Sjp or platform?

[Drewner]

I'm trying to save more for retirement- I'm 37. I was recommended an adviser through a family member and I've seen they are connected with SJP (but don't work for them directly)and discussed me transferring pension pot to their fund and opening ISA with them.

They seem nice enough and weren't pushy, plus family member who recommended them is good with money and I trust them

However everything I'm reading about SJP online is quite negative - High fees etc and I'm reluctant to put all my money into place where I might not be able to extract it or might have ridiculous fees.

I'd love to do the ISA via a platform eg Vanguard but nit sure I'm savvy enough

You don’t need to be savy to invest your money in a vanguard fund. It would be a much better idea than signing up with sjp imo.

Please don’t use SJP. They are awful and expensive. I work in the sector and they’ve been that way for over 25 yrs. I never understand how they are still able to get away with it.

Don’t use SJP - the horror stories are correct

@KatzP which DIY platforms are good instead?

There's plenty of info about SJP out there. Many if their funds under perform and their fees are high. Also look at penalties for leaving them/moving your pension if you decide to change. Personally I would avoid.

If you use a FA then check if they are tied and avoid if they are (imo).

Platforms include Interactive Investor, Hargresves Landsdown and AJ Bell. Vanguard also have one but obvs that's only for Vanguard funds. Look at MSE and Money to the Masses.

monevator.com/which-investment-platform-do-i-use-and-why/

monevator.com/compare-uk-cheapest-online-brokers/

Avoid SJP like the plague.

Speak to a proper IFA to discuss your options.

I use Hargreaves landsdown but that’s because I had restrictions on who I could use at my last employment.

if you’re looking to make a regular investment I’d suggest some form of fund in an ISA. As a new investor a tracker is probably a good plan. Cheaper and there shouldn’t be much difference between costs and performance of any of the big firms. Vanguard LGIM fidelity all worth checking out.

you mention a pension. Is it a work pension? If so other than moving to a new work pension (because you’ve moved employers) I’d expect leaving it alone is best. I’ve moved some of my old ones but that was because the current pension has very very low fees (it also has a bigger fund range to select and better performance but that’s secondary and not something a new investor should worry about).

If you're not sure what you're doing, Vanguard is a good starter platform. It only has a small range of funds to choose from - passive trackers and some cheap managed funds.And no exit fees, so it's easy to transfer later if you want a wider choice or another platform offers better terms.

The key is low fees - platform fees, management fees and trading fees all eat away at your returns.

Of course they are nice. They want your money. Personally I would spend time doing your own research. Maybe find a good solid account to invest most. Put some aside if you fancy trying something else but can afford to lose as well. Leave that financial advisor well alone. They all make money from your investments.

Thanks all I'm going to use one of the platforms and invest in some of the index funds - seems better than putting it with massive high fees

SJP are expensive and sometimes add exit fees if you want to get out in the first few years. No reason why you can’t put together some investments yourself.

here is a good platform guide: https://pickafund.com/pages/choosing-the-best-investment-platform

here are the global trackers on the market which are a good place to start if you want to look at equities and have a long time horizon:
https://pickafund.com/search-investment-funds/365912/low-cost-global-equity-trackers