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What do I do with a frozen pension plan?
Comments
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Most financial advisors offer a free consultation service. They make their money from commissions on whatever financial transactions they make for you.
Commisssion has been banned from 1st January 2013. A fee must be agreed with the IFA which can still be paid from the product if a product is purchased. If no product is purchased then a fee would be paid for advice.
The first consultation with an IFA will be free but will only be a short meeting and will go into no specific detail.0 -
Commisssion has been banned from 1st January 2013. A fee must be agreed with the IFA which can still be paid from the product if a product is purchased. If no product is purchased then a fee would be paid for advice.
The first consultation with an IFA will be free but will only be a short meeting and will go into no specific detail.
I wasn't aware commission had been banned. Thanks for updating me.0 -
I wasn't aware commission had been banned. Thanks for updating me.
Actually it makes very little difference as most products were explicitly charged for the last 5-7 years anyway. Different names, different forms, similar outcomes. However, the days of freebie advice have largely gone now.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
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