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Currently invested my pension with SCM Direct but now thinking of moving to Nutmeg

07 January 2022

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Question by Bryn

Currently invested my pension with SCM Direct but now thinking of moving to Nutmeg. Which of these 2 providers do you feel is the better option going forward?


Answered by Oliver McDonald

Hi Bryn,

Many thanks for your question.

Although I cannot provide a recommendation here, the information below may help.

In terms of the 'better option', there are many factors - service, functionality, fees etc.

In terms of fees, you could compare the two and see what options they have. Typically you'll pay platform fees and fund fees (which can have several payers for actively managed funds).

I would also research what investment options both providers have and what is required to suit your investment objectives. Certainly do some research into actively managed funds vs passives.

Getting some financial advice could help. Most IFA's have preferred platform providers after completing huge amounts of due diligence. The advice received over many years normally pays for itself several times over. A study by Royal London and the International Longevity Centre found people taking financial advice are £47,000 better off over a 10 year period.

Hope that helps for now.

Oliver

Answered by

Oliver McDonald

Director & Independent Financial Adviser

I have worked in financial services for 15 years gaining extensive experience in financial planning. I am a people person. You will rarely find me explaining complex spreadsheets or using jargon. I keep my conversations at a high level and realised early on that financial planning is all about helping my clients achieve the lifestyle they want in future. I work with individuals, business owners and entrepreneurs. I specialise in retirement planning, investments and business protection.