Typical IFA charges

Cloud5000

I am looking to engage with in IFA with a view to review my current savings, investments, pensions and to help create a plan for the future.
What would be the typical range of fees/costs that I should expect from an IFA?
Many thanks

Albermarle

It depends on the size of funds that will come under their management.
There is usually an initial fee of say £2K to £3K . This should cover any transfers of investments and pensions as well , although some seem to try and charge extra for this.
Then an ongoing fee of 0.5% to 1% pa depending on the amounts involved . Then of course the actual cost of the investments , pension etc 

Cloud5000

Thanks Albermarle,
I've had a quote of £3,500 to do an initial plan - no actual transfers or investments in this which struck me as a little high. I do have quite a sizeable amount to invest i.e. > £1M

Albermarle

Be aware that normally questions like yours on this forum usually spark off some 'debate' about the value of IFA's in general.

dunstonh

I've had a quote of £3,500 to do an initial plan - no actual transfers or investments in this which struck me as a little high. I do have quite a sizeable amount to invest i.e. > £1M

You tend to find that the charge tapers down relative to the investment value the more you have.  £3,500 seems ballpark ideal for the value you are looking at.    

gm0

Watch out though and understand the full lifecycle before you sign up for a step which commits to transfer and ongoing cost.

Be careful of % entry, early exit pricing, extra cost layers (Discretionary FM). 
Commit in stages as you build trust. 

Read and understand all small print.  If they are evasive on pricing then it seems frankly odd to trust them with the bulk of your assets or your retirement.  Run. 

Expect better.

But still do your due diligence.