Fair payment for pension advice

madmummy_2

I have a close friend with an abundance of pension and financial knowledge. We have asked her to review our pension situation and give us some advice. We have provided all our documents which she has reviewed. She has made a few recommendations about transferring some older pensions into more current ones, provided projections for the next 15-20 years and offered several scenarios we could consider. She has given us some good direction whilst leaving us to make decisions based on our own hopes, expectations and ages. She won't take any payment from us on the basis that she's done it because of our friendship, but I have alternative ideas about remuneration. My problem is that whilst I know she's spent considerable time on the work, I have no idea what a fair remuneration would be.
If anyone could give me some pointers on a reasonable rate, I'd be grateful.
Thank you in advance

Alexland

I would judge the value by if you are going to take action as a result of the feedback and how much better off you will be as a result?

bostonerimus

Don't insult your friend or embarrass yourself by offering money. You might take her out for a meal or give a gift of a really nice bottle of wine and some flowers.

madmummy_2

bostonerimus wrote: »

Don't insult your friend or embarrass yourself by offering money. You might take her out for a meal or give a gift of a really nice bottle of wine and some flowers.

Thank you. We are agreed. I had no intention of giving her money, but there is a local retreat she likes to use and was going to give her voucher for it. I just wanted some idea of how much to fairly spend on the voucher without it being insulting.

madmummy_2

Alexland wrote: »

I would judge the value by if you are going to take action as a result of the feedback and how much better off you will be as a result?

Thank you. I admit I hadn't thought of looking at it that way. I guess I was trying to find out how much this would have cost if I'd gone to an IFA. Perhaps I'll rethink.

PeacefulWaters

Is she authorised to give advice?

BLB53

I just wanted some idea of how much to fairly spend on the voucher without it being insulting.

I would think it should be based upon the value of the pension pot(s) so on that basis, maybe ~0.5%??

madmummy_2

PeacefulWaters wrote: »

Is she authorised to give advice?

No she isn't. However she has not advised on alternative investments, nor has she provided any solutions. She's analysed our situation based on the information we've provided, projections on the figures contained therein and given us many things to think about. We could not have done this ourselves.

bostonerimus

madmummy wrote: »

Thank you. I admit I hadn't thought of looking at it that way. I guess I was trying to find out how much this would have cost if I'd gone to an IFA. Perhaps I'll rethink.

The value in the gift is your appreciation, forget about measuring the value against a professional fee. Paying for a day at the spa sounds like a nice thank you gift.