We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Typical IFA costs for pension advice?
tell_it_how_it_is
Posts: 555 Forumite
I posted a few weeks ago about a couple of with profits pensions I have that I desperately need to ramp up/reorganise to my advantage. I have now received up-to-date documentation for both and am interested in some advice on what to do with them (keep and topup, transfer, merge etc.).
If I was to go down the IFA route, to use them simply for the advice (and maybe execution if transferring), what ballpark figure may I be looking at for the cost of that? I wouldn't be interested in commission-based or ongoing advice.
If I was to go down the IFA route, to use them simply for the advice (and maybe execution if transferring), what ballpark figure may I be looking at for the cost of that? I wouldn't be interested in commission-based or ongoing advice.
“In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt
0
Comments
-
If I was to go down the IFA route, to use them simply for the advice (and maybe execution if transferring), what ballpark figure may I be looking at for the cost of that? I wouldn't be interested in commission-based or ongoing advice.
You are talking about a wide range of fee options. Its a bit like asking a builder to quote a job. One may say £10,000, another £20,000 and another £30,000. You will get similar scale of differences.
Firms that focus on higher net worth tend to price large investors competitively but smaller investors heavily (to act as a passive blocker more than actually say no). City firms tend to be more expensive than rural firms. Prestige firms tend to be more expensive. If we are talking a couple of simple personal pensions to personal pension transfers, then around £750-£2000 as a stab based on limited info.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks as ever for the helpful info. I was thinking/hoping say £300-£500, but appreciate and understand the "passive blocker" comment.
I don't want any fancy advice, and it would pain me to pay so much (partly coz I'm tight lol), so just increasing both pots significantly is an option - although I guess there's no harm to try and get a free initial consultation.
It's one of those areas where it would be good to know a friend in the business.
“In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards