IFA - best approach ?

madeinireland_2

I have read on here that if you have a lot on money to invest you are better to agreed a fixed fee with a IFA - if not so much then a percentage fee.

But what if I just want holistic advice on retirement planning towards the best approach on minimising tax - rather than specific advise on what to invest in. Is a IFA the right person ? And is a fixed fee the best approach if they are ?

Thanks

jamesd

Fixed fee or hourly fee is perhaps the best way to do that.

You might also want to describe the problem here because the solutions used tend to be quite similar.

bigadaj

Yes fixed fee would normally be preferable for larger amounts. If it is just general advice or discussion then the IFAs problem might be that it would be difficult to generate a fixed fee because the scope is unknown and so an hourly rate ideally with an agreed cap might be best.

I'm not sure that many IFAs are normally set up for this form of general discussion and their version of advice would normally involve a fact find and discussion of options with a purchase of product which wouldnt be the case in your example. Obviously speak to a few and explain what you need and see what the can offer or suggest.

Your_Hero

Yes IFAs can do this. Most IFAs can operate on a 'fee by each stage' basis.


If you just want a report and advice on retirement planning then you pay an agreed fee for this stage only and no implementation fee will be charged. Be aware that VAT will be payable on top of the fee quoted due to the nature of the work you are asking.

Daniel54

madeinireland wrote: »

But what if I just want holistic advice on retirement planning towards the best approach on minimising tax - rather than specific advise on what to invest in. Is a IFA the right person ? And is a fixed fee the best approach if they are ?

I engage an IFA in this way -and have found it valuable.I am using him on an ongoing basis and in my particular case it is cheaper to pay 0.5% out a SIPP he set up for me ,due to the saving in VAT

Paying a fixed fee may well be cheaper for you ( I have the option of paying an annual monetary fee) and I guess it may well depend on how much work you need to be done if you are paying "one off" only.