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independent financial advice

techguy
Grafter
Posts: 2,540
Registered: 12-09-2008

independent financial advice

Hi
Hope its ok to ask this here, not asking anyone to vouch for the quality of the advice (as eveyone is an individual), just the quality of service.
Over four years ago I took out a stakeholder pension with Scottish Widows and have been paying in about £30 per month, every month up until July this year as with the market turmoil I did not want to be chucking my money down a bottomless pit and have been looking at other providers such as Legal and General and Zurich in order to move the fund to a company where it may perform better.
Now am looking for get some independent financial advice to look at what I currently have and advise me on the options available in the market rather than one tied to a bank.
Anyone had a particularly good experience with the company? If so what was the company called?
10 REPLIES
craigyoung
Grafter
Posts: 208
Registered: 06-09-2007

Re: independent financial advice

I am with Skandia for ISA who I have been impressed with.  I like being able to flex the risk on the portfolio.  It's ISA rather than pensions, but the basic ethos is the same.
I haven't dared look at the investments in the last couple of months because of the markets, but that's a wider issue.
Good luck.
pierre_pierre
Grafter
Posts: 19,757
Registered: 30-07-2007

Re: independent financial advice

try looking at this page, a lot of links on RH side that might answer your questions
http://news.bbc.co.uk/1/hi/uk/7687980.stm
techguy
Grafter
Posts: 2,540
Registered: 12-09-2008

Re: independent financial advice

Cheers
Yes I agree, looking at the markets makes very grim reading at the minute (I tend to keep an eye on the stocks of companies I deal with such as the banks.
I did look into a self invested pension but keeping an your portfolio is a full time job so decided against it and probably good job as I might be throwing myself off the highest building by now  Grin
Denzil
Grafter
Posts: 1,733
Registered: 31-07-2007

Re: independent financial advice

Although, as our company's IFA said recently, a low market isn't necessarily a bad thing as your contributions will buy more than they will in a high market. This is as long as the market goes up again before you actually have to draw the pension, of course. Finding yourself an IFA would be a good move, as you will get advice that is tailored to your circumstances.
Community Veteran
Posts: 18,545
Thanks: 191
Registered: 12-08-2007

Re: independent financial advice

Find yourself an independent financial adviser who will be able to advise you on the whole range of options available.
Have a look here:
http://tinyurl.com/5fenlv ;
or
http://www.ifabrokers.co.uk/?gclid=CPvFgMbWwpYCFQSB1AodBAywwQ
Before you decide speak to a number of advisers to see if you get on with them and feel comfortable with them and their advice.
techguy
Grafter
Posts: 2,540
Registered: 12-09-2008

Re: independent financial advice

Thanks Artmo
And yes Denzil that does make sense (I'm over three decades away from drawing my pension but am keen to get it sorted now as you have to throw serious sums at it to correct a problem later on)
Looks like the likes of Warren Buffett are using the opportunity to buy up stocks and they say that investments should always be viewed long term but am quite conservative when it comes to risk (I'll avoid risk if at all possible) but of course the aim is to build up enough to give me a comfortable retirement (as I'' have definitely clocked up the hours by then) and I don't want to end up in the situation of poor souls that lost everything when equitable life nearly collapsed.
Thomastank
Dabbler
Posts: 17
Registered: 08-10-2008

Re: independent financial advice

Most IFAs offer three levels of service 1 fee based advice 2 commision based advice were the IFA gets his payment through the company he puts your business 3 part fee and part commission .
If as you say your are over 30 years away from retirement this is just a major blip hopefully things will improve over the next 30 years .
The people who need to be concerned is those who are retiring in the next 5 years as it is considered prudent to move your money into a safer funds as you approach retirement but it does not help that annuity rates are falling.
When you set up a pension it may be a case that the setting up costs are more in the early years .
Nobody on the board can advise you as we do not know your personal circumstances I suggest you see two or three IFAs for advice (no fee) and just get the feel what you should do.
Don't forget pensions are a long term investment and an IFA will probably be able to tell how your fund is preforming.
Do forget the best time to buy is when the market is down !! you do not mention if your pension is a unit linked fund or a with profits fund
hope I have helped you in some way as to be honest the pension market is so complicated
Being a stakeholder pension it should have fairly low set up charges
techguy
Grafter
Posts: 2,540
Registered: 12-09-2008

Re: independent financial advice

In my policy docs SW say they switch the fund to cash 3 years prior to retirement to reduce the risk
Thomastank
Dabbler
Posts: 17
Registered: 08-10-2008

Re: independent financial advice

That's pretty standard most funds will do that !!
I know it is a worrying time with investments at the moment but finding out how your fund is doing would be a good start
Good luck but as you have a long time to go try not to worry to much
techguy
Grafter
Posts: 2,540
Registered: 12-09-2008

Re: independent financial advice

Thanks for the advice all.