Advice please. Firms for Final Salary Transfer £330k

Dorian1958

Totally agree with Aegis on the issue of potential conflict of interest. In my case I am in no doubt that the fees are not the main justification for the IFA agreeing with the transfer. I completed a questionnaire which required me to submit reasons for the transfer. An analysis of my situation was undertaken without any cost to me or commitment to proceed. I was not hassled for a decision as soon as the analysis was completed and put under no pressure whatsoever to go ahead. And when I had decided to go ahead the IFA suggested he retain the paperwork for 2 weeks just in case I changed my mind. All of this gave me confidence that I was not being pressed forward so the IFA could collect a fee. Alarm bells should be ringing if anyone is put under pressure or being told the fee is only this price this week after which it may rise etc.

TadleyBaggie

You need permission to post on behalf of a company, post reported.

soulsaver

https://forums.moneysavingexpert.com/discussion/5554142

Pay particular attention to post #13 and last line...

I paid £2.5k on £340k this time last year.

dunstonh

Brighter_FS wrote: »

Thank you for informing me of the rules. I have emailed the Forum to discuss as follows:


Dear Forum Team

I have just posted my first comment and mentioned my own IFA business. I have had a response from another poster that my post has been reported and that permission is required to make posts. Having read some posts there seems to be individuals that require quality financial advice and I clearly cannot assist everybody but I am happy to help some people with individual advice or general guidance. Would it be possible to have permission to continue posting?

Regards

You could do what the other IFAs on the board do. Help others without any promotion of their own business.

Brighter_FS

I have had a very kind message back from the forum team letting me know how to assist people further without breaking the rules..... sorry!
I am very happy to assist anybody with anything to do with pensions on this forum. In saying that I clearly cannot answer the question above as I am sure that would be breaking the rules.

iro

That is a shame for those of us who believe that greater transparency in the market for IFA s would be to the benefit of consumers.

Are PMs covered by the rules?

Brighter_FS

I agree, I would be delighted if all IFAs put their charges up in lights for all to see. Best practice would be to make the Terms of Business (including charges) available on the firms website so people could review before engaging with the IFA.

dunstonh

iro wrote: »

That is a shame for those of us who believe that greater transparency in the market for IFA s would be to the benefit of consumers.

Are PMs covered by the rules?

Yes. PMs are covered by the rules. The rules are sensible and apply to all posters. You cannot promote your business. Nobody wants the board turned into an advertising site.

dunstonh

You say 'nobody' I would not mind if it kept charges down and more of my pension in my hands not the IFA's.

Go to a site that allows it then.

Classic 'oligopoly' IFAs never talk 'price', the so called IFA databases appear to include a remarkably high number of IFAs who advise on pension transfers who then explain but not DB pension transfers.

oligopoly is where there is a very small number of firms with a majority market share. There is no way IFAs could be referred to at that. IFAs are generally a cottage industry with thousands of small local firms.

The flaws in the databases used by some marketing companies can be a pain but that is not the fault of an IFA. All IFAs can do pension transfers as such. It is only certain types of pension that require a specialist. So, often it is a terminology or translation issue.

I have heard of 'low hanging fruit' but why would you need regulated advice on the transfer of a DC scheme?

Some need it. Some want it. There are plenty of reasons why.

An awful lot of time and energy would be saved if there was a price comparison site for IFAs or even bettter still a standardised Big Deal product of collective purchase.

Commercially stupid and won't happen.

dunstonh

'Commercially stupid' sounds a lot like 'commercially beneficial' from the POV of the client!

Only if you think increasing costs across the board is somehow beneficial to consumers.

Please feel free to PM me IFAs with your best quote for a notional DB transfer of 100k.

This is against board rules. The board will ban any IFA caught doing this.

I will start off at a rate of 3% (the rate I paid) can anyone beat that?

Of course, they can. However, those with integrity will not be PMing you.