IFA locking me in to ongoing fees

segovia

dmelife wrote: »

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.

That would be the ideal scenario; however, it will cost me £150.00 to move SIPP and I would need to check if I can do an inspecie transfer, the fund he is transferring me into isn't available on the open market.

This is IFA number 5 over the past 30 years and to be honest none of them have been any good.

segovia

fred246 wrote: »

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.

I think technology is changing the market and the role of an IFA isn't what it used to be, DIY is more achievable for the novice.

There is an element of truth in what you say, my wife works in private client insurance. They deal exclusively with high net worth clients who can't be bothered to spend an hour on Comparethe market.com. I call them lazy rich people.

dmelife

The fact you’ve been through 5 in 30yrs says more about you than it does the IFAs. You are Fred are welcome to each other. In fact, why not get Fred to give you advice for nothing??!!

fred246

I learned how to invest on one holiday. Instead of taking a novel I took a book on investments. That's all I needed. There would be a problem if people tried to invest without doing this. The returns from reading that one book have been enormous for me. Make thousands without giving any away to greedy IFAs.

fred246

fred246 wrote: »

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.

Who said that I am always against IFAs? That's me being nice about them.

segovia

dmelife wrote: »

The fact you’ve been through 5 in 30yrs says more about you than it does the IFAs. You are Fred are welcome to each other. In fact, why not get Fred to give you advice for nothing??!!

I have spoken to five but up until now never engaged them as their cost were too expensive and unjustified and that includes advice to my wife on the DB scheme she has. One IFA said under no circumstances move your DB pension and then six months later called and said it would be a good idea to move. The others quoted £9,000.00 - £1,2000 to move pensions and between 1.5% and 2.5% ongoing. All were thanked and shown the door.

I have to be honest and say the current IFA charges are very reasonable, he just hasn't listened and fully understood my requirements, I want the flexibility of independence and I don't want to be locked into an ongoing relationship indefinitely.

J

dmelife

That was you being nice? Just thought it was a typo

dmelife

You can’t be locked in! Just pay the advice fee and then move it elsewhere or ask to move to a transactional structure where he charges a fixed fee when you need further advice. You would still pay for DFM. You don’t need to move it in specie and £150 is no big deal. They can’t keep you in an ongoing relationship so complain up the chain if he says it again. It’s his tough luck for not setting his fee structure correctly.

segovia

dmelife wrote: »

You can’t be locked in! Just pay the advice fee and then move it elsewhere or ask to move to a transactional structure where he charges a fixed fee when you need further advice. You would still pay for DFM. You don’t need to move it in specie and £150 is no big deal. They can’t keep you in an ongoing relationship so complain up the chain if he says it again. It’s his tough luck for not setting his fee structure correctly.

He refused to do transactional.

JoeCrystal

segovia wrote: »

He refused to do transactional.

Make the formal complaint then! Again, it is in the terms and conditions that you should be given in the first place.