Is wealth management worth having? How to assess if you are getting good value

[@triumphthunderbird1]

As ever, sound advice. Health and finance are too important to outsource. This is, without doubt, on of my favourite channels!

[@davegibson3262]

SJP must be thrilled with this video ! Well done, Dianne ❤

[@tbuck09]

Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 2.1BTC to a decent 15B TC in the space of a few weeks... I'm especially grateful to Seren Wintersun, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..

[@tbuck09]

SHE IS ON TELE GRAM.

[@tbuck09]

@Serenwintersun

[@Ivettetoohey]

The pump and dump has been a perfect eyeopener for us all to really see how unpredictable the market can be and the need for us to be trading not just seat and hodl.

[@Mikeygrady]

Great skills and knowledge about the market. I enjoy full profits and easy withdrawal with no complains,

[@Curtissanchez1]

What I appreciate about Seren Wintersun. is her ability to tailor strategies to individual needs. She recognizes that each investor has unique goals and risk tolerances, and she adapts her advice accordingly.

[@simonwl]

Great advice Dianne. The reality is that a lot of people are scared of investing their own pension and don't know how funds work. I've spoken to a workmate who uses SJP for this very reason. He's a very bright person who works in the finance/accountancy sector! It only takes a little research (KZbin/podcasts) to get your head around the concepts and doing it DIY is a breeze. Why give your future retirement income to these companies? Maybe one off advice is beneficial when it comes to life changing events such as entering retirement. But an ongoing 1%+ to manage funds is quite frankly crazy unless you have a very complex financial situation.

[@VoiceOfThe]

100 % I learnt about investing during lockdown. After about three months I felt comfortable to go it alone. Never looked back.

[@andrzejolszewski4374]

Amusing channel - good work - Thank You.

[@DianneSullivan]

Thank you

[@mikestrivens2039]

I ditched my wealth manager because they offered poor value for money but also started charging a minimum fee f £3000 per annum, mostly for just using index funds, which I can do myself.

[@CVOO7]

Another great and informative video Dianne, thank you. I've never understood how Wealth Managers are able to charge using such a blunt approach (%AUM). Besides, why would the charge double for someone who has 1mm UM vs someone who has 2mm UM? If these wealth managers come into their own for people with large and super complex investment portfolios then they should be smart enough to come up with a much more sophisticated pricing model.

[@colinspears3667]

You discuss assessing a wealth manager's track record. That is something I have never been able to do. Perhaps a comparison of selected wealth managers' investment performance could be the subject of a future video.

[@aficio698]

I have always objected to this percentage charging model. For all the reasons stated in this video I have pulled all my funds out of IFA/wealth management. Sick of paying charges at every point. Presently there are better returns on Fixed Term ISA’s and are free of income tax.

[@lawrencer8673]

Thank you Dianne, this is very helpful. I am currently looking at using a investment platform.

[@Crox-bd3pt]

I looked at the returns for St James Place two years ago Over a five year period their performance on most of their fund range from poor to dire. As you point out, with the fees they charge on top of this already poor performance, it will cost their clients a lot of money for very little return.

[@Worldwithoutboarders]

Good advice.

[@neilsmith154]

Avoid like a plague.

[@clewis5220]

Interesting video well executed. Do Wealth Management companies all operate a ‘Discretionary Portfolio Management’ then?

[@michaelsd284]

Thanks for the video. Not a fan of AUM price model. Why on earth would I give someone a % of money based on money I accumulated before meeting them. I'd be happy to pay them based on new earnings, but then again AI will replace 90% of Finance Advisors within the next 10 years.

[@glennet9613]

If you are retired and drawing down a typical 4% a year then a 1% fee is a quarter of your income or equivalent to a 20% flat rate income tax.

[@davidplanet3919]

With a wealth manager your money is used to provide benefits for the investor AND the wealth management firm. DIY with IFA support, if needed, should be better value.

[@caparn100]

It’s worthwhile if SJP can deliver a few percentage points more than a standard tracker fund. The key question is whether they actually achieve that higher return.

[@justjacqueline2004]

Those fees,OUCH!

[@globalinsightuk]

I’m afraid you’ve somewhat misrepresented how SJP fees work there. No one person would ever incur all of those charges. The early withdrawal charge only relates to pensions which have far lower if any initial charges. Whereas other products would have a higher iaf and no withdrawal charge. Also, every investment product including DIY have transactional costs you just don’t see them.

[@rajbeekie7124]

If one is capable of earning, not buying, a college education one is smart enough to manage one's own money. The vast majority of wealth managers UNDERPERFORM the index they benchmark against. Common sense would say ditch the managers and invest in the index.

[@Steve-qw2el]

What a stupid thing to say, so is that true of any task that you need to carry out in your life?

[@rajbeekie7124]

@@Steve-qw2el NO, I would not recommend brain surgery with a college degree. My comment tells you the my thoughts on the value wealth managers bring to the table. If you are one of them you are preying on people's emotions as you scare them.

[@EnderViBrittania]

@@Steve-qw2el Found the rip-off wealth manager!

[@marton349]

I havent got enough wealth to warrant a wealth manager 😂

[@markkenyon8760]

I'm with SJP. My SIPP has increased 37.7% since May 2020. Hope to start drawdown this year. My charges are 1.95% PA deducted monthly (so included in the 37.7% growth). I also would face a charge of £18k if I decided to move away from SJP before the 5th year completes. Annual review happens and I can ask questions as things occur. On the whole happy but costs are a concern for sure as I move into a steady drawdown life style.

[@garethwalters2909]

As a benchmark for you Mark, I moved all of my old workplace pensions to a Vanguard SIPP in June 2020, so invested for the same time horizon and mine has increased by 68.8%. I pay a fee of 0.15% pa (£375 pa) and have it all in 1 global index fund so very easy to manage. I think once your 5 years is up it may be worth looking into alternative options.

[@Worldwithoutboarders]

What a rip off. They must be building wealth for themselves.