What’s included in your transfer report?

Will Lenehan – Financial Adviser

November 23, 2020

Our mission is to make financial advice accessible and affordable to all. But not everybody knows what financial advice is or what to expect when receiving financial advice. As part of our transfers review service, we review your current pensions and Stocks and Shares ISAs to tell you whether transferring them to us would be in your best interests.

There are lots of things in life you wouldn’t do without expert help like home improvements and fixing your car. Why should transferring or consolidating your pensions and investments be one of them?  We thought we’d break down what exactly is included in our review reports to give you an idea of the expert advice you’re getting from an OpenMoney transfer review.

Your information

For us to be able to recommend whether transferring to us is in your best interests, we ask you some questions about your goal and attitude towards investment risk. In your report, our advisers will recap some of these details. We’ll review your reasons for getting your current investments reviewed by us, confirm that you have the right financial foundations in place such as an emergency savings fund and give you an overview of the risk level we recommend for you. All of this information will determine what portfolio we recommend you invest in if your recommendation is to transfer to us, and you decide to go ahead with the transfer.  

Your current plan 

We will give you an overview of your current investment products including current value, the fees you pay, whether you would have to pay any exit fees for transferring out your old products and information on any guarantees such as returns protection. All these factors can influence our advice to you, which might be to stay with your current provider if this is in your best interests

Our recommendation

The big reveal! Our recommendation tells you whether transferring your policy to OpenMoney is the right thing for you, and if so, provides an overview of the benefits you will get by transferring to OpenMoney.

Investment objective & strategy

In this section, we’ll provide you with an overview of the portfolio we’ve recommended and share our analysis on your current investment to see whether it is suitable for your attitude to risk. When reviewing your current investment strategy, we look specifically at diversification (how well your investments are spread across different markets, industry and type of investment to manage risk), the management style (whether your investments are actively or passively managed) and risk level. 

Our fees & charges comparison

We’ll do a direct comparison of charges on your current policy vs the charges you would pay with OpenMoney and show you how your fees will change if you transfer to OpenMoney.  

Impact of charges analysis

To show you how fees can impact the performance of your investments, we’ll provide you with a projection of investment growth after fees over the potential life of your investment (eg. retirement age). We do this for both your current policy and the recommended OpenMoney portfolio, using an estimated growth rate (we take the average returns of the portfolio and apply this to the future) for your investment and applying the same rate to both policies. This allows you to see the impact that charges can have on your investments over the long-term if they both had the same investment performance.

Investment Analysis

Last but not least, you will find a performance comparison of your current policy against how the recommended OpenMoney portfolio would’ve performed over the last 3yrs, 2yrs and 1yr. We will also provide some commentary on why your current policy has either underperformed or overperformed our recommended portfolio.

That’s everything that’s included in our personalised transfer reports. Each of these reports is produced personally by one of our qualified financial advisers and not only that, but they’re available to talk you through your recommendation if you have any questions or just want the comfort of knowing there’s someone on the other end of the phone.

You can get a free transfer review on your current Stocks & Shares ISA or Pension today - you only pay our annual fee of less than 0.5% if you decide to switch to us.

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