Financial Advisor - Pensions

[MRG]

Can anybody recommend a financial advisors who specifically looks at pensions and retirement planning in the East Lancs area.

Ideally I’m looking for a recommendation based on you having actually used them not just that you know your neighbour offers this service or I may as well work through the yellow pages for them kind of recommendations

[clarethomer]

MRG - I work in the financial advice industry.

What type of pensions are you looking for advice on? Defined Benefit/Defined Contribution?

If you are looking at Defined Contribution scheme - these are typically what most schemes are these days outside of local government and civil service then I can recommend Skipton

https://www.skipton.co.uk/financial-adv ... t-planning

Their offering seems really comprehensive from what clients have told us and friends I have the work there (we don't typically deal with customers below £500k). The level of detail they go into would give me confidence to direct people we couldn't help there.

The good thing about Skipton is that they are likely to be around for many years to come so ongoing advice with them is unlikely to be an issue should you need it, or have any questions/queries.

I don't think any other banks/building society that I can recall being in Burnley will offer pension advice - possibly Lloyds if you have over £100k to review.

Your alternate options are smaller independents or places like St James Plance - who I would avoid like the plague. Their fees and investments are often criticised in the industry for being extortionately priced to pay for their glossy brochures. I do know a few of the SJP advisers locally and they are decent people but i don't like their proposition from what I know about it.

[Spijed]

Has anyone used pension bee?

[bfcjg]

Has anyone used pension bee?

Bstard stung me.

[tim_noone]

I didnt plan my retirement..... it just Happened. I'm fine.

[clarethomer]

Has anyone used pension bee?

Haven't used them. They are a fintech company first and foremost - I don't believe they give advice so it's you making all the decisions with some tools they have.

You may still be directed to seek advice depending on your circumstances.

Their offering is limited but may be appropriate for some people.

Pensions are a complicated area of advice and if you get it wrong, can be expensive.

[CleggHall]

It is easy to attack St James Place for their glossy brochures and high annual charges but they have access to some high performing, well managed funds. Fund managers are changed and shown the door if they don’t perform so don’t necessarily rule them out.

[clarethomer]

It is easy to attack St James Place for their glossy brochures and high annual charges but they have access to some high performing, well managed funds. Fund managers are changed and shown the door if they don’t perform so don’t necessarily rule them out.

I'm giving my personal knowledge of their proposition and from what I read in the industry press it's not somewhere I would recommend people seek advice from. I would say it's for everyone to make their own decisions and your experience may be better.

To support why I don't feel their proposition offers good value.

https://www.yodelar.com/insights/st-jam ... 0benchmark.

The above is typical of what gets said every year. Having a fund that has a high return is not always great if all the costs you are paying are eating into it. Value for money seems poor.

Even they have started to accept their value for money isn't great on 50% of their funds

https://citywire.co.uk/wealth-manager/n ... e/a1380172

This relates to about £4bn of their clients funds.

https://www.telegraph.co.uk/investing/f ... rm-admits/

[ClaretTony]

I used someone called Martin Edwards at Backhouse which is on Lomeshaye Estate.

I would have made a right mess of things if I'd not got advice.

[Bosscat]

I use John McGregor of "Haworths Financial Services" he's from Accrington .... he has given me sound (I think) advice and organised my pensions and investments

[MRG]

Thanks for the reply’s so far. Rather than looking for ways to invest I’m more looking for somebody to review what I currently have and advising me what changes, if any, I should be making now to ensure a comfortable retirement

[clarethomer]

So it's important to understand that some advisers will charge like a solicitor - by the hour.

Some Advisers will charge only if you do something with them.

Some will possibly do a mixture of the 2 .

The model we use is that we would do a free initial consultation and if you wanted to engage, we would charge an hourly fee which we estimate up front.

I know Skipton charge only if you take their advice. They will review your pensions for sure at no cost.

However, I am basing my experiences off what I know of others experience. If you want direct experience, you have a few on here.

[MRG]

Thanks Clarethomer, appreciate the responses. Sounds like CT and Bosscat’s guys could be my answer.

CT/Bosscat - what kind of money will this put me out of pocket? No doubt it will be a great investment long term but interested what I’m likely to be putting out at this stage?

[TVC15]

Has anyone used pension bee?

I believe a lot of people have complained to the Pension Ombuzzman about this firm.

I thank you !

[TVC15]

In all seriousness I used the financial advisor at Egan Roberts in Ribchester. They have always been excellent and the fees are reasonable too.

The financial advisor is a Burnley fan too.

[MRG]

In all seriousness I used the financial advisor at Egan Roberts in Ribchester. They have always been excellent and the fees are reasonable too.

The financial advisor is a Burnley fan too.

Can you give me an idea of fees?

[TVC15]

Can you give me an idea of fees?

Difficult really as they are my accountants too and I have other business with them.
Best thing to do is contact 2 or 3 firms and get quotes from them.
For a review of your retirement requirements and reviewing your existing investments etc I think you are talking about £500 (based on at between a half and full days work)....but as said shop around.

[Bosscat]

I believe a lot of people have complained to the Pension Ombuzzman about this firm.

I thank you !

Hive not .....

[Bosscat]

Thanks Clarethomer, appreciate the responses. Sounds like CT and Bosscat’s guys could be my answer.

CT/Bosscat - what kind of money will this put me out of pocket? No doubt it will be a great investment long term but interested what I’m likely to be putting out at this stage?

Very similar response like TVC's ... contact several firms... tell them your requirements (as everyone is individual and has different wants and needs...)

I wouldn't dream of discussing the fees etc on here (as they are my accountants) and that is confidential.

All I will say is that for me the investments/Pensions growth has more than paid for JM's advice and work (although this Covid sh*te has obviously hit them ... they are recovering slowly but surely)

[barba]

Thanks for the reply’s so far. Rather than looking for ways to invest I’m more looking for somebody to review what I currently have and advising me what changes, if any, I should be making now to ensure a comfortable retirement

I would suggest (as a Chartered Financial Planner) that you need an element of cash flow planning built into your retirement planning.

The main cash flow planning tools are 'Truth', 'Voyant', 'I4C' and 'Cash Calc'. The use of one of these will be able to map your journey to retirement and beyond. Without them it is a harder process to determine.

[basil6345789]

You'd be better sticking your cash under the floorboards - nobody creaming-off fees and costs, unless your employer is making a good contribution too in which case go with their existing outfit then move it later.

[Boss Hogg]

You'd be better sticking your cash under the floorboards - nobody creaming-off fees and costs, unless your employer is making a good contribution too in which case go with their existing outfit then move it later.

Under the floorboards it is guaranteed to lose value every year ( if it’s not stolen !)

7% return but 2% fees - no thanks I don’t want to earn 5 as you are taking 2. I love cutting off my nose to spite my face.

[Spike]

I am an Independent Financial adviser happy to look at your pensions for free.

[colne-claret]

If defined contribution pension I second clarethomer with Skipton. They can look at different options available to you with potential draw down options as well as offering decumulation advice. As mentioned, no pressure to proceed with any advice offered as well. No upfront costs or hidden fees. Great advice with options of ongoing service as well should you need it. Also offer pension reviews on DC pensions.