How You Can Get Your Underperforming SIPP Or QROPS Back On Track
If you have previously transferred a UK pension to either a QROPS or SIPP with an offshore adviser and have seen poor performance or are unhappy with the service you are receiving, SJB Global might be able to get your portfolio back on track. Upon reviewing previously recommended SIPP and QROPS arrangements, we often find that the previous and on-going advice is poor with great opportunities for improvement should you choose SJB Global as your new adviser.
Our 6-step approach to providing an X-ray review:
- Should you be invested in a QROPS or SIPP?
- Am I invested in the right investment funds?
- Am I taking the right amount of risk compared to my risk profile?
- What is the total cost of my arrangement and can this be reduced?
- What is the geographical asset allocation of my arrangement?
- How has the past performance of my portfolio compared to the benchmark?
Common issues we often find when reviewing existing SIPP or QROPS arrangements are:
- Clients have seen little to no returns due to poor performing funds which have underperformed the benchmark
- Recommended investment funds can have extremely high ongoing fees, between 1.5%-4% per annum making it difficult to achieve a positive net gain
- Commission based charging structures were recommended that pay up-front commissions to advisers of 7-8%, which was often not disclosed to clients
- These commission structures have tied in periods with high exit fees should you transfer away which can restrict alternative options
- A QROPS was recommended as opposed to a SIPP even when it wasn´t suitable
- Offshore domiciled investment funds were recommended that have hidden initial and ongoing charges that were paid to the adviser
- Active funds were recommended over passive funds without any evidence that this is in your best interest
- You have had many advisers since becoming a client
- The adviser no longer updates the client or sends updated valuations
What do our clients say about our advice?
As a victim of the original pension miss-selling scandal back in the late 1980s, I have always been wary and sceptical of financial advisors. Trust is absolutely essential and ever since i switched my pension fund management to SJB, they have delivered on this. Jake Barber and his team have provided an excellent, efficient service and I’m now more confident than ever that my retirement goals can be achieved.
I was feeling unhappy with my existing advisors but when i received a call from SJB i was very uncertain about moving my pension fund. However after flying down to meet Jake at the company and then listening to his arguments for changing I was eventually convinced. Now 1 year later even with the COVID crisis my fund has grown by far more than in the previous 2 years with the other company Now we are discussing further changes and I have confidence that Jake has analysed the possibilities thoroughly with my best interests in mind.
I have bad luck with all financial guys to date, I am 63 years old, I’ve lost huge sums of money, maybe some of it has been my fault, but trusting these guys has been difficult. I have been stuck in a pension for 3 years with Holborn, losing fists full of money and no support and seemingly totally inflexible as to what they can do to help. Along comes Luke Chambers who in a few months has introduced me to a feeling of trust again, he has given me a mound of information to review and look at so I can make an informed decision and all for nothing so far “unbelievable”. My research suggests that SJB Global has a good name and the information that I have been provided with is so far up to the mark. My next phase is to dive in and change to SJB, lets hope that this proves succesful, I believe it will, but like everything time will tell. I really look forward to dealing with Luke in the future.
During my first contact call with Matthew Quinn i realised something was very different compared to conversations with other financial advisors. I could clearly understand the straightforward and honest financial terms used and the detailed explanation of alternative options SJB could offer.
Following the decision to switch to SJB Matthew has been there with professional advice and support every step of the way throughout.
I would certainly recommend SJB to acquaintances along with Matthew as a trusted advisor.
This communication is for informational purposes only based on our understanding of current legislation and practices which are subject to change and are not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
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