Financial Advisor's ongoing advice or just advice at key times

SonOf

Is it an IFA or FA?   - Old Mutual Wealth is part of a group that has an FA arm.   They place most of their business on OMW.   IFAs have access to OMW as well but it is not used as much by them nowadays as alternatives have been lowering prices whilst OMW stays high (cheaper than HL but higher than IFA alternatives).

1% ongoing fee on your value is way over the top.  You should target 0.5% as a more reasonable figure.

Ongoing servicing for business set up after December 2012 has to be pro-active.  It cannot be reactive.   On a model portfolio, you would expect rebalancing and occasional fund adjustments.

Financial advisor is a Chartered Financial Planner for a regional company.
That would probably explain the higher costs.   Chartered is likely to be unnecessary for what you are doing.

 I do realise I can go to another financial adviser and ask for their opinion but I feel the answer will be "transfer to me and I will look after you" and then take the money.
I would expect another adviser to a) lower the ongoing charge to around 0.5% and change your platform to an alternative one.  With that value and if you are under 65, then I would expect a platform charge of around 0.15-0.18%.    So, the money take overall may well be quite a bit lower.

johntin11

Thanks for the info.
I am using an independent financial adviser and they are using OMW. I realise I am paying twice and that is why I am asking do I need the Financial adviser all the way through my life. 
I am 55.
As I have said, if I am going to be paying this for a lot of years it will add up to lot of money.

Albermarle

and that is why I am asking do I need the Financial adviser all the way through my life. 

Nobody can give you a definitive answer as it depends on many circumstances. You can listen to the comments on here but in the end you will have to make your own decision.

You could send some time learning more about investing /pensions etc and browsing this forum and the 'Savings and Investment' one .