Can I stop IFA commission?

maggiesoup

My IFA invested my portfolio with Transact a few years ago. Despite at least three requests to him for updates over the last 6 months (just generally asking how he sees the future) I haven't received the courtesy of a reply. I realise that if I act out of haste and withdraw all monies then I would suffer because I've already lost 35-40% of my funds due to the state of things but is there any way of stopping this IFA from getting any commission in the meantime? :mad:

whiteflag_3

maggiesoup wrote: »

My IFA invested my portfolio with Transact a few years ago. Despite at least three requests to him for updates over the last 6 months (just generally asking how he sees the future) I haven't received the courtesy of a reply. I realise that if I act out of haste and withdraw all monies then I would suffer because I've already lost 35-40% of my funds due to the state of things but is there any way of stopping this IFA from getting any commission in the meantime? :mad:

Any easy way would be move adviser. Your current one clearly isnt doing anything for the trail commission.

Are they getting the normal 0.5% per annum or taking an extar 0.5- 1% on top , as many transact users do?.

dunstonh

You can re-appoint a new IFA but I dont think you can stop the commisison that was agreed at the start with transact though. Some providers you can, some you cannot. Even if you stop the commission it doesnt come to you most of the time. It goes to the provider instead.