Must I use an IFA?

EdGasket

The problem is that the IFA fees are nearly always a percentage of the fund involved. As my friend's pension was relatively large, the IFA got a large fee although I am certain the work was no more than 1 visit and a few forms; and no more work than if the fund had been half the size and yet the fee was doubled !

dunstonh

The problem is that the IFA fees are nearly always a percentage of the fund involved.

Apart from those that have an hourly rate (nearly all) or a fixed charge.

As my friend's pension was relatively large, the IFA got a large fee although I am certain the work was no more than 1 visit and a few forms

Advice or execution only?

no more work than if the fund had been half the size and yet the fee was doubled !

Sounds more like commission basis than fee basis.

EdInvestor

EdGasket wrote: »

The problem is that the IFA fees are nearly always a percentage of the fund involved. As my friend's pension was relatively large, the IFA got a large fee although I am certain the work was no more than 1 visit and a few forms; and no more work than if the fund had been half the size and yet the fee was doubled !

This often happens and it is indeed not value for money.But if you do the transfer on a DIY basis to ae execution only SIPP provider you will avoid all these high charges.

The transfer is quite easy to organise yourself, though some pension companies can be slow and need chasing.