IFA Charges

redmalc

Hi All
i have my pension and a S&S Isa with a local IFA who manages both for me and the cost is 0,5%, the total is 500k.I enquired about him managing a further 150k which is now with HL so it’s all under his management and he quoted me 1,5% to organise the transfer from HL to Old Mutual, are those charges the average, any comments would be appreciated as I think £2250 seems a bit rich to me 

tacpot12

Did this charge include the exit fee charged by HL?
Moving a money in this way is an administrative task and should only take a couple of hours. Unless you want a different investment strategy for the money coming from HL, I would expect them to make no further charge for a valued customer such are yourself. I would suggest that you suggest they do the work for free. If they don’t, find a better IFA. 

Albermarle

They should be happy to have another £150K under their management @ 0.5% a year . To organise a transfer yourself would cost zero , so I think that should answer your question. 

ColdIron

tacpot12 said:

Did this charge include the exit fee charged by HL?

HL no longer charge exit fees

SonOf

Many IFAs will take on top ups for ongoing servicing clients at no additional cost.  So, the initial is at the higher end for an existing adviser relationship.