Am I being over-charged by an IFA?

OldMusicGuy

The fund may be ethical, but the IFA isn't........ Just kidding, I am sure he is a fine upstanding person.

Mickygg

The main issue I think is that people assume pensions are best left to the professionals. If you dont know anything about funds that may be the case but it doesn't have to be.
£3,500 on your pension pot is outrageous, you will have fund and management fees on top no doubt. The IFA can only advise on available funds, which you can look at and review yourself. 
I researched for many months and took the plunge to open a SIPP. I seem to be doing ok and I dont think and IFA could advise any better.
Do you actually need to consolidate your pensions? Check how they have been performing. I have 3 pensions and am not consolidating as they all are in different funds and have low charges and have been doing ok. 

bostonerimus

With fixed costs of at least 3.5% your pension pot will evaporate pretty quickly.

wjr4

I think the main misconception is that IFAs are paid for just investment management. I leave all of that to our investment committee and concentrate on financial planning, which is what most IFAs I know do. This is what we are paid for, not just investment management. 

bostonerimus

I want to know what's the ongoing charge. But I would run a mile from any one who said anything like I have a "very high-performing (even during the last year) ethical fund" for you. What does that even mean?