IFA Quote for Drawdown

dunstonh

No one is saying all IFAs are bad. But whenever someone comes here and posts a "I went to an IFA and they wanted to charge me xx%" type post the charges are horrendous.

We see good and bad on the board. Not just bad.

Part of the problem is that many IFA firms will focus on high net worth individuals and their pricing will be competitive for them. They dont really want to deal with small investors (and to some IFAs small is anything less than £250k). So, they price higher at that end. Partly to act as a passive blocker and partly because if they take that person on, its affecting their capacity to provide ongoing service (i.e. if the firm has capacity for 200 ongoing servicing clients then all 200 have to be paying the required amounts to make that profitable). A lot of IFAs are running at or near capacity. They dont need to be cheap to obtain business.

You also have some people who will seek out chartered financial planners for doing the simplest jobs. So, are paying specialist rates for routine business.

You have location issues (typically rural home office is cheaper than city offices with high rates, staffing etc).
And you have the greedy but the greedy exist in all walks of life. Like when I needed my garden doing and there was over £10,000 difference in the quotes for doing the same job. Every business has a model, target market and there will be cheap and expensive, good quality and low quality and pricing with that may not go hand in hand.

atush

Nosler wrote: »

Perhaps it's not your job to say what people can post on an open internet forum? You've done nothing on this thread apart from attack people.

I did give advice earlier, w/o any bias. And didn't attack anyone. Merely questioned the agenda of some posters who will attack IFAs (not FAs who could probably use it) any chance they get.

So remove your post or I will report it for harassment.

Nosler

atush wrote: »

I did give advice earlier, w/o any bias. And didn't attack anyone. Merely questioned the agenda of some posters who will attack IFAs (not FAs who could probably use it) any chance they get.

So remove your post or I will report it for harassment.

You'll have to do what you think best. I'll look forward to the "internet police" calling round.