SIPP Pension via Nucleus WRAP

Compensationitis

Don't bother until you have the money.. and then only bother if you are a higher rate taxpayer.

PaulCooper

Thought my post would be rather contentious, but it's a good debate to have.
There's a lot of people on here with far more knowledge than me, but I believe your IFA just gives advice and charges a fee. The SIPP is created by a separate SIPP provider, that will charge a fee for creating the SIPP wrapper and doing the legal paperwork they have to do each year (I would guess [yes it'll get corrected] that this is additional to the IFA fee). Anyone can decide what happens to the money inside the SIPP (well I suppose only the trustees and their nominated representatives), some people do it themselves, some get an IFA to do it.
There are sometimes small %age commissions paid to the SIPP provider also
Hopefully the old adage is correct 'you get what you pay for'
Paul

Robin_C_2

Hi,

I'm thinking about opening a wrap with Nucleus, after been advised to do so by an IFA. However the setup fees seem really high. I will only be investing a relatively small amount each year, and will probably ask him to setup up the account without ongoing advice.

Would you mind sharing how much you were quoted as a setup fee? This guy is asking for £2500 to setup the account.