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  • Property Training/Mentoring

    Kevin Whelan & WealthBuilders

    Admin: Sorry if this it in the wrong Tribe - please move if it is.

    We have just started investigating using SIPP/SSAS for our next purchase and I came across Kevin Whelan who was getting tagged quite a lot on a FB property group in relation to using your pension for investment. 

    I reached out personally to him and someone from his team has emailed me with info including his eBook "7 Pillars" which I slogged through today (very painfully).  Rather than being a SIPP/SSAS expert, he runs WealthBuilders which seems to be a rather cultish club selling their mentorship programme.

    Has anyone had any experience of him/them and if so what are your thoughts please? Alternatively, is there anyone the Tribe would recommend I could talk to so that I can get my head around the ins and outs of this opportunity please?

    Many thanks in advance to you super-helpful PTers!

    Heather.

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    Exactly I think you want a Directors Pension. So presumably you have a limited company? Am I missing something?

    You set up a pension direct or through an IFA, then you transfer in your existing pension (presumably you know if that’s possible?) You then look for commercial property to invest in. Don’t think I’d want a mentor to set up a pension.

    Would probably be useful to understand commercial valuations/leases? I have thought about this, but much keener on Resi property.
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    Thanks for your reply. Yes, we have a limited co. and want to buy a new premises.

    We have a pension that can be transferred, and some savings, plus the possibility to borrow.

    It's a bit of a mine field which is why we're trying to find someone who knows what they're talking about, not buy into some mentorship program, hence my post.
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    We are actually looking to buy an office for our business (we currently rent). I was under the impression that you can't buy a Residential in a SIPP/SSAS but I read today that if you buy a commercial property with residential, as long as the resi is rented out commercially it's allowed.

    We are open to either option but need some guidance from someone who knows the ins and outs.
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    Hi Heather

    Not sure what you've read, and would need to understand the context before giving a proper opinion, however in short no sniff of resi or anything that can be used as resi which is the important point (even if its current usage is not resi) can be in a pension.

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    Jon Rose

    Suitable FinLife

    ** As a qualified Financial Life & Legacy Planner, and also an experienced HMO portfolio landlord (& owner of a lettings agency), I understand the financial & legacy planning issues faced by property investors & business owners, and have simple solutions to often complex problems.

    Suitable Life Planning helps people to clearly define the things you want more of in life and helps you establish the financial life plan you need to achieve them - helping you live the life you want to lead without the fear of running out of money.

    Suitable Legacy Planning empowers you to plan for & protect the people you love, leaving a lasting financial legacy that enables them to have more freedom, more choice & more life.

    Suitable Money Advice are a fully independent and impartial financial planner providing regulated financial advice & regulated financial products, if indeed you need any.  We are a SIPP & SSAS specialist

    Please get in touch on 01202 287 990 or jon.rose@suitablefinlife.co.uk

    Mark Stokes has a book SSAS pensions. You can loan yourself half the pension pot and purchase residential or you can use the SSAS to purchase commercial property such as your office.


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    Thanks. Have you read it? I've read so much recently and each time I learn a little more but sometimes the info conflicts.
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    I've never heard of KW, but as soon as you mentioned he's a facebook marketeer, that caused immediate concern.  Facebook is one of the biggest originators of "schemes", and the people running them frequent all the property groups, filling their marketing funnels.  I have never regarded Facebook as a professional space, but that's just my own view.

    ​I had a look at the Wealth Builders website and there was no mention of FCA regulation (which I would expect for someone advising on pensions - but happy to be corrected if I am wrong) nor was there a privacy notice or any Terms and Conditions of doing business with them, which means the website is non-compliant.  While these are only minor compliance details, it does not give a good first impression imho.

    I was unable to find any independent reviews of WBT. i.e. reviews that were not hosted on their own websites/social media pages.  They do have a TrustPilot listing but have no reviews.

    The company was incorporated in 1995, so has been going a long time, and Kevin Whelan has ten directorships, including a company that appears to be an IFA.

    I believe that pensions is a highly regulated area and that anyone advising on them needs to be FCA regulated.  Again, happy to be corrected on this if I am wrong.  You can find a suitable adviser via the PensionsWise website.

    These are our archive discussions:

    SASS Pension and mortgages

    Using a SASS Pension to invest in property

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    In recent years the pension rules have become increasingly complex and the lifetime contribution and other limits restrictive, which in turn has led to an upsurge in the SIPP/SASS sector that on the surface at least have an easier time of it.  If only that supposed easier time was true!

    It is essential that anyone considering using the SIPP/SASS route to either buy commercial property or buy shares in companies that themselves are buying/running/investing in residential property (SIPPs/SASSs cannot directly own residential property) seeks fully independent and FCA regulated advice.  Getting sight of the advisers terms of business and their professional indemnity cover is an absolute must, as is being totally clear as to with whom the legal (contractual) relationship subsists.

    Most of all, check to see that the advisers, trustees, developers, lawyers etc are not in business together; and make sure to seek independent legal advice before going ahead.

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    Tony Gimple

    Founding Director, for and on behalf of

    Less Tax For Landlords

    0203 735 2940

    http://www.lesstaxforlandlords.co.uk

    @Tony and @Jon

    Can you answer these simple questions please:

    1.  Is Wealth Builders offering a legitimate service?

    2.   Should Kevin Whelan have some kind of disclaimer on his website saying he is not authorised to give advice or should he actually be FCA regulated to give any kind of advice on pensions?  (Perhaps he is regulated, but it is not clear from his website).

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