Thinking of getting rid of my financial advisor, thoughts?
Hi all, I’m hoping to get some opinions.
I’ve been working with a financial advisor for around 4.5 months. I know this isn’t a long time before considering leaving, but I’d appreciate some outside opinions on what you would do in my situation.
I invested £200k into a GIA and £60k into a pension through this advisor. I completed a True Potential questionnaire and the investments were selected based on my answers - my results came back as high risk/high reward. So far, my investments have more or less stayed flat; my GIA is up around £3k and my pension is up around £2k as of today. My concern is that since hiring the advisor, I’ve done a lot more research and have read quite a few negative opinions about True Potential as an investment platform/service.
Separately, I invested another £50k myself into a Vanguard GIA invested in FTSE Global All Cap, and that account has been performing better than the investments managed by the financial advisor.
The advisor fee I’m currently paying is 0.85%.
I’m considering moving my pension to an AJ Bell ready-made pension, as it seems to follow a very similar approach - completing a risk questionnaire, investing based on the results, and then leaving it to rebalance automatically. My plan for the GIA funds currently with the advisor would be to transfer them into my existing Vanguard account.
If I did this, my pension costs would reduce to around 0.45%, and my GIA costs would be around 0.23% + £375/year instead of the current 0.85%.
If you were in my position, would you move forward with getting rid of the financial advisor? For extra context, I’m 32 and nowhere near retirement age, so I don’t currently need retirement planning advice specifically. I’d hire an advisor again later on when I actually need that level of planning.
Thank you for any advice!