)
- A snake, a bloody snake!!!!!
Hats off, Julian & lrdisco, a terrific achievement in so many ways.
JulianPH said:
Mr Pointy said:
Can you elaborate a bit more on the actual process that will happen when someone signs up? is it a case of telling you where the funds are at the moment (eg Fidelity/Vanguard/L&G/Parmenion/HL etc) & then then you contacting the old manager to organise the transfers, or do we have to get more involved?
A second question about drawdown. If I have a DC pension (non SIPP) I want to go into drawdown with but the current company doesn't offer that can it be transferred to IM & I begin to drawdown from it?
When people move to us they only have to tell us where the money they want switched over is and give us the account/contract/policy numbers. We do the rest.A second question about drawdown. If I have a DC pension (non SIPP) I want to go into drawdown with but the current company doesn't offer that can it be transferred to IM & I begin to drawdown from it?
This is no different than any established provider (i.e. we are not doing something unique!). The investment industry works to something called Origo Standards (or Origo Options). All the big players subscribe and it automates such transfers (though is ridiculously expensive every year, which is why the smaller providers don't sign up).
So basically, were you to decide to move to us you only need to provide us with the details of the investments/pensions/SIPPs/ISAs you want to move over to us and we do the rest without your involvement. All the names you mention are signed up to Origo.
As for your second question, this is a simple yes. When Auto-Enrolment came in we were classed as one of the biggest employers in the county due to our PAYE figures. When we pointed out we were a pension provider and this was for drawdown clients a laugh was had on both sides of the table!
I hope that helps, please do not hesitate to ask (or PM) anything further.
Cheers
Julian
If I can just add to Julians overview of the process, all Private Clients are allocated a Private Client Manager and we are here to deal with any questions or queries you may have and talk you through both your options and the process.
We can do as little or as much a you need and make sure that any switch to Private Clients goes smoothly and deal with the occasional bump may appear on the road to make sure the service you receive is as you would want it to be.
Regards
Nik
Good point above Nik.
I'll add more on the importance of your Private Client Manager relationship. You have dedicated access to a fully qualified and experienced professional who is always on hand to inform and guide you on matters relating to your financial planning.
This includes (but it not limited to) financial forecasting to ensure you remain on track to reach your aims together with tax mitigation and estate planning.
This is basically what most people consider to be regulated financial advice. It is not though, it is financial planning for which we provide our Private Clients with at no additional charge and without selling products!
I'll add more on the importance of your Private Client Manager relationship. You have dedicated access to a fully qualified and experienced professional who is always on hand to inform and guide you on matters relating to your financial planning.
This includes (but it not limited to) financial forecasting to ensure you remain on track to reach your aims together with tax mitigation and estate planning.
This is basically what most people consider to be regulated financial advice. It is not though, it is financial planning for which we provide our Private Clients with at no additional charge and without selling products!
[quote=Intelligent Money]If I can just add to Julians overview of the process, all Private Clients are allocated a Private Client Manager and we are here to deal with any questions or queries you may have and talk you through both your options and the process.
We can do as little or as much a you need and make sure that any switch to Private Clients goes smoothly and deal with the occasional bump may appear on the road to make sure the service you receive is as you would want it to be.
Nik[/quote
It's Sunday!
*notes lack of Modern Slavery statement on website*
Reading through the Pension Key Features there's the following clause:
"It is a requirement of the Private Client Pension that you receive financial advice prior to drawing any benefits"
Is this actually so & how do I have to verifiy that I have taken advice?
We can do as little or as much a you need and make sure that any switch to Private Clients goes smoothly and deal with the occasional bump may appear on the road to make sure the service you receive is as you would want it to be.
Nik[/quote
It's Sunday!
*notes lack of Modern Slavery statement on website* Reading through the Pension Key Features there's the following clause:
"It is a requirement of the Private Client Pension that you receive financial advice prior to drawing any benefits"
Is this actually so & how do I have to verifiy that I have taken advice?
Mr Pointy]ntelligent Money said:
If I can just add to Julians overview of the process, all Private Clients are allocated a Private Client Manager and we are here to deal with any questions or queries you may have and talk you through both your options and the process.
We can do as little or as much a you need and make sure that any switch to Private Clients goes smoothly and deal with the occasional bump may appear on the road to make sure the service you receive is as you would want it to be.
Nik[/quote
It's Sunday! *notes lack of Modern Slavery statement on website*
Reading through the Pension Key Features there's the following clause:
"It is a requirement of the Private Client Pension that you receive financial advice prior to drawing any benefits"
Is this actually so & how do I have to verifiy that I have taken advice?
Oops!!!!We can do as little or as much a you need and make sure that any switch to Private Clients goes smoothly and deal with the occasional bump may appear on the road to make sure the service you receive is as you would want it to be.
Nik[/quote
It's Sunday!
*notes lack of Modern Slavery statement on website* Reading through the Pension Key Features there's the following clause:
"It is a requirement of the Private Client Pension that you receive financial advice prior to drawing any benefits"
Is this actually so & how do I have to verifiy that I have taken advice?
No it is not!
The document was based upon our advised products (where this rule does apply) and has somehow managed to remain in the Private Client one!
There is no requirement to take advice at any time once you have become a Private Client.
I've no idea how long that has been in the terms but I will ensure that someone is severely thrashed in the morning!
Nik isn't working this weekend by the way, it is just his natural dedication! Hi mate!
JulianPH said:
Mr Pointy said:
Intelligent Money said:
If I can just add to Julians overview of the process, all Private Clients are allocated a Private Client Manager and we are here to deal with any questions or queries you may have and talk you through both your options and the process.
We can do as little or as much a you need and make sure that any switch to Private Clients goes smoothly and deal with the occasional bump may appear on the road to make sure the service you receive is as you would want it to be.
Nik
It's Sunday! We can do as little or as much a you need and make sure that any switch to Private Clients goes smoothly and deal with the occasional bump may appear on the road to make sure the service you receive is as you would want it to be.
Nik
*notes lack of Modern Slavery statement on website* Reading through the Pension Key Features there's the following clause:
"It is a requirement of the Private Client Pension that you receive financial advice prior to drawing any benefits"
Is this actually so & how do I have to verifiy that I have taken advice?
No it is not!
The document was based upon our advised products (where this rule does apply) and has somehow managed to remain in the Private Client one!
There is no requirement to take advice at any time once you have become a Private Client.
I've no idea how long that has been in the terms but I will ensure that someone is severely thrashed in the morning!
Nik isn't working this weekend by the way, it is just his natural dedication! Hi mate!
Mr Pointy said:
Ah ok. I'll communicate somethig else by PM.
Thanks very much for that. Just so others know, the provider name drop-down box in the transfer section of our application is currently not populating.I am guessing this is a glitch caused by a software update being scheduled this weekend (which is obviously annoying), but it will be resolved by tomorrow morning.
I'm not going to be able to have our Head of Software thrashed I am afraid, he is a big bugger!
I forgot to update this earlier:
Our documentation has been correctly amended and uploaded to the site. The ISA transfer provider list glitch has been fixed and stress tested so it can accept transfers whilst we repopulate the drop down list.
Thanks very much to Mr Pointy for pointing this out (did you see what I did there!
).
Our documentation has been correctly amended and uploaded to the site. The ISA transfer provider list glitch has been fixed and stress tested so it can accept transfers whilst we repopulate the drop down list.
Thanks very much to Mr Pointy for pointing this out (did you see what I did there!
).giles panizzi said:
In the process of switching over to IM, good comms and process knowledge all the way through. What was initially quite a daunting step, in reality is quite simple.
Thanks Nik
Hi GilesThanks Nik
Sorry for the delayed response, Nik has been with clients and and I have spent most of the day having a very interesting meeting with DonkeyApple (something we have been discussing for a few months, hopefully now more to follow soon).
Thank you very much for your kind and unprompted feedback. We understand the process of moving from one provider to another can be daunting and so ensure the comms and our process knowledge are fully communicated throughout the transition.
This helps in developing the relationship between each client and their dedicated account manager and sets the benchmark as to what you can expect from us going forward.
It is therefore great to receive your positive feedback on this.
Cheers
Julian
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