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.
Cost of independent fin advice
SkintSW
Posts: 2 Newbie
Hi I have inherited £30,000 which I want to invest in ethical and sustainable funds only. Have not got interest or time to be able to manage money. Have sought advice from independent fin advisor specialising in above area. Charges 3% of amount to set it all up and 0.5% pa for ongoing management. Does this charge sound reasonable?
0
Comments
-
It's fair for the sum involved as that equates to only £600 as an initial fee. It's in the right ballpark and many firms have a minimum fee of around that figure.
It could be argued that you may not require ongoing advice for that sum. But this depends on the relationship you want with the adviser and investments/recommendations involved.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
I am in a similar position, but the sums to be invested are larger.
My IFA , first visit was free ( telling me at length where I was going wrong) but the initial fee will be £250 but the annual fee will be 1.25%
I am more than happy with this, as the next few years will be complicated.
IHT / pension etc.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.9K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.3K Work, Benefits & Business
- 616.5K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards