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We've just published our updated Discount Brokers article, and we've added in a new calculator to help work out the cost of investing, both by going direct or using a cheap discount broker
If any of you have a bit of time, it'd be great if you can have a play around with it, let us know what you think and if there any improvements you can suggest.
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Is there a similar calculator that enables comparison of buying a pension through a discount broker vs the standard charges? One that accounts for continued monthly contributions over a longer period?
I'd like to get this comparative info in order to negotiate with my IFA on a more informed basis.
Is there a similar calculator that enables comparison of buying a pension through a discount broker vs the standard charges?
No. It would be highly flawed if there was. Problem you have is that the online discount IFAs for pensions only offer a limited panel of providers and products. Nearly all being mono charged pensions (stakeholder and some personal pensions). However, lets say you were 30 years old and paying £100pm until retirement, an IFA taking £2500 commission will be able to offer you lower charges than a stakeholder arranged on nil commission through the discount IFAs in Martins pension article.
Quote:
I'd like to get this comparative info in order to negotiate with my IFA on a more informed basis.
It also depends on the contract you use. A bog standard stakeholder will use internally managed funds with a typical maximum charge of 1% p.a. If you include externally managed funds then the annual management charge goes up but the IFA doenst earn any more. Much the same if unit trust funds are used instead of pension funds. So, to make a comparison you need to be like for like and I doubt there is anyway a quick and simple calculator could do that. When an IFA does the comparisons, it can take hours. Its not just a couple of buttons input.
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Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.
New MSE 'Buying Funds' calculator
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