Cheapest Financial Advisor

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  • soulsaver
    soulsaver Posts: 5,962 Forumite
    Name Dropper First Anniversary First Post
    What is the transfer value? What have you been quoted for the advice?

    What have you done to find a suitably qualified IFA?
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  • OldBeanz
    OldBeanz Posts: 1,401 Forumite
    First Anniversary First Post Name Dropper
    hjd wrote: »
    Really? Literally?

    It would appear so, according to the Cambridge dictionary:
    "to emphasize what you are saying:
    He missed that kick literally by miles.
    I was literally bowled over by the news.
    ​
    informal simply or just:
    Then you literally cut the sausage down the middle.
    More examples

    He literally flew across the room.
    I literally had a heart attack when I heard the news.
    They were literally over the moon at the news.
    She was literally tearing her hair out with grief.
    He was literally millions of miles ahead of the other runners."
  • zagfles
    zagfles Posts: 20,317 Forumite
    First Anniversary Name Dropper First Post Chutzpah Haggler
    It might be cheaper if you tell the IFA you want them to manage your pension. Then once the transfer out of DB is done, you should then be able to transfer to where you really want without advice. Obviously check transfer fees, small print etc.
  • Tcquins
    Tcquins Posts: 65 Forumite
    edited 20 January 2018 at 10:15AM
    The rules are set out to protect those considering giving up guaranteed income for life, to take unknown investment risk in a DC solution. Such as yourself.

    The majority of DB schemes, are inflation proofed, so i would be surprised if yours has no escalation (albeit some out there dont), so that is generally not a justifiable reason for moving to a DC environment,

    Advisers will be extremely reluctant to take on a DB transfer case where the individual will self manage the investments, because they are concerned that down the line if you pick your investments badly, or draw an unsustainable amount of income all leading you run out of money to live on from your drawdown pot and that they will be on the hook for 'faciltating' the misguided strategy.
  • Dorian1958
    Dorian1958 Posts: 238 Forumite
    First Anniversary First Post Combo Breaker
    leicestersq wrote: »
    Hope someone can help.


    Finding a financial advisor who will just give me some low cost advice on the pension is proving difficult. So far the ones I have spoken to have come up with costs that charge me literally an arm and a leg. ?


    So, how much are the charges you have been quoted and how do they compare with what others have paid?
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