no financial advice - no application. is this normal?

b17lboro

Hi

I was hoping to take out an aviva stakeholder pension for my 2 year old but as I have not received any financial advice Aviva say that they can not proceed with the application. Is this normal?

My father-in-law has given me financial advice about selecting the risk/investment areas etc as he is savvy with the financial markets. However he is not a practicing FA.

I have contacted a few FAs but the minimum charge fro rubber stamping my application seems to be £500.

Not sure what to do now:o

zagfles

Yes some providers like Aviva refuse to deal directly with the public, but you can go via a broker if you don't want advice, eg Cavendish http://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/aviva/

They just charge £35 set-up fee.

Triumph13

zagfles beat me to it. If you've decided that the Aviva stakeholder is the one you want then Cavendish will do it for you for 35 quid.

dunstonh

I was hoping to take out an aviva stakeholder pension for my 2 year old but as I have not received any financial advice Aviva say that they can not proceed with the application. Is this normal?

Depends on how you are trying to buy it. You dont actually need advice. You need an intermediary when you are buying a product that is not retailed direct to public. The intermediary can either do non-advised or advised.

My father-in-law has given me financial advice about selecting the risk/investment areas etc as he is savvy with the financial markets. However he is not a practicing FA.

So, he hasnt given you financial advice.

I have contacted a few FAs but the minimum charge fro rubber stamping my application seems to be £500.

it is not rubber stamping. £500 on advised is good. However, the adviser takes on a lifetime liability for that advice.

Just do what the posts above say.

b17lboro

Apologies for delay but thanks to everyone for their useful replies
B17lboro