I'm trying to help get the parents financial affairs in order as they've been kind of unmanaged for the last couple of years because of a change in adviser circumstances. The cornerstone of the pension side of things is a "Wrap" product, basically a platform where you can get access to invest in managed funds, direct shares and other stuff. The fees on the existing product are a bit ridiculous and I'm also not really happy about the commission model they use. Basically the funds charge a % commission on the clients fund balance and then kick back a commission to the financial adviser. To me this is a blatant conflict of interest as a dodgy adviser is more likely to recommend a fund that kicks back commission rather than one that is in the clients best interests. Anyway, chances are we'll be changing advisers, but before we see one I'm interested to find out what sort of Wraps or Platforms are out there that can give clients access to managed funds plus other investments without charging exorbitant fees. I'm also interested in non-pension wraps/platforms for consolidated management of other assets (if it turns out to be worthwhile) Can anyone share their experiences? Any help would be much appreciated.
