A Fare Brokers Fee? £320?

wrkactjob

Have an IFA at work who has recommended a stocks and share medium risk basket for my £10.6k investment and is asking a fee of £320

Never done this before, thought he would do it for free and get some kind of commission from the finance companies?

Is £320 ok for a one off payment?

Lokolo

You can go by commission if you want, but not all IFAs will, some just go by fee. You'd have to ask. And if it was commission it could become more expensive.

dunstonh

thought he would do it for free and get some kind of commission from the finance companies?

And you pay the commission.

Is £320 ok for a one off payment?

For fee basis, yes it is.

property.advert

How do you have an IFA at work ?

Find him under the table did you ?

Seriously, they gotta eat like the rest of us and £320 is really little more than a couple of hours work.

Not that there is much but who gets the trail commissions ?

jimjames

As above check what else (if anything) he is getting.

Funds pay commission based on their initial and annual charges. If you are paying the fee then all commission should be rebated to you so you pay no initial or annual charge.

If you work for an IFA can you get a better deal yourself or use internal research to make your own choices with a self select ISA?