Ifa costs

dunstonh

I would suggest looking at Unbiased and Vouchedfor websites where you will find local advisers rated and reviewed.

Both of those are paid for commercial sites. So, you have to take the reviews/ratings with a pinch of salt. None of the local decent IFAs that I know do any form of advertising. They don't need to.

We are happy going for something with relatively low annual increase rather than going with a riskier product.

Drawdown, by definition is a higher risk option.

If we took the 25% tax free this would be invested separately, we don't like to have all our eggs in one basket!

Personal pensions have 100% FSCS protection with no upper limit. Taking the 25% in one lump may not be the best option.

Lily1

If you can't trust reviews and do not know anyone who has been in the same situation how do you choose?

dunstonh

Lily1 wrote: »

If you can't trust reviews and do not know anyone who has been in the same situation how do you choose?

Most small local firms will likely have been around a long time. The fly-by-nights tend to be the ones where the troubles are.

Statistically, IFAs account for tiny volumes of complaints and most complaints are rejected by the FOS. So, you are looking at a generally reliable channel. The biggest issue nowadays is the scale of costs rather than the quality.

Linton

Lily1 wrote: »

If you can't trust reviews and do not know anyone who has been in the same situation how do you choose?

There are bound to be a few locally. Pick a few (say 3) small local ones that state that they are IFAs and not FAs and make an initial free appointment to discuss your situation and how they can help you. You may find some you dont understand, some who dont seem to understand you, some who you take an irrational dislike to and ones you get on with and say what seem to you to be sensible things. They will give you their charges. That should give you enough information to make a sensible choice.

Lily1

Thanks for that. Will get some appointments arranged. The decision has to be made by the end of December so hopefully enough time.

sandsy

Lily1 wrote: »

Thanks for that. Will get some appointments arranged. The decision has to be made by the end of December so hopefully enough time.

Don't delay. Lots of complaints at the moment that the demand for advice in this area is so great that many people can't get it done in a 3 month period. You need to have an IFA lined up by next week.

pip895

I have been looking into this for a slightly lower transfer pot of £480k. So far I have spoken with 3 advisors - the costs have been rather varied.

The first wanted £1.5k + 2% of total on transfer of first 200k then 1% of the rest - so over 8k.

The second was similar (said between 1 & 2%) but wasn't interested unless they were going to do the ongoing management of the funds.

The third was £2500 (I have a meeting set up with them next week to hopefully start the ball roiling)

Definitely worth shopping around!!

xylophone

Remember that you must have the advice of a Pensions Transfer Specialist.

Check that your adviser has the necessary qualifications/permissions.

http://www.pruadviser.co.uk/content/knowledge/technical-centre/pension_transfer_conversion/