IFA locking me in to ongoing fees

jonnygee2

I agreed to pay for the advice which included the transfer. In his summary of charges, the transfer is quoted as 2 hours work so that's the best I could hope to achieve as a discount.

Could you not, then, ask for the list of funds, pay for the advice, and then transfer into a different, independent SIPP yourself and replicate the funds advised?

If not, then I think you would have a case to say that you don't want to pay for the advice because it isn't actionable. Just say it, see what happens...

JoeCrystal

segovia wrote: »

I can't find any reference on the Vision Website, do you think that the IFA should have told me that Rathbones has a financial interest in Vision?

Well, the IFA messed up big time for not supplying you the terms and conditions in the first place in my eyes. I can clearly see the reference in the small prints at the bottom of every page on that website.

Any guidance or information contained within this website is subject to UK regulatory regime and is therefore aimed at consumers based in the UK. Copyright 2015. Vision Independent Financial Planning Ltd is a wholly owned subsidiary of Rathbone Brothers PLC. Cookie Policy | Privacy Policy

segovia

jonnygee2 wrote: »

Could you not, then, ask for the list of funds, pay for the advice, and then transfer into a different, independent SIPP yourself and replicate the funds advised?

If not, then I think you would have a case to say that you don't want to pay for the advice because it isn't actionable. Just say it, see what happens...

Allegedly the charges on the proposed Rathbone DMF are heavily discounted, he claims...

The full bespoke Rathbones DFM service is around 2% (based on exact fund value). Your MPS service isn’t bespoke but instead, for the reduced cost you are still getting the full discretionary service from
Rathbones leading discretionary manager

Implying that the offer is discounted at 1.2% and exclusive; however, in the information sheets provided it says

The MPS strategies are only available to clients of Rathbone Investment Management Limited (RIM).

bostonerimus

People need to be a lot tougher. You are wasting time with this IFA. Say goodbye and find another IFA. But first educate yourself and make sure you understand all the T&Cs

segovia

bostonerimus wrote: »

People need to be a lot tougher. You are wasting time with this IFA. Say goodbye and find another IFA. But first educate yourself and make sure you understand all the T&Cs

I would like to walk away and not pay anything but I fear I am obliged to pay the fixed fee for the advice. Expensive mistake, I should have trusted my own judgment and managed my own risks,

I'll never engage with another IFA after this and if anyone asked my opinion I would say advise to do the same.

ChrisJ1988

I dont think you need to pay for anything, it sounds like a scam to me. You should just walk away and get a different IFA.

I understand why the govenment has made it a legal requirement to have IFA if transfering more than 30K but it really has created the next PPI scandal.

Prism

segovia wrote: »

I would like to walk away and not pay anything but I fear I am obliged to pay the fixed fee for the advice. Expensive mistake, I should have trusted my own judgment and managed my own risks,

I'll never engage with another IFA after this and if anyone asked my opinion I would say advise to do the same.

What advice have you actually recieved? From what you have said you have been advised to move into a fund which you can't actually do based on the IFA's error? I wouldn't be paying anything for that.

segovia

Prism wrote: »

What advice have you actually recieved? From what you have said you have been advised to move into a fund which you can't actually do based on the IFA's error? I wouldn't be paying anything for that.

Done

Existing scheme analysis
A whole of market research
Cash flow modelling
prepare advice documents

To do

Application and implemantation processing

dmelife

Proceed with the transfer, then remove the IFA as your agent and either transfer to a DIY SIPP or appoint another IFA.

In terms of saying you’ll never use or recommend an IFA again, that’s like breaking down in your car and saying you’ll never drive again. You got unlucky on this occasion but there are plenty of good advisers out there.

fred246

IFAs are parasites that feed off rich people. They invest their money and take a proportion of the earnings. They want to find a few rich people who agree to large ongoing payments. Only need a few customers then it's off to play golf. Happy days. If you invest yourself then you can keep that money. If you are too scared to invest yourself and you don't trust IFAs then you may just keep it in savings paying very little interest. That would be worse than employing an IFA.