Pension Charges & Fees - help

Credit-Crunched

bigfreddiel wrote: »

So in summary from a simple minded member of the unsuspecting public, this is another rip-off on behalf of a financial professional!

Thanks for that confirmation, everyone, just take note and be very, very careful when you meet with anyone of a financial background offering you their services.

This is entirely my point of view. Other points of view are available, and good luck!

fj

Can I ask a genuine question?

Where does your dislike of financial professionals come from, every post, you undermine their input to a client and tell everyone they can do it cheaper themselves.

I am sure I could service my car on an annual basis, but for me, paying someone else to do it is an investment in my time and sanity.

Conversely, some people do not have the drive or desire to manage their own funds. Some people see value in paying someone to do it for them. My uncle saved a fortune in potential IHT due to his financial adviser on an annual pension review advising him to complete a deed of variation and pass his inheritance onto his son.

We understand that you see minimal value in the profession, and for some reason have a personal vendetta against it. But, please prior to every post having a dig, picture the person who has not a clue, investing £200k based on 50 mins of 'googling'.

dunstonh

No need to lie about what you said

Mind you, in other posts you said they are high. You are even arguing with yourself

Context not in your dictionary.

bigfreddiel

Love some of the posts here, my dislike for IFAs comes from a meeting with one who to be honest was just a pretentious prat in a suit.

Imagine the smarminess car salesman you ever met, doesn't even com close.

I guess I shouldn't tar them all with the same brush I'm sure there are some fantastic ones out there, sadly the only io Es I've met seemed to be so up themselves that they will never be on my Christmas list.

So can I just say I'm really sorry if I've psinted this profession in s bad light, good advisors are available along with the really bad ones.

Cheers fj

AlanP_2

As are good & bad butchers, bakers and candlestick makers.

I guess that there were good and bad "practitioners" of whatever you do or did as a living as well? If someone has met a "bad" (their perception) member of your "profession" does that make all of them bad?

Dohnuts

I found this thread very useful having just posted a similar thread.
It is very hard to find sample fees in similar situations.

My pension is very important so having professional advice and management is critical, I'm simply looking for validation of the fees

My fee structure is a one time 0.5% transfer fee
Then annual charges which are
Fund management charge 0.81%
IFA ongoing advice charge 0.5%
Platform/admin charge 0.35%
Making the annual charge 1.66%

sandsy

Dohnuts wrote: »

I found this thread very useful having just posted a similar thread.
It is very hard to find sample fees in similar situations.

My pension is very important so having professional advice and management is critical, I'm simply looking for validation of the fees

My fee structure is a one time 0.5% transfer fee
Then annual charges which are
Fund management charge 0.81%
IFA ongoing advice charge 0.5%
Platform/admin charge 0.35%
Making the annual charge 1.66%

So effectively, your investment needs to earn at least 1.66%pa just to stand still.
It then needs to earn an additional amount in line with inflation to retain its spending power.
And then (and presumably the reason you invested in the first place), it needs to provide you with some growth.

The lower the fees are, the easier the last bit is. You don't have to take ongoing advice - you can decline it if you like. And there's cheaper funds.

But each element pays for a service so at the end of the day, you have to decide if the service seems reasonable given the service provided and the alternatives available.
eg. no advice = you have to take responsibility yourself for investing funds appropriately.