Searching for unicorn, IFA to tfr DB

shinytop

cfw1994 said:

mazworld15 said:

Diplodicus said:

A high tariff. 

Especially since the advice it buys bears no relation to the merit of it,  nor the work involved in producing it. 

If you go ahead mazworld, make sure you have a clear goal (a designated home for the pension) and that your adviser is prepared to facilitate it - the transfer-in application almost certainly will require the adviser’s signature, so do get confirmation that he will sign it before committing to your fee. 

Thanks, yes been here before with mine when IFA wouldn't sign, got an email from this IFA confirming he will sign

Diplodicus said:

Excellent. 
The guarantee of the signature (in any event) is the main justification of the fee.

Odd.  

Pretty sure if you pay for that “DB to DC advice”, they are obliged to sign to confirm you have taken advice.  

That advisor does NOT need to be the one “prepared to facilitate it” - let’s face it, they cannot approach your case, to give impartial advice, with a “known outcome”!

The real trick will be finding a good provider who is willing to take an insistent client when the letter the advisor signed says “the advice is to remain in the DB scheme” -  I’m also pretty sure a good 90% or more of those letters will take that form, and probably rightly so: DB schemes are often maligned and misunderstood, but they do offer solid guarantees, which a DC pot never will.

Oh, and that % is based on nothing more that reading these forums, so apply your own seasoning!

Isn't the problem here of which form that gets signed.  The IFA is obliged to sign a form saying advice has been given.  The receiving provider wants a signed form.  If the provider accepts the IFA's form, fine.  If they insist on  one in their own format then either the IFA agrees to sign it (also fine) or, as is their right, they don't (not fine).  

BritishInvestor

Diplodicus said:

A high tariff. 

Especially since the advice it buys bears no relation to the merit of it,  nor the work involved in producing it. 

If you go ahead mazworld, make sure you have a clear goal (a designated home for the pension) and that your adviser is prepared to facilitate it - the transfer-in application almost certainly will require the adviser’s signature, so do get confirmation that he will sign it before committing to your fee. 

How much work do you think goes into it?

mazworld15

BritishInvestor said:

Diplodicus said:

A high tariff. 

Especially since the advice it buys bears no relation to the merit of it,  nor the work involved in producing it. 

If you go ahead mazworld, make sure you have a clear goal (a designated home for the pension) and that your adviser is prepared to facilitate it - the transfer-in application almost certainly will require the adviser’s signature, so do get confirmation that he will sign it before committing to your fee. 

How much work do you think goes into it?

Good few hours, factfind KYC etc but I think most of the fee is to cover the indemnity ins, the consencous seems to be this will be the next PPI ?

BritishInvestor

mazworld15 said:

BritishInvestor said:

Diplodicus said:

A high tariff. 

Especially since the advice it buys bears no relation to the merit of it,  nor the work involved in producing it. 

If you go ahead mazworld, make sure you have a clear goal (a designated home for the pension) and that your adviser is prepared to facilitate it - the transfer-in application almost certainly will require the adviser’s signature, so do get confirmation that he will sign it before committing to your fee. 

How much work do you think goes into it?

Good few hours, factfind KYC etc but I think most of the fee is to cover the indemnity ins, the consencous seems to be this will be the next PPI ?

There's a lot more to it (I hope ) than a factfind and some KYC.

[Deleted User]

BritishInvestor said:

mazworld15 said:

BritishInvestor said:

Diplodicus said:

A high tariff. 

Especially since the advice it buys bears no relation to the merit of it,  nor the work involved in producing it. 

If you go ahead mazworld, make sure you have a clear goal (a designated home for the pension) and that your adviser is prepared to facilitate it - the transfer-in application almost certainly will require the adviser’s signature, so do get confirmation that he will sign it before committing to your fee. 

How much work do you think goes into it?

Good few hours, factfind KYC etc but I think most of the fee is to cover the indemnity ins, the consencous seems to be this will be the next PPI ?

There's a lot more to it (I hope ) than a factfind and some KYC.

I got a massive pack with cash flow reports, projections, pages and pages of reasoning about the recommendation. I had to fill in a huge pack for them to work on, spending budgets, planned portfolio for the SIPP, reasoning for wanting to transfer etc.
Had an hour and half interview to go through my answers line by line
Then they are also chasing up and making sure the DB scheme is transferring, (don’t forget there is a due diligence review on the sending scheme to go through as well)

Diplodicus

“Isn’t the problem here which form gets signed” - shinytop. 
Yes,  that is the concern. Best to clarify.

“How much work do you think goes into it” - British Investor.
Depends how far the adviser is constrained by the 90% unsuitable FCA edict. If that is the starting point, one well versed in these matters will be able to size up the outcome in about 90 seconds. The rest would be just going through the motions.