We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
IFA takeover- new owners want to charge me 1% up front to switch portfolio - are the fleeting me?
alsclark
Posts: 3 Newbie
My IFA was taken over by another firm. My original IFA picked stocks internally and the new ones contract out. The new IFA wants to charge me 1% to switch my ISA portfolio to a new wrapper - this will be in addition to the usual management fee. AIBU to feel that they are fleecing me to recoup the cost of their acquisition. I have asked for a breakdown of the actual work needed (not forthcoming) and am at the point of either switching IFAs or transferring my portfolio to Fidelity (as the current platform can only be managed by an IFA) into a spread of managed funds and doing everything myself. I'm 52, can retire with a defined benefit (PLSA luxurious standard) pension at 55, no mortgage and no need to draw income from investments, so am looking for modest growth with a balanced risk appetite. This situation is annoying me and the new relationship has not got off to a good start. Should I tell the new IFA owners to go whistle? Is this immoral activity that would warrant reporting tot the FCR?
0
Comments
-
Portfolio Switching Costs on IFA takeover — MoneySavingExpert Forum
Duplicate thread with the other getting responses. please use that to avoid duplication.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards