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are these fees excessive?

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  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    edited 17 December 2018 at 1:50PM
    OP you keep focusing on the work needed but there's the liability that needs to be accounted for.
    It might be in say 10 years time that you sue the adviser because you contend that some aspect was unsuitable. Either what it would as transferred to, the funds used, that you should have bought an annuity, whatever.
    The liability is directly related to the amount transferred and so the cost is.
    I have no dog in this hunt as I DIY everything , but from what I've seen the fee you are being asked to pay for the transfer is low. If you think it's too high then just do it all yourself. But then you've only got yourself to blame if it goes pear shaped. When I lost £100k plus in the dot com crash I couldn't sue myself. If you lost that amount after the transfer you would no doubt be suing your adviser. So they have to account for that possibility in their costs. Even if they win they most likely will have to pay the costs of defending.

    FWIW I think the 0.6% ongoing is a little high if the platform cost is on top but then again if you DIY and screw it up, it could be a lot more than that you'd lose. Up to you how confident and capable you are managing £200k.
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