Open market option

Mrs_Mum99

When looking at the open market option, is it better to appoint an IFA or go through a company that appears to specialise such as Age Partnership?
Are costs likely to be similiar?

dunstonh

IFA is best. Whole of market, able to haggle rates (and dont underestimate that. A 10-15% increase is not uncommon) and the options get discussed.

A number of these websites that say they specialise in areas actually have websites in many areas that say they specialise in those things as well. Most are just IFAs with a website and a more automated process.

Using a website will not get the haggle or the options. You will lack consumer protection as it will not be advised.

Are costs likely to be similiar?

Different but in the same ballpark. In December, I had a new client (one off transaction) approach me to for OMO (or IVPPP as it turned out as he couldnt use OMO due to multiple plans) and he had got an quote from a online provider frequently mentioned on here. They were charging £300 less then me but theirs was non-advice, mine was advice. Their annuity rate was lower than our post haggle rate and that was with the fee collected via the annuity provider.

We have seen people post on the board a number of times that their local IFA has come in with a better rate than the online sites.