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Independent, no-nonsense ratings and reviews
Clear and easy to use. The secure site has been gradually improving over the last 12 months as has the app, which is easy to navigate. Simple things such as using colour to help navigate different tax wrappers make a difference. The supporting research and market information is strong.
We score each provider on about 20 different criteria including cost, service, website, functionality, customer feedback and our experience of the service. All overseen by our PhD gonk!
Beginner Investor
Confident Investor
Low cost
Strong on pensions
Good research and content
Don’t want to take our word for it? We ask existing customers and investors to rate their experience with the company – based on value for money, overall service and the website. We need at least 20 customer reviews before we add anyone to our Best Buys list.
Based on 136 reviews
In my experience an impossible organisation to work with. I tried unsuccessfully a number of times to setup an account and transfer funds into this organisation. I am amazed that an online organisation still insists upon transferring money via cheques in this day and age. I cannot actually recall the last time I saw a cheque book. The customer service was extremely poor, with an average response time to emails running towards 1-2 weeks, if there was a response. A J Bell may be low-cost but there's reason for it.
07/02/2020
Perfect for what I want. Which isn't much, just holding my SIPP safely with clean effective execution of what I've already decided to do. Don't really use their research (always do my own from company accounts and multiple other sources), don't have OEICs, just shares, ETFs and ITs. £100 a year to warehouse a £750,000+ SIPP. No one else comes even close. A couple of niggles about the website but all manageable, and no idea why they charge to hold an account but most providers do. No idea yet about who good the service when I choose to tap in but everything else works so no reason have doubts.
07/02/2020
A J Bell are continually improving their website. Useful research tools and videos and now offer both web and actual investment seminars. Like the security via secure message system and easy to talk to by phone at their Salford offices. They could reduce fees further to compete more with Vanguard.
24/01/2020
Straightforward and does what it says on the tin. Easy to use.
23/01/2020
Easy to switch to from previous provider; swift, polite and accurate communication; clean and clear site. Low platform fee is the main attraction.
23/01/2020
I have used AJ Bell Youinvest for my ISA investments for over a year. I would thoroughly recommend the platform as easy to use and good value for money. I have found it beneficial to research my investment purchases with information from the Youinvest website in combination with other financial research websites.
03/01/2020
Straightforward with very wide range of investments from funds (including own), investment trusts, ETFs and individual stocks. Free access to Shares magazine and other articles give added value.
03/01/2020
Easy to understand and use.
03/01/2020
As a first time investor very happy with the service provided
03/01/2020
A good, reasonably priced online service. The feature to manage other family members' accounts alongside your own is particularly useful.
03/01/2020
An excellent site, reasoably cheap, with multiple family finances capability.
29/11/2019
Easy to use and low cost dealing typically £1.50 per trade for fund purchases or sales make this a good platform for me as a small personal investor.
15/11/2019
All round nicest site, and people to deal with. Good costs.
15/11/2019
Cannot understand why AJ Bell does not offer LISA or JSIPP. Sadly AJ Bell do not state any plan to offer JSIPP or LISA in the near future either. I have therefore opened an account with Hargreaves Lansdown even though they are more expensive.
19/07/2019
No comment.
15/04/2019
Great and easy to use investment platform. I transferred my Help to Buy over to their LISA under a managed Portfolio, and also have opened a Dealings Account and ISA. After the initial document checks, very easy to get started with investing. - Great range of products to invest in. - Prices are good and ahead of many competitors. Hugely important when taking into compounding into account. - Website is user friendly. - Responsive and helpful on both Live Chat and on the phone. - Great research and information available for investors whether you prefer news articles and print, podcast or video.
05/04/2019
Tried to open a SIPP but they were unable to confirm my identity/address. Livechat was not live and answered my question about three hours later, rang them to be told Equifax could not confirm me (I have an account with Equifax). I decided to ring another company, within 15 minutes the account was open and they had my money and my custom for the next 25+ years. In the digital and online age, some companies just don't seem to function as you would expect.
02/04/2019
Simply unable to open a LISA for my daughter as they would not accept documents provided and want more and more... officious and impractical.
01/04/2019
Frustratingly, carrying out any changes to accounts (transferring ISAs in, linking accounts, etc.) requires much of the communication to be undertaken using snail mail - in today's world this seems remarkably backward, and reminiscent of last century. Surely electronic signatures (which are good enough for EU legal purposes) should be implemented and used as an option on digital forms? Account linking is not perfect either - I have 3 kids with JISAs and I can only carry out any instruction to deal on the accounts if I log in to each one individually, kind of defeating the purpose of linking :(
17/02/2019
Started investing for the first time at the end of last year and looked at most of the platforms available before finally settling on this one. Experience so far has been positive. Low fees, easy to deal, good research and reports. The only enquiry that I had to email them about was answered in hours. Website is not that intuitive to use, but a new one is in beta, and looks much better I think.
16/02/2019
The worst I've ever encountered!!!!!!!!!!!!!!!!!!!!!!
14/01/2019
value for money. UI of the website, better mobile app(native compared to web optimised that they offer at the moment.
19/12/2018
Good no-nonsense service. Much improved over the past few years. Good research capability. I like Russ Mould and his chums for their opinions and chirpy video clips, but I'm a Midlander so maybe I tend to relate better to people from north of Milton Keynes. I'm not a fan of paying on a per-fund-transaction basis in addition to the basic platform fee. I find it stilts my inherent promiscuity regarding fund trading. I'd rather have an extra teeny percent on the platform fee rate.
19/12/2018
Information promptly available and competitive charges. Ticks along nicely
19/12/2018
Good clean site. Excellent phone responses. Like all other providers, fund cost details need to be perfect.
19/12/2018
They speak plainly and make it very straightforward to transact. However, the website looks dated
19/12/2018
Value for Money. Their login / authentication security could be improved - picking individual characters from your password actually makes users choose more insecure passwords. Being able to manage (and trade) on all 3 of my children's JISA accounts from one single account would be beneficial but apparently isn't possible.
19/12/2018
19/12/2018
Fell at the first hurdle, glitch on the online application form, have now given up and will go elsewhere!
14/12/2018
Good site and reasonably helpful via email or phone. As with all platforms, cost detail is a struggle sometimes.
25/11/2018
Straightforward "no mucking about" website offering, much improved in recent times. Obviously making a big effort on the user-friendly front. Very good back-up information available. Call me a meanie, but I am put off by the (albeit small) dealing charge for fund transactions. Whilst realising that the platform charge is one of the lowest, I'm reluctant to increase the number of funds I hold (currently down to only 1!). I was drawn to AJ Bell by a media article and the cost/value for money.
14/11/2018
After calling to check they only offer 0345 numbers. These don't work with my inclusive minutes. Ability to call them is important for me so I'm afraid I won't be choosing Youinvest.
14/08/2018
The website fails too often and the portfolio listing is often not just wrong but very wrong. Don't get too excited if your share choices appear to be doing well, they may not be it is simply that the site performs very poorly on occasions.
05/03/2018
My SIPP charges increased from £200 per year to £500 when they raised the cap, so I will need to move to reduce costs. I am waiting for Vanguard to introduce their low cost SIPP. The YouInvest service is however, excellent.
27/02/2018
Easy to use web site and app - weekly magazine with investment ideas and build my personal understanding of investment types.
30/01/2018
The website could be more intuitive. For a novice investor I find it quite difficult to find out acronyms.
30/01/2018
I've found the website easy to navigate. Any buys or sells are handled quickly and I receive confirmation quickly. Easy to use the tools to screen funds by different criteria. I would like a way to order my funds by my own criteria rather than the alphabetical order they come in.
30/01/2018
They offer quick service. I think their 0.25% fee is too high. I prefer a lump sum SIPP charge.
30/01/2018
Like their email info and access to Shares magazine. Really quick and easy to get an answer when you need one.
30/01/2018
Website and online access a bit cumbersome.
30/01/2018
Too early to tell really!
30/01/2018
Capped prices for ETFs and ITs - like.
30/01/2018
Good interesting investment commentary. High exit charges to transfer out, these should be lowered.
30/01/2018
Videos and market updates included on them.
30/01/2018
Easy to place trades, low cost no thrills service.
30/01/2018
The removal of the cap on charges more than doubled my costs so I am still angry and will probably move elsewhere. The research info is good. The website looks like it is from the 1990's but does work. The mobile app is a step forward but still needs more work.
30/01/2018
The website is easy to navigate around and manage my account, it was easy to set up a Stocks and Shares ISA and the research available is really useful.
30/01/2018
Cheaper costs are the main factor. Website isn't the slickest, but to be fair it works fine.
30/01/2018
Got used to it.
30/01/2018
Low fees, cheap regular investing charge, regular investing and has Vanguard ETFs.
30/01/2018
AJ Bell Youinvest has designed its site for amateur investors. Hargreaves Lansdown has the largest range of ETFs, and tax-wrappers on one platform.
30/01/2018
AJ Bell is for hobbyists - you really ought to know your stuff before you start using them. The website and the terminology used even within personal accounts is far from intuitive. On the other hand they provide excellent value for money - the 0.25% minimum for funds is already good value but if you are an index fund user then switching to ETFs can save you most of that because they are counted as stocks and so don't incur a percentage charge. I've been with AJ Bell for 8 years and in most of that time have paid around 2-3bps pa and have never had a problem with my SIPP. I have thought about moving my ISA and my childrens' JISAs to AJBell but thus far ATS have done just enough to keep them (but only just).
P
18/12/2017
They're only interested in how much money they make from you.
Anon
21/11/2017
Ease of investing in wide range of shares and funds. Regular investing.
26/09/2017
Don't really communicate much.
26/09/2017
Simple to use and cost effective. Would like cheaper share trading costs ideally.
26/09/2017
Easy to use and was previously good value. But have now added fees.
26/09/2017
Nothing special.
26/09/2017
It works. Needs to improve the range of assets, bonds and corporate bonds which can be traded without telephone intervention.
04/07/2017
Low costs, the website is ok, but still needs improvement.
04/07/2017
Good online platform. Customer service varies from ok to poor.
04/07/2017
Good availability of information and low fees. Could do with more tutorials and help in selecting funds.
04/07/2017
Goo fee transparency.
04/07/2017
No comment.
04/07/2017
Their on-line dealing system is good. Their customer service department can vary from ok to terrible.
04/07/2017
Good online security, broad investment choice and competitive charging structure.
04/07/2017
Decent value for money.
O
04/07/2017
Offers a good range of funds at an affordable price. It would be good to be able to view portfolio performance and historical valuations.
04/07/2017
Good cost effective service.
04/07/2017
Easy to use, has portfolios to sign up for.
K
04/07/2017
Cost effective.
04/07/2017
Good on the phone. They could improve by bringing down fees.
04/07/2017
The investors' London events are good and my accounts have been operated without any problems that I am aware of. But the investment research could be better.
04/07/2017
Great service desk - I've had 4-5 interactions, all of them with friendly, knowledgeable people.
04/07/2017
I like the website navigability and function.
04/07/2017
Efficient service.
04/07/2017
I like the simple layout of the website and clear instructions. Also like the number of IPO that they have on offer.
04/07/2017
I believe that AJ Bell Youinvest's service is exemplary. They are very helpful and their website is self-explanatory and easy to use. I believe that they are first rate.
04/07/2017
The ability to do everything online. Now that I am switching to the withdrawal stage of my life as far as pension is concerned, I'd like to see more explicit tracking of lifetime allowance utilisation.
04/07/2017
It's pretty good and not too expensive. Would be nice to be able to combine costs across family accounts though.
04/07/2017
I like the competitive commission rates. The complimentary copy of Shares is an excellent idea. But the website feels too clunky. It would be useful to have a tool to evaluate performance e.g. show annualised returns for portfolios as well as individual shares. Something that allows these results to be compared against other measures such as the FTSE 100 or inflation rates.
04/07/2017
Low cost. Just keep their price low.
04/07/2017
Accessing their website for Youinvest is very difficult and complaints about this seem to make no difference.
04/07/2017
The fees appear reasonable for the service provided - although I'd like much more transparency around how much I'm actually paying! The Web site is poor compared to Hargreaves Lansdown and needs significant work to bring it up to par.
G
04/07/2017
Easy to use. Transparent costs. Needs better individual company research.
04/07/2017
Website and mobile log in could be easier if it didn't request specific characters from the password but rather a normal password field (that can be filled by password manangers).
04/07/2017
Needs an easier logon.
04/07/2017
I like that it's simple. The regular investment tool doesn't work with all investments (need to call them).
04/07/2017
I like: easy to use, call centre. Needs to improve: shares available, direct access to market, online trading for US stocks after 5pm, posibility to hold cash in other currencies, etc.
04/07/2017
Paper forms for SIPP contributions are a pain.
04/07/2017
The reporting could be better. I would like to know how each acquisition is doing over the time I have owned it as opposed to just how a stock is doing against cost. For example, I pound cost average and I frequently purchase a fund of funds. With each acquisition, it would be great to know the performance of that specific acquisition and not just the broad holding.
04/07/2017
FX fees are too high, and portfolio view could be improved.
04/07/2017
Low cost for an adequate service. Go paperless on pension drawdown to reduce costs.
04/07/2017
I like the competitive dealing fees, regular investment feature and dividend reinvestment plan.
L
04/07/2017
Share graphs could be added to the app.
04/07/2017
The mobile app could definitely be better.
04/07/2017
I like the low fees, reasonable customer service (sometimes exceptional), good website.
04/07/2017
Good ease of use.
S
04/07/2017
Cheap, low custody charges. Good for UK equities, but not so good for US � those can only be traded at certain hours, which is restrictive.
O
04/07/2017
Clear and low cost product, and easy (ish) to use.
04/07/2017
Cheap, and easy to use interface. I would improve the charting software � it is a bit clunky
04/07/2017
Good value. The non-UK prices and charts could be more up to date.
04/07/2017
Easy to interpret info, explanations and purchase procedure.
04/07/2017
Well thought out.
04/07/2017
The range of markets to which one has access could be better. Customer Service is very responsive (though one encounter was anti-customer).
04/07/2017
Telephone customer service has been very good and when mistakes are made (which happens with all providers in my experience) they rectify them quickly and fairly.
04/07/2017
Easy to work with
04/07/2017
I would like even more stock availability, particularly foreign shares.
04/07/2017
Would like the customer representatives to be available after 5pm.
04/07/2017
It does what it says on the tin - relatively cheap and cheerful with few bells and whistles. It is not as slick as Fidelity or Hargreaves Lansdown, but it does the job for me.
04/07/2017
Clean interface
04/07/2017
Easy to deal with. Website works, and is not clunky.
04/07/2017
Fewer sales emails would be better. Also, disappointed with the reliability of the messaging service, and recently received no feedback that a stop loss trade had been implemented.
04/07/2017
Fees are not as high as other brokers. The website is good - I like the way they show my portfolios.
04/07/2017
Easy to use service; decent dealing charges.
04/07/2017
Good mobile app and website. Makes investing and getting income easy. It's also highly competetive on cost.
04/07/2017
I like Russ Mould and his video commentaries. I also like the mobile app. I think the website can be improved and tools for managing portfolios made better. I would like to see real time prices on one screen for my portfolio and other stocks that I put in a wishlist. The current website is very poor in that regard.
04/07/2017
Simplicity of service and I like the free Shares Magazine
04/07/2017
Decent charges.
04/07/2017
Website easy to use. There is a costs for holding investments - I had to sell some stock to pay costs. Never had to do this with original fund platforms.
04/07/2017
Would be improved if it was possible to pay fees directly rather than being taken from the account.
04/07/2017
Good portfolio overview and I like the free Shares Magazine.
04/07/2017
Good value for money.
J
04/07/2017
Cheap monthly investment �1.50. Need to click through too many pages to get the info you are looking for but they do seem to be improving this. I prefer iWeb website simple to navigate and cheap.
04/07/2017
I like the website and research option but there is currently no mobile app.
04/07/2017
Almost as good as Hargreaves but cheaper. Could be improved by adding trends, charts and sectors rising/falling.
04/07/2017
Simple and straight forward. Easy to use and reasonable fees.
04/07/2017
Low cost support charges and a good range of investments although they could widen the range further.
04/07/2017
Simple to use but the fees could be improved.
04/07/2017
It has separated DIY investors into a separate category from wealth managers and other 'large pot' investors. Some other providers seem a bit clunky but AJ Bell has a very good interface.
04/07/2017
Simple to use, no frills and not that expensive for small investors. I'd like more tools and content but its cheaper and easier than other services I've used.
04/07/2017
I like the ability to invest in ETFs and investment trusts monthly for only �1.50. Also the dividend reinvestment service. Compared to other investment services the website seems to be down more often. Overall I think its good value for money.
S
04/07/2017
Good range of funds. Low costs.
04/07/2017
I've not used this enough to make a proper judgement but initially I would say its not as good as other investment services I've used.
04/07/2017
Average type of service.
M
04/07/2017
Easy to use and a good level of tech for the cost. It compares very well to other providers I've used.
04/07/2017
Best for ISA and Best for Pensions
AJ Bell Youinvest are strong on charges, are a decent all-rounder, however their customer feedback not as strong.
Best for Beginner
They have decent costs for smaller accounts in their passive multi-assets funds, but their guidance is not quite as intuitive as others.
It’s a traditional site and relatively easy to navigate, although the lack of signposting isn’t helpful for newbies. There is plenty of information available with consumer-friendly language and research, but it could be more visually appealing. Tools, like the slider that compares product costs, are useful in visualising platform fees. Behind the scenes trading is simple and it’s clear to navigate around.
The secure site has been much improved. It’s clear to navigate around and it’s one of the easiest platforms for trading.
Post trade things are played back simply which might seem obvious but many others could learn a lesson from this!
This word cloud has been created from customer reviews of AJ Bell Youinvest.
Pink is positive and grey is negative.
The size of the word indicates the frequency of mentions.
Stocks and Shares ISA
Junior ISA
Lifetime ISA
Funds
Investment Account
Pension
Own brand funds
Funds from other groups
Stocks and shares
Robo advice / ready-made portfolios
Help building a portfolio
Includes a shortlist of investments
Pick your own funds
Pick your own shares
| Provider Size: | Large firm: manages £bns on behalf of investors and financial advisers |
| Minimum amounts: | £25 minimum monthly amount £500 minimum initial amount for third party funds. £1 minimum investment into AJ Bell passive funds. |
| 12 month indicative performance: | AJ Bell's passive fund range has less than one year track record. |
"I have £16k to invest, and now seems like a good time to invest it. I have put £4k into a cash LISA already this tax year (2019/20) but nothing into general ISAs. If time is a probably I can put the £16k into cash now and move to S&S later. My feeling is that it won't be a bad thing to invest in an S&S ISA now but it may be a better idea to drip feed from cash into funds/stocks over the coming year in case the long term Covid-19 effect coupled with hard Brexit means the markets drop further. I have a small investment in Moneybox and whilst it would be easy to keep all my investments in one place, they are telling me that to transfer from cash to S&S on their platform takes weeks... Do you know of any S&S ISA platforms where I can pay cash in, but drip feed to S&S relatively quickly? I'm not looking to trade per se, so a platform that can move in days rather than weeks would be fine. Any additional commentary/opinion you can provide on that strategy would be gratefully received. Thanks!"
Malti, London
29/03/2020
Read our replyI have £16k to invest, and now seems like a good time to invest it. I have put £4k into a cash LISA already this tax year (2019/20) but nothing into general ISAs. If time is a probably I can put the £16k into cash now and move to S&S later. My feeling is that it won't be a bad thing to invest in an S&S ISA now but it may be a better idea to drip feed from cash into funds/stocks over the coming year in case the long term Covid-19 effect coupled with hard Brexit means the markets drop further. I have a small investment in Moneybox and whilst it would be easy to keep all my investments in one place, they are telling me that to transfer from cash to S&S on their platform takes weeks... Do you know of any S&S ISA platforms where I can pay cash in, but drip feed to S&S relatively quickly? I'm not looking to trade per se, so a platform that can move in days rather than weeks would be fine. Any additional commentary/opinion you can provide on that strategy would be gratefully received. Thanks!
Malti, London
29/03/2020
Hi Malti,
There are many platforms which will let you pay cash into the Stocks and Shares ISA account now, and then set up regular instructions to invest in gradual amounts over the coming months.
Most platforms will accept payment if you use a debit card – and the cash will get there on the same day as you process it.
Our Best Buys tables will help you to decide – with £16,000 I suggest you look at AJ Bell Youinvest or Hargreaves Lansdown – both of which also offer Stocks and Shares Lifetime ISAs too should you want to avail yourself of this down the track. You can always take the money out of the Stocks and Shares ISAs (NB not the Lifetime ISA where penalties will apply) if you want to.
Both these 2 platforms will let you set up regular buy instructions which will support you to drip feed in.
Hope that helps.
Holly
In a new series, Holly provides straightforward answers to your difficult questions.
"Financial services compensation: I have a SIPP and an ISA with AJ Bell Youinvest. Currently across them I have a portfolio of approx £123,000 of which £90,000 is in investments and the rest is in cash, which I am drip feeding into investments. I am already therefore over the £85,000 financial services compensation limit. Should I be worried? I am also about to inherit a sizeable sum and have a cash ISA of £70,000 to transfer to a Stocks and Shares ISA. Should I be setting up accounts with multiple platforms to be covered by the compensation scheme or is this not necessary? It would mean I would need 8 different providers if all were to be under £85,000 limit! Many thanks. Emma"
Emma, London
22/07/2019
Read our replyFinancial services compensation: I have a SIPP and an ISA with AJ Bell Youinvest. Currently across them I have a portfolio of approx £123,000 of which £90,000 is in investments and the rest is in cash, which I am drip feeding into investments. I am already therefore over the £85,000 financial services compensation limit. Should I be worried? I am also about to inherit a sizeable sum and have a cash ISA of £70,000 to transfer to a Stocks and Shares ISA. Should I be setting up accounts with multiple platforms to be covered by the compensation scheme or is this not necessary? It would mean I would need 8 different providers if all were to be under £85,000 limit! Many thanks. Emma
Emma, London
22/07/2019
Your SIPP and ISA are protected by the Financial Services Compensation scheme, and you have to think about the following...
First thing to be mindful of, is that you have different protection for your cash in the bank, and for the funds you invest in. For cash in the bank, you are protected up to £85,000 per bank.
The £90,000 you have invested has separate protection, and is protected up to £85,000 per investment firm you have investment with – please note that this is not per investment fund you might be invested in, but the underlying investment firm.
The £85,000 protection is applicable if the investment firm (and fund) is based (sometimes referred to as 'domicile') in the UK.
If the investment fund (and firm) is Irish based, then the compensation you would receive is €20,000.
So for example if you are invested in Vanguard FTSE All Share Index Acc (UK based fund) and Vanguard Emerging Markets Stock Index Acc (Irish based fund) then you would be protected by the UK £85,000 scheme as well as the €20,000 Irish scheme.
The fact that you are investing via AJ Bell Youinvest has no material impact on your potential compensation, as you will not have any investment with the firm – they are just providing administration services.
So my advice would be to spread your investment between different investment firms if you are really concerned, but it's better to understand what you are investing in and undertake reasonable due diligence on the funds you are investing in.
However, it's never a good idea to let emotion dictate where you invest – all the mainstream funds are highly regulated, here and in Europe. The investor funds are ring fenced and separated from the investment firm’s own funds. The firm also has to appoint independent custodians, administrators and auditors whose job it is to ensure funds are ring fenced for the investors.
In the past, where there have been problems with mainstream funds, its been down to liquidity issues (such as the Woodford funds) or mismanagement (i.e. bad investment decisions). You would not be covered by the compensation scheme for either of these issues. So its better to do good due diligence as to the investment strategy followed by the fund manager and to understand who the custodians and trustees are.
Best of luck,
Anna
We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA.
This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.
We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.
"Hello, I have an old company Defined Contribution (DC) pension and a Free-Standing Additional Voluntary Contribution (FSAVC) pot of £430,000. I'm 55 next month and am thinking of moving into a drawdown SIPP (Interactive Investor or AJ Bell). I am thinking of taking my 25% and leaving the rest invested until I need a regular income in my mid 60s. I want to use the lump sum to top up my earnings, as I need use up to £20,000 to change my car and new kitchen. (I have no dependants and don't need a large income) I've looked at different funds and am thinking of splitting the pot into 5 or 6 (3 equity funds - maybe Fundsmith, Vanguard LifeStrategy and one other, along with a property fund and a bond fund. I am trying to find a financial adviser who is willing to spend a few hours to review my plans to make sure I'm not making any major mistakes, and that I won't run out of money (the tools I've found online all seem to come up with slightly different results), but so far they all seem to want an ongoing relationship. Where is the best place to find an adviser who will do a one off review? (I've tried the two main recommended websites for finding an advisor) Also I want to make sure my money is as safe as possible if any of the companies/fund managers get into financial difficulty. I know the Cash protection is £85,000, but I am unsure whether the investment protection is per fund or per SIPP. Thanks"
Susan, London
16/07/2019
Read our replyHello, I have an old company Defined Contribution (DC) pension and a Free-Standing Additional Voluntary Contribution (FSAVC) pot of £430,000. I'm 55 next month and am thinking of moving into a drawdown SIPP (Interactive Investor or AJ Bell). I am thinking of taking my 25% and leaving the rest invested until I need a regular income in my mid 60s. I want to use the lump sum to top up my earnings, as I need use up to £20,000 to change my car and new kitchen. (I have no dependants and don't need a large income) I've looked at different funds and am thinking of splitting the pot into 5 or 6 (3 equity funds - maybe Fundsmith, Vanguard LifeStrategy and one other, along with a property fund and a bond fund. I am trying to find a financial adviser who is willing to spend a few hours to review my plans to make sure I'm not making any major mistakes, and that I won't run out of money (the tools I've found online all seem to come up with slightly different results), but so far they all seem to want an ongoing relationship. Where is the best place to find an adviser who will do a one off review? (I've tried the two main recommended websites for finding an advisor) Also I want to make sure my money is as safe as possible if any of the companies/fund managers get into financial difficulty. I know the Cash protection is £85,000, but I am unsure whether the investment protection is per fund or per SIPP. Thanks
Susan, London
16/07/2019
Hi Susan
It sounds like you have done your homework which is great! What an exciting time for you.
I totally appreciate that this can be a bit of a minefield, right?!
The main focus for you will be around making sure that the income will last you for the rest of your life (which I know is a little bit like a finger in the air job!) but it is really important to ensure that your investment strategy takes this into account.
It seems that you have already tried to find an adviser to discuss these areas with you, and I am sorry to hear that you have not been successful with your search.
When seeking financial advice, if you are not looking for a simple product implementation, I would focus your search on a ‘financial planner’ rather than a traditional 'financial adviser'. Try searching for financial planners in your local area or ask for local recommendations.
Alternatively I would be very happy to connect you with a financial planner who can help you. A financial planner would be able to build out several scenarios for you, including things like annuity purchases, drawdown, tax free cash etc through the use of financial forecasting. As you have no dependants, you may wish to consider annuity purchases depending on your health and other personal circumstances.
The financial planner can also look at drawdown rates and ensure that you never run out of money. Many financial planners charge a one-off-fee (typically between £1,000-2,500) to produce your financial plan, and some would consider this without the ongoing relationship.
However I would say here that I am a huge believer that this is the one time in your life when you should seek financial advice, and consider an ongoing relationship to ensure that the pension pot continues to meet your needs.
I would highly recommend you read the book “Beyond the 4% rule: the science of retirement portfolios that last a lifetime” by Abraham Okusanya, to understand how to navigate the landscape of retirement.
From a protection perspective, if the company your DC pension is held with fails, you are protected up to 100% with no upper limit, so long as they are regulated under the FCA. You can find more information about this here.
All the very best,
Catherine
We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA.
This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.
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