To sack my pension advisor

[Cleo5mum]

I have a SIPP that was set up a few years ago on the HubWise platform. I realised that I was not getting any value for money from the pension advisor (who advised me to set this up) so told him that I no longer want to use his services. Reasons being that somehow he is not doing what I originally asked for (advice on choosing funds for workplace pension) and somehow I have ended up with this new product which pays him a decent amount for doing next to nothing

He tells me that the product on HubWise can only be kept WITH an advisor. I want to manage it myself
for a few years and save costs but apparently it’s not that easy.
Has anyone else been in that position? What should I do? I suppose I have to move it to a new platform. It’s not even that much it’s about £60k. can anyone recommend a good platform to move to with low fees. Thanks!

No idea about that platform, but if you transfer to somewhere like Hargreaves Lansdown you can choose funds with experts managing them for relatively low cost. Other cheaper platforms available but you need to know a bit more yourself

Transact and AjJ bell are alternative platforms you can look at.

There are all different platforms you can pick, and most have broadly the same availability of funds.

Vanguard is a popular one at the moment and definitely has one of the lowest fee structures - I’ve not used though. I personally like JP Morgan (what was nutmeg), wasn’t impressed by Hargreves and there is also Fidelity who was ok too.

I've never done this so I'm not sure but if you are moving to a new platform, I would guess they will sort it for you. Like most services - banks, utilities, mobile phone contracts etc - it's in the new provider's interest to help and make it easy for you. I would therefore determine where you are moving it to first and then ask them how. I'd also contact your current platform directly (rather than via your advisor) to find out if there's anything they can do.

OP find the platform you want to move it to, look at Vanguard, Hargreaves Lansdowne or JP Morgan(was nutmeg), or other, set up an account and request to transfer in from your current pension provider, job done.

Find out if there are any charges to move first.
I like Vanguard.

I've sacked my financial advisor. My original guy was brilliant, but with the strict regulatory framework he decided to join a team of IFAs. A few years later he retired and I didn't like his replacement. He suggested some changes to our ISAs and despite me saying no, did them anyway. So I complained to the FSA and wrote and sacked that group.
I then asked someone I knew if he knew anyone else, which is when I got my latest one, who is brilliant and despite trump's actions I am still 40k up this year alone.
As other people have said do it. These days there are platforms for you to use which keep everything together and are easy to choose investing options on.

Remember he works for you. If your greengrocer sold you rotten fruit you'd stop going there immediately.

Lots of different platforms out there- Interactive Investor, Hargreaves Lansdown, AJ Bell etc. Read up and decide which you want to go with- what's cheapest will depend on the size of your pot, how often you transact etc. You can then transfer the SIPP by filling in a form on the new provider website and they do the rest for you. Some of them occasionally run promotions where they give you money for transferring so it's worth shopping around.

Suggest you do rebel finance videos they explain your options and the effect of fees on compounding. Pension is just a wrapper, the advice applies to any investments.

Leave!!! Look at the Rebel Finance School on fb.
(Vanguard pension fund here, self managed)

Thanks all as usual from everyone here there are some super useful tips 😍 which I will go through

Hubwise is designed to be a ‘white label’ product for IFA firms & generally you can only use the product if you have on going advice from a financial advisor, it’s not designed to be self managed 😊

But there are plenty of other options out there, but do your research first. There isnt generally any exit fees/penalties for transferring off Hubwise and it can all be done electronically if your new provider can also use the electronic system.