URGENT assistance in ceasing financial adviser to manage ourselves

[Roystonv]

We are seeing our long standing financial adviser tomorrow hence the urgent. The money which we needed help managing is considerably reduced. The % fee we pay her seems a lot now. We are both pensioners, dh has pension pot that we have been taking regular small amounts from but hope to stop. Two things: can we ask for her help to manage things ourselves as we are still paying her and as we are not and will not be financially savvy do we just go very simple or some kind of different help - must be cheaper.

If you hope to stop taking money from your h’s pension, where will you replace this money?

Why do you have less money now than you used to? Have investments not done well?

If you don’t know how to manage your money, then it sounds as if you do need to pay someone to do it. What kind of things do you want your IFA to help with?

Pension Wise might be able to give you clear rules around it (although they cannot give advice). It is a minefield because many pensions cannot be accessed or moved without using a financial advisor. Legally. I understand it is frustrating, especially when the FA is regularly being paid from your pot, but unfortunately the management of pensions can be quite complex and they are trained and qualified to guide and advise you. You are paying for the knowledge and expertise, plus the protection it gives you if it all goes tits up. The costs to you if you were doing it yourself and arse it up are potentially far higher than what you’ll pay a FA.

I suggest you check with your pension plan and any investments held through providers such as aviva, fidelity, aegon etc if there is a linked financial advisor or Intermediary on them if there is then cease. If you’ve used a FA it’s likely they are a percentage of those. To be honest not sure what a FA would suggest of course investments go up and down currently the Middle East war and Ulkraine all effects the market. When you say cheaper option you can educate yourself many investment platforms are DIY options with you being able to fund pick based on your level of risk.

Thank you everyone; we have had the meeting and after discussion have decided to stay with them another year owing to the current world situation. We have had a good chat and changed a few things. Some answers; I am now eligible for the state pension, money given to family some years ago. I am afraid that we are past the stage of understanding much!