How to get truly accurate and independant pension advice?

Thrugelmir

Ryhs_Moggy said:

Is it common for IFA's to request non-refundable one off payment before commencing to contact pension companies on their clients behalf in order to then be able to make a recommendation to a client? (at which point one can decide to go with their IFA's recommendations or walk away?)  I am curious that's all....

Time costs money.  Weeds out the less committed and those fishing speculatively. 

Brynsam

Ryhs_Moggy said:

Is it common for IFA's to request non-refundable one off payment before commencing to contact pension companies on their clients behalf in order to then be able to make a recommendation to a client? (at which point one can decide to go with their IFA's recommendations or walk away?)  I am curious that's all....

Makes good commercial sense to do so. Sounds as if you want the recommendations but don't want to pay if you don't want to follow them?

ElephantBoy57

Ryhs_Moggy said:

Why would an IFA carry out a free review and advise me to transfer old pensions into my workplace DC scheme if he will not earn commission for giving me that advice?!  I hope this question makes sense! 

If that is all that needs doing it sounds simple, but surely an advisor would need to take into account your prefferences regarding risk, retirement age and whether you are single or married, with or without dependents.

Maybe you have other investments like a mortgage to concider? I have personally only used an advisor when I thought it was compulsary. I have never taken any mortgage or share advice, but many do.

I have a 10 year fixed mortgage, purely because I thought that was the best thing to do.

Albermarle

I am not sure if a non refundable payment is normal , but I would assume you would have to sign a contract of some kind before the IFA started on this type of work .

dunstonh

Ryhs_Moggy said:

Is it common for IFA's to request non-refundable one off payment before commencing to contact pension companies on their clients behalf in order to then be able to make a recommendation to a client? (at which point one can decide to go with their IFA's recommendations or walk away?)  I am curious that's all....

Different firms will kick their fee in at different times. Some right from the start.  Some later in the process.  None will give advice for free as it is advice that you are paying for. 

Ryhs_Moggy

My view on things is this; I have no problem paying for anything if I feel I am getting something of value in return. Paying a few thousand for an IFA's advice, experience and knowledge of financial/investment matters seems very prudent if it means my savings and pensions exceed any growth that I could hope to achieve by simply leaving them where they are.