Pension advice and consolidation / Financial advice
Discussion
Morning all,
Apologies for the basic questions, but I did a quick search and couldn't come up with a recent thread on the topic.
To keep it short (ish), I need advice on financial advisors and potentially only Pensions for the short-term. Any pointers hugely received
About 18 mths ago, the other half an I decided we needed some structured financial advice. Baby on way, moving to house in country, growing above average incomes etc - we figured it was long overdue to make sure we're planning properly for the future.
We started working with an advisory firm in London who basically advise and 'sell' the products of a well known pension / investment company.
Long-story short, in a rush to get our money, they mis-calculated how much of a lump sum we could put into my other halves pension to help with tax relief. Taxes got filed x months later and there was quite a financial shock. As they were in a rush, they made an error, got us to put wayyyyy too much away and it cost us.
That's brought home the reality that we'd feared; that zero f**ks are actually given and they just want as much money into their products as they can due to commission.
Given we're not super flush, we've realised that with pensions, ISAs, trusts etc, we can probably work out the best way to invest ourselves directly, cutting out middle men fees. A healthy anxiety means we'll push away as much as we can.
BUT i still have about 6 pensions from previous employers (i got bored easily) that I want to consolidate and due to this advisory companies error, we also have a 2 c.£xxk lump sums in the pensions that they set up that we can now transfer penalty free.
SO can anyone suggest/recommend a method of doing this? Ideally an independent advisor who I can pay for advice, rather than the institution who gets our money? There seems to be plenty of ways to do it so would welcome any pointers.
Thanks in advance!
Apologies for the basic questions, but I did a quick search and couldn't come up with a recent thread on the topic.
To keep it short (ish), I need advice on financial advisors and potentially only Pensions for the short-term. Any pointers hugely received
About 18 mths ago, the other half an I decided we needed some structured financial advice. Baby on way, moving to house in country, growing above average incomes etc - we figured it was long overdue to make sure we're planning properly for the future.
We started working with an advisory firm in London who basically advise and 'sell' the products of a well known pension / investment company.
Long-story short, in a rush to get our money, they mis-calculated how much of a lump sum we could put into my other halves pension to help with tax relief. Taxes got filed x months later and there was quite a financial shock. As they were in a rush, they made an error, got us to put wayyyyy too much away and it cost us.
That's brought home the reality that we'd feared; that zero f**ks are actually given and they just want as much money into their products as they can due to commission.
Given we're not super flush, we've realised that with pensions, ISAs, trusts etc, we can probably work out the best way to invest ourselves directly, cutting out middle men fees. A healthy anxiety means we'll push away as much as we can.
BUT i still have about 6 pensions from previous employers (i got bored easily) that I want to consolidate and due to this advisory companies error, we also have a 2 c.£xxk lump sums in the pensions that they set up that we can now transfer penalty free.
SO can anyone suggest/recommend a method of doing this? Ideally an independent advisor who I can pay for advice, rather than the institution who gets our money? There seems to be plenty of ways to do it so would welcome any pointers.
Thanks in advance!
I can't recommend any advisers, but have you tried pursuing the first issue further? If they have left you worse off than you should have been, and won't entertain any recompense, the FOS would be worth a call for a preliminary chat.
As for the other pensions, you could do worse than call Nik at IM. He will know what you can and can't do, and then you'l be further along the path of knowing what to do.
Also bear in mind that there are many forms of investment, and pensions are only one of them.
As for the other pensions, you could do worse than call Nik at IM. He will know what you can and can't do, and then you'l be further along the path of knowing what to do.
Also bear in mind that there are many forms of investment, and pensions are only one of them.
Petrol_fumes said:
Given we're not super flush, we've realised that with pensions, ISAs, trusts etc, we can probably work out the best way to invest ourselves directly, cutting out middle men fees. A healthy anxiety means we'll push away as much as we can.
At the top of this forum there are six stickies, although they are easy to miss. This is probably a good one to start with:https://www.pistonheads.com/gassing/topic.asp?h=0&...
Have a read through consider getting in contact with Nik at IM (the sponsors) for a chat. They can't/don't give advice in the regulated sense of the word but he can give you some excellent guidance on what your options are.
Mr Pointy said:
Petrol_fumes said:
Given we're not super flush, we've realised that with pensions, ISAs, trusts etc, we can probably work out the best way to invest ourselves directly, cutting out middle men fees. A healthy anxiety means we'll push away as much as we can.
At the top of this forum there are six stickies, although they are easy to miss. This is probably a good one to start with:https://www.pistonheads.com/gassing/topic.asp?h=0&...
Have a read through consider getting in contact with Nik at IM (the sponsors) for a chat. They can't/don't give advice in the regulated sense of the word but he can give you some excellent guidance on what your options are.
MikeKite said:
Mr Pointy said:
Petrol_fumes said:
Given we're not super flush, we've realised that with pensions, ISAs, trusts etc, we can probably work out the best way to invest ourselves directly, cutting out middle men fees. A healthy anxiety means we'll push away as much as we can.
At the top of this forum there are six stickies, although they are easy to miss. This is probably a good one to start with:https://www.pistonheads.com/gassing/topic.asp?h=0&...
Have a read through consider getting in contact with Nik at IM (the sponsors) for a chat. They can't/don't give advice in the regulated sense of the word but he can give you some excellent guidance on what your options are.
This seems to contradict
If you've got the inclination, and time to get your head round things, doing well enough at DIY isn't impossible. I just read Monevator and spent some time on the UK personal finance reddit if I had specific questions. Their flowchart is great, but really aimed at people early in their career/adulthood - https://ukpersonal.finance/recommended-resources/
Their recommended reading list is pretty good - https://ukpersonal.finance/recommended-resources/
Petrol_fumes said:
Given we're not super flush, we've realised that with pensions, ISAs, trusts etc, we can probably work out the best way to invest ourselves directly, cutting out middle men fees. A healthy anxiety means we'll push away as much as we can.
this:Petrol_fumes said:
SO can anyone suggest/recommend a method of doing this? Ideally an independent advisor who I can pay for advice, rather than the institution who gets our money? There seems to be plenty of ways to do it so would welcome any pointers.
?If you've got the inclination, and time to get your head round things, doing well enough at DIY isn't impossible. I just read Monevator and spent some time on the UK personal finance reddit if I had specific questions. Their flowchart is great, but really aimed at people early in their career/adulthood - https://ukpersonal.finance/recommended-resources/
Their recommended reading list is pretty good - https://ukpersonal.finance/recommended-resources/
anonymous said:
[redacted]
I see you are still following me around.IM are a forum sponsor & the stickies are set up to provide exactly the type of guidance that the OP has asked for. He can, for no fee, talk over his situation with an experienced & qualified person & if at the end of any discussions he decides to invest elsewhere, he is perfectly free to do so. IM aren't begging for more private clients: they are trying to educate & guide investors.
Why don't you grow a pair & make a post on the Website Feedback forum raising the issue of my (along with many other posters) pointing the OP towards the stickies (made by the Forum Sponsors & approved by the owners of PH) & we'll let the mods (or maybe someone higher up) decide if my post is acceptable or not?
Turning to your allegation that I receive a referral fee from IM I would suggest, at the risk of raising the spirit of Breadvan, that it is verging on libelous. Personally I don't care too much because not many PH posters know who I am in real life but IM may have a different view, given that you are accusing them of paying posters to recommend their services.
For the avoidance of doubt I have never received any referral fee from IM & of course pay the same standard management fee that all PH clients do. For that I put up with returns like the current 65.18% return on my PH Recovery investment. I'm a bit meh about the cats though.
Mr Pointy said:
anonymous said:
[redacted]
I see you are still following me around.IM are a forum sponsor & the stickies are set up to provide exactly the type of guidance that the OP has asked for. He can, for no fee, talk over his situation with an experienced & qualified person & if at the end of any discussions he decides to invest elsewhere, he is perfectly free to do so. IM aren't begging for more private clients: they are trying to educate & guide investors.
Why don't you grow a pair & make a post on the Website Feedback forum raising the issue of my (along with many other posters) pointing the OP towards the stickies (made by the Forum Sponsors & approved by the owners of PH) & we'll let the mods (or maybe someone higher up) decide if my post is acceptable or not?
Turning to your allegation that I receive a referral fee from IM I would suggest, at the risk of raising the spirit of Breadvan, that it is verging on libelous. Personally I don't care too much because not many PH posters know who I am in real life but IM may have a different view, given that you are accusing them of paying posters to recommend their services.
For the avoidance of doubt I have never received any referral fee from IM & of course pay the same standard management fee that all PH clients do. For that I put up with returns like the current 65.18% return on my PH Recovery investment. I'm a bit meh about the cats though.
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