S.I.P.P Advice Please

[Gary11]

Hi
After watching my "reputable" High St bank deplete my pension fund by a five figure amount I have taken a pals advice and transsferred the fund into a SIPP,I am looking for a bit of advice as to where to invest as its a bit daunting, but I hope to have a bit of fun along the way,any help much appreciated,hopefully I wont do any worse than my thieving bank I have had a couple of pointers but respect the opinions and knowledge on here more!
Thanks
G

[peatmoor]

Which provider have you gone with?
I signed up with Hargreaves Lansdowne recently to diverge away from my company pension and they have been very good. Very easy to deal with.

Are you thinking of buying funds or individual equities or both?

[PurpleMoonlight]

Now let me see.

Rather than engaging and paying an IFA who is duly authorised by the FSA to provide financial advice and can only do so when they have ascertained their clients personal circumstances and what their aims and risk criteria is, you want advice from anonymous people on the internet who know absolutely nothing whatsoever about you except that by default you are into cars...

Astonishing .....

[Edinburger]

PurpleMoonlight said:

Now let me see.

Rather than engaging and paying an IFA who is duly authorised by the FSA to provide financial advice and can only do so when they have ascertained their clients personal circumstances and what their aims and risk criteria is, you want advice from anonymous people on the internet who know absolutely nothing whatsoever about you except that by default you are into cars...

Astonishing .....

This. You need independent financial advice, Gary. Go to unbiaised.co.uk and pay a relatively small fee for professional advice.

Pensions are too important to get wrong.

[Gary11]

PurpleMoonlight said:

Now let me see.

Rather than engaging and paying an IFA who is duly authorised by the FSA to provide financial advice and can only do so when they have ascertained their clients personal circumstances and what their aims and risk criteria is, you want advice from anonymous people on the internet who know absolutely nothing whatsoever about you except that by default you are into cars...

Astonishing .....

I agree I wont do anything rash BUT to be fair to PH I value and respect several contributors on here who have helped me much in the past, not random contributors my friend reply appreciated!

[Gary11]

peatmoor said:

Which provider have you gone with?
I signed up with Hargreaves Lansdowne recently to diverge away from my company pension and they have been very good. Very easy to deal with.

Are you thinking of buying funds or individual equities or both?

TD waterhouse much the same .....I just cannot belive the theiving bank they have sold my fund twice each time loosing money at least if I loose any money now it will be my own fault!

[nickfrog]

PurpleMoonlight said:

Now let me see.

Rather than engaging and paying an IFA who is duly authorised by the FSA to provide financial advice and can only do so when they have ascertained their clients personal circumstances and what their aims and risk criteria is, you want advice from anonymous people on the internet who know absolutely nothing whatsoever about you except that by default you are into cars...

Astonishing .....

There's nothing independent about an IFA. They go where the highest kickback is and justify their choice by only showing one side of the coin.

Edited by nickfrog on Friday 28th September 17:50

[ringram]

+1 why waste money on a middleman?
DYOR and avoid waste.

[Gary11]

Well thats what I thought,a steep learning curve and see how I go, again I dont trust financial advisers as they normaly are NOT as independant as we are led to belive.

[RESSE]

nickfrog said:

There's nothing independent about an IFA. They go where the highest kickback is and justify their choice by only showing one side of the coin.

Edited by nickfrog on Friday 28th September 17:50

Not true.

PS What is a 'kickback'?

[Gary11]

RESSE said:

Not true.

PS What is a 'kickback'?

yes it is true,
If someone is a IFA they dont provide this service free and tend to recommend the product yielding the highest commision,how else do they earn money??

[RESSE]

Gary11 said:

yes it is true,
If someone is a IFA they dont provide this service free and tend to recommend the product yielding the highest commision,how else do they earn money??

Gary11

I know I as I have been and independent financial adviser for 25 years and our family firm has been independent since 1975.

From 1985 wehave been remunerated by fees and commission (the latter credited to a client's Notional Client Account to offset fees otherwise chargeable).

I was offended by the wording of a reply to your post (not by you I hasten to add).

[Gary11]

RESSE said:

Gary11

I know I as I have been and independent financial adviser for 25 years and our family firm has been independent since 1975.

From 1985 wehave been remunerated by fees and commission (the latter credited to a client's Notional Client Account to offset fees otherwise chargeable).

I was offended by the wording of a reply to your post (not by you I hasten to add).

No problem my friend!
profit not being a dirty word.

[PurpleMoonlight]

Gary11 said:

yes it is true,
If someone is a IFA they dont provide this service free and tend to recommend the product yielding the highest commision,how else do they earn money??

Almost all IFA's will also advise you for a fee rather than commission if you are concerned that they may only recommend the highest commission paying investments.