Alexander Peter Wealth Management: any comments?
Nov 22nd 2019, 12:32 pm
#46
Forum Regular
Joined: Dec 2011
Posts: 193
Re: Alexander Peter Wealth Management: any comments?
Maybe I have mis-understood the idea of this forum, as I thought the idea was to help people with queries they have and not for others to argue over each point. I was trying to be constructive and assist with a query. The restriction point, for example, is that HMRC added age restrictions when the same situation arose in Australia and people need to understand the rules are not the same as Canadian pension rules.However, you are right, I do advise in this area (and others) but your comment about a 5-day course is just 35 years out and I am fully UK qualified. Don’t forget that transfers with guarantees required qualified UK advice, so some firms do have access to the whole market, but I still don’t know of a platform provider charging 0.2% to non-residents, so in the spirit of the forum, if you do, why not share the info with everyone as the argumentative path on every point isn’t really going to help people.Certainly, insurance Bonds are used for commission and I stated that clearly, but this is disclosed as per FCA and Isle of Man regulations and they get a choice of fees or commission. As I said ‘horses for courses’ and my experience is that half of people choose commission when it’s done properly, because not everyone likes up front fees.
Indeed, pension rules in Canada are different to Australia. This is why I posted comments from two recognised experts earlier in this thread.
The UK (ie via the FCA) does not allow commission to be paid to intermediaries and has not done so since 2012. Any FCA regulated firm that offers such a choice won't be trading for long. Why would anyone move their UK pension funds to the Isle of Man, let alone an insurance policy? The funds are not covered under the Compensation Scheme and the Policyholder Protection scheme does not cover fund failures - unlike the FSCS in the UK. The losses suffered by investors, because of failed funds held within Isle of Man wrappers, run into the tens of millions of pounds.
Factchecking is not being argumentative and what is fully UK qualified?
Nov 22nd 2019, 3:12 pm
#47
Just Joined
Joined: Nov 2019
Posts: 13
Re: Alexander Peter Wealth Management: any comments?
and the answer to the 0.2% platform for non-residents was?
Nov 22nd 2019, 3:43 pm
#48
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Alexander Peter Wealth Management: any comments?
Maybe I have mis-understood the idea of this forum, as I thought the idea was to help people with queries they have and not for others to argue over each point. I was trying to be constructive and assist with a query. The restriction point, for example, is that HMRC added age restrictions when the same situation arose in Australia and people need to understand the rules are not the same as Canadian pension rules.However, you are right, I do advise in this area (and others) but your comment about a 5-day course is just 35 years out and I am fully UK qualified. Don’t forget that transfers with guarantees required qualified UK advice, so some firms do have access to the whole market, but I still don’t know of a platform provider charging 0.2% to non-residents, so in the spirit of the forum, if you do, why not share the info with everyone as the argumentative path on every point isn’t really going to help people.Certainly, insurance Bonds are used for commission and I stated that clearly, but this is disclosed as per FCA and Isle of Man regulations and they get a choice of fees or commission. As I said ‘horses for courses’ and my experience is that half of people choose commission when it’s done properly, because not everyone likes up front fees.
If it's your intention to 'tout' for business, please note that this isn't the place to do so. You are most welcome to stay and participate in our forums but do make sure to read the site rules
There have been age restrictions on drawdown of QROPS for years.. it's not something new!
Last edited by Siouxie; Nov 22nd 2019 at 4:00 pm.
Nov 22nd 2019, 4:04 pm
#49
Just Joined
Joined: Nov 2019
Posts: 13
Re: Alexander Peter Wealth Management: any comments?
Thanks Siouxie; the interest in the site was to help with queries, a Canadian client recommended it as he got info from the site. I'm not touting, but I am getting familiar with things and it would seem that some contibutors like to nit pick! But I'll bear that in mind going forward ;-)
Nov 23rd 2019, 5:17 pm
#50
Forum Regular
Joined: Dec 2011
Posts: 193
Re: Alexander Peter Wealth Management: any comments?
You are the fully UK qualified adviser, with 35 years' experience, you should know your market. (BTW, I have sent the link to the firm and the charges to a moderator, just so that it is clear that I did not make it up)
Nov 23rd 2019, 5:29 pm
#51
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Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,029
Re: Alexander Peter Wealth Management: any comments?
Thx.
Last edited by christmasoompa; Nov 23rd 2019 at 5:34 pm.
Dec 2nd 2019, 4:51 pm
#53
Just Joined
Joined: Nov 2019
Posts: 13
Re: Alexander Peter Wealth Management: any comments?
So do we have these details yet? Meanwhile, I've asked IA about their ROPS 4 times and no answers yet - so can't say I'm impressed with that!
Dec 2nd 2019, 10:01 pm
#54
BE Forum Addict
Joined: Apr 2013
Location: London, ON
Posts: 2,485
Re: Alexander Peter Wealth Management: any comments?
The B2C platform, Nucleus, have a wrap charge of 0.175% for investments between 0.5 and 1.0m (can count married couples investments as combined). I daresay this is not the B2B outfit Otto is talking about though, just my own personal experience.
Dec 2nd 2019, 10:34 pm
#55
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Alexander Peter Wealth Management: any comments?
If you need basic info you can find it on their website, although it has yet to be updated since the approval: https://iaclarington.com/products-se...-accounts/rops
Last edited by Siouxie; Dec 3rd 2019 at 5:29 am.
Dec 3rd 2019, 8:51 am
#56
Just Joined
Joined: Nov 2019
Posts: 13
Re: Alexander Peter Wealth Management: any comments?
Neither, I have an old friend with a BP pension living in BC who is finding it impossible to get advice in Canada. IA Carrington dont answer him (or me), and have a 'No QROPS' message on their website and most UK product providers wont deal with non-residents. So lots of chat on this site about providers but when you actually get down to the nitty gritty of getting products and advice for Canadian residents its a hell of a lot more difficult!
Dec 3rd 2019, 8:54 am
#57
Just Joined
Joined: Nov 2019
Posts: 13
Re: Alexander Peter Wealth Management: any comments?
Hi Hurabrick, I am aware of Nucleus but they only deal through appointed UK Advisers, and half a dozen I spoke to only deal with UK residents!
Dec 3rd 2019, 2:30 pm
#58
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Alexander Peter Wealth Management: any comments?
Neither, I have an old friend with a BP pension living in BC who is finding it impossible to get advice in Canada. IA Carrington dont answer him (or me), and have a 'No QROPS' message on their website and most UK product providers wont deal with non-residents. So lots of chat on this site about providers but when you actually get down to the nitty gritty of getting products and advice for Canadian residents its a hell of a lot more difficult!
Dec 3rd 2019, 2:33 pm
#59
Just Joined
Joined: Nov 2019
Posts: 13
Re: Alexander Peter Wealth Management: any comments?
Great, i look forward to recommendations for Advisers in Canada familiar with UK pensions, if anyone knows of one?
Dec 3rd 2019, 2:50 pm
#60
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Alexander Peter Wealth Management: any comments?
I'd be happy to give your friend the names of the people I used to work for if they are interested but I don't tout for business for them or anyone else.
Last edited by Siouxie; Dec 3rd 2019 at 2:53 pm.