Reeves pensions - pensions review

Westcountrylass

Hi - My pensions need a full review after years of neglect. I spoke to Reeves pensions who can do this and I'd be interested in others' thoughts. They do not charge for advice, instead earning their income from their portfolio management service, for which they charge 2% on the value of investments which I understand is on an ongoing basis. Seems a bit steep when I compare it with the management charges on my existing pensions. I'm fairly financially literate, and capable of becoming informed about pensions, although after some wilderness years of neglect. I haven't done any sums on this (will do once I find out what I would typically pay for advice from another adviser) but I'd be interested to hear any views on the Reeves charging approach, and what else I should be considering. Thank you.

TadleyBaggie

2% is very high, my IFA charges 0.5%.

dunstonh

They do not charge for advice, instead earning their income from their portfolio management service, for which they charge 2% on the value of investments which I understand is on an ongoing basis.

That is expesnive. And probably why they dont have an initial fee. The most common figure is 0.5% p.a. with the average initial being 1.8%.

2% is actually disgraceful. I would feel bad if the total costs (platform, fund and adviser) went over that level. let alone the adviser charge alone.

Brynsam

Go somewhere else where they charge you a fee for the review. Much cleaner and more sensible and avoids any lingering suspicion (however unfounded) that suggestions could be influenced by future management charges. 2% is 'ouch' territory in any case.

bostonerimus

I'd run a mile.....2% is ridiculous.

mgdavid

How did you find Reeves - or did they find you?
Their website is unimpressive to say the least; I run a mile from companies that have an 'about us' page - but don't actually give any information about the 'us'.
This one claims to be large and growing, talks about 'teams' yet has a 1st floor office above a shop in a parade. They try to claim to be different and better than one-man-bands yet look suspiciously like one themselves.

Westcountrylass

Thanks for your replies - appreciate it.

Westcountrylass

Just to add, your caution is understood and I'll need to look elsewhere.

Former_MSE_Tine

Hi, the company has asked for a right of reply. MSE doesn't endorse anything a company says on the Forum:

"It has come to our attention, the information in this post is incorrect and may have been miss understood by the user and/or miss communicated to the user from ourselves.

For initial advice fees on funds up to £150,000 we charge 2.5%, anything over £150,000 initial advice fees are 0.5%.

With regards to our ongoing advice service, we charge 1% of funds up to £500,000 and 0.5% of all funds over £500,000.

We believe our fees reflect our service standards. In addition to the standard annual reviews, we contact our clients monthly in regards to their investments, bi- annually for retirement planning reviews and annually for end of tax year planning. Similarly, we do not have additional charges for transactions such as Drawdown as these fees are included in our ongoing advice service.

We apologise for any confusion caused, if you require any more information please do not hesitate to contact us"

DairyQueen

MSE_Tine wrote: »

may have been miss understood by the user and/or miss communicated to the user from ourselves.

Credibility would be enhanced by ability to spell.

Clive_Woody

DairyQueen wrote: »

Credibility would be enhanced by ability to spell.

Perhaps these two young ladies work for them.

I wonder if they are related to Miss Sold who seems a popular lady on MSE....:money: