Investment Manager
Discussion
Several years ago we were put in touch with a company to look at consolidating pensions (I had three DC schemes and my wife had 6 or 7). Work was done and money moved over. The company was St James - I didn't do a lot of checking on them as it was our accountant that put us in touch. Company closed and don't use the accountant any more.
Since became aware of the hostility for St James on here, they were doing OK - Ukraine changed all that so it may not just be them.
Did a retirement seminar at Close Brothers the other week and have also made contact with Fisher Investments.
Reviews of Fisher generally don't look good although some of those may be coloured by the Ukraine effect.
Am looking at whether it is worth jumping so any experiences of the other two or alternate suggestions welcome.
I am looking for someone who will manage the money within a risk profile as I don't want to do it myself (lack of knowledge).
Since became aware of the hostility for St James on here, they were doing OK - Ukraine changed all that so it may not just be them.
Did a retirement seminar at Close Brothers the other week and have also made contact with Fisher Investments.
Reviews of Fisher generally don't look good although some of those may be coloured by the Ukraine effect.
Am looking at whether it is worth jumping so any experiences of the other two or alternate suggestions welcome.
I am looking for someone who will manage the money within a risk profile as I don't want to do it myself (lack of knowledge).
I know very little about the mechanics of what you need but and I say this objectively, both names mentioned are potentially going to be expensive and will likely only track the indices ( indexes FTSE, UK, S+P US etc)
Again this is my view because from afar.
Given that the greatest investor of recent generations (Warren Buffet) reckons for most people, especially busy ones, a low cost tracker fund is the best option, that might be your answer.
I know it might be more nuanced about allocation etc and but a few hours research might be the best money you spend.
The markets are always one step from lift off or disaster depending on which talking head and I think 2024 for the UK looks a bit rough but over the longer term especially if you can mentally switch off, the savings made from a low cost index fund over a more expensive option could be meaningful.
Again this is my view because from afar.
Given that the greatest investor of recent generations (Warren Buffet) reckons for most people, especially busy ones, a low cost tracker fund is the best option, that might be your answer.
I know it might be more nuanced about allocation etc and but a few hours research might be the best money you spend.
The markets are always one step from lift off or disaster depending on which talking head and I think 2024 for the UK looks a bit rough but over the longer term especially if you can mentally switch off, the savings made from a low cost index fund over a more expensive option could be meaningful.
DaveA8 said:
I know very little about the mechanics of what you need but and I say this objectively, both names mentioned are potentially going to be expensive and will likely only track the indices ( indexes FTSE, UK, S+P US etc)
Again this is my view because from afar.
Given that the greatest investor of recent generations (Warren Buffet) reckons for most people, especially busy ones, a low cost tracker fund is the best option, that might be your answer.
I know it might be more nuanced about allocation etc and but a few hours research might be the best money you spend.
The markets are always one step from lift off or disaster depending on which talking head and I think 2024 for the UK looks a bit rough but over the longer term especially if you can mentally switch off, the savings made from a low cost index fund over a more expensive option could be meaningful.
Sorry but your assumptions are incorrect.Again this is my view because from afar.
Given that the greatest investor of recent generations (Warren Buffet) reckons for most people, especially busy ones, a low cost tracker fund is the best option, that might be your answer.
I know it might be more nuanced about allocation etc and but a few hours research might be the best money you spend.
The markets are always one step from lift off or disaster depending on which talking head and I think 2024 for the UK looks a bit rough but over the longer term especially if you can mentally switch off, the savings made from a low cost index fund over a more expensive option could be meaningful.
I have clients who use both Close and Fisher. The portfolios I have seen tended towards stock selection rather than index tracking.
Both are reasonable outfits ( not the best, nor the worst) can’t comment on fees, but neither have a reputation for being expensive, probably middle of the road.
St James Place on the other hand, well I think you know the answer already.
what most ‘managed’ clients want is a consistent approach to the investment element of the portfolio, which usually comes with a consistent track record, along with good client service and transparent (not necessarily cheap) fee structure. To get all of these IMO the quantum of the investment pot has to be in the millions.
Fisher have done some work on where the money is invested, on the face of it it is spread across 10 (ish) funds but behind that it is in approx 1500 stocks/bonds. Many duplicated across funds so one manager might see it as a good time to sell Apple just as another thinks it is a good time to buy.
Almost certain that we will be moving the money.
Almost certain that we will be moving the money.
IJWS15 said:
Fisher have done some work on where the money is invested, on the face of it it is spread across 10 (ish) funds but behind that it is in approx 1500 stocks/bonds. Many duplicated across funds so one manager might see it as a good time to sell Apple just as another thinks it is a good time to buy.
Almost certain that we will be moving the money.
That sounds like you might as well just stick it in Vanguard LifeStrategy 100.Almost certain that we will be moving the money.
Take a look at the EFT index bundles which make it up. Vanguard all in fees are 0.45% for this (0.22% platform + 0.23% investment). Then it's capped at a certain limit (can't remember at the top of my head).
I find it easier to review the composition using Hargreaves Lansdown site. If your funds are in a pension and you intend to transfer the lot into a SIPP, the Vanguard fund might work out even cheaper using Hargreaves platform. I think they have a lower cap but some trading charges. If you are not buying and selling but just leaving it in there then it might work out cheaper with them. Again you have to read the details on the fees.
I'd do your own research and invest in a fund direct via a low cost platform.
My father is with Close Brothers (also after a retirement seminar) and the charges are mental. He has always been in a close fund, in an account managed by Close. It performs very badly when compared to Fundsmith etc. They get double bubble charges and it would appear the annual review (where they change nothing) just enables them to charge the higher management fee.
He won't change as he trusts them and he can't follow what is happening. As soon as he is properly Incapable I will take great delight in moving his funds away. I find them unethical to say the least.
My father is with Close Brothers (also after a retirement seminar) and the charges are mental. He has always been in a close fund, in an account managed by Close. It performs very badly when compared to Fundsmith etc. They get double bubble charges and it would appear the annual review (where they change nothing) just enables them to charge the higher management fee.
He won't change as he trusts them and he can't follow what is happening. As soon as he is properly Incapable I will take great delight in moving his funds away. I find them unethical to say the least.
Fisher have done some work on where the money is invested, on the face of it it is spread across 10 (ish) funds but behind that it is in approx 1500 stocks/bonds. Many duplicated across funds so one manager might see it as a good time to sell Apple just as another thinks it is a good time to buy.
Almost certain that we will be moving the money.
Almost certain that we will be moving the money.
DaveA8 said:
Mankers said:
Sorry but your assumptions are incorrect.
Fair enough, as I said it’s not my thing but always worth raising the issue of cost versus performance.
Definitely, under FCA rules a UK investment manager is under regulatory obligation to disclose the ‘total and full cost of investing’ this should include all management, 3rd party fund (if applicable), structuring, admin, custody fees along with all historic transaction charges stamp etc (average of the past 3 years). Fair enough, as I said it’s not my thing but always worth raising the issue of cost versus performance.
The industry is sharky though and many are not on the front foot when asked the question, often quoting a lower management fee, but neglecting the rest.
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