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IFA Charges
Cloud5000
Posts: 5 Forumite
What are people's thoughts on IFA charges of £11k initial charge then 0.75% of portfolio in annual management charges on a circa £1 Million investment? Of course fund manager fees are then on top of this.
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Comments
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Too high based on anecdotal comments seen on here irrespective of whether IFA charges at all are worthwhile - hot topic around here.1
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It can subsidise lower fees for customers with less money.
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What are people's thoughts on IFA charges of £11k initial charge then 0.75% of portfolio in annual management charges on a circa £1 Million investment?Ridiculously high. Initial would probably target around £2k-£3k. Ongoing at 0.50%.
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.5 -
Expensive1
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Very expensive.1
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yes please!0
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Depends on her/his track record, Cloud5000.Cloud5000 said:What are people's thoughts on IFA charges of £11k initial charge then 0.75% of portfolio in annual management charges on a circa £1 Million investment? Of course fund manager fees are then on top of this.
Do you already have an IFA?
What has she/he done for you so far?
If she/he is intervening now, how did that happen?
How old are you?
Remember, an IFA will not to make you independent "eventually" but present in such a way that she/he can leech off your fortune for the rest of your life.
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What are you actually looking for the IFA to do for you now? Have you a specific need e.g. are you considering retirement options, tax planning, inheritance planning etc, or are you just wanting them to review your existing arrangements which you are currently reasonably happy with?
Personally I would be willing to pay for specific advice but would be less keen on paying £7.5k (or even £5k) per year if nothing significant has changed in my circumstances over the year. However if you are the type of person who worries or needs coaching to stick with your investment strategy then ongoing advice might be worthwhile.
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I was quoted similar tbh, and I thought that was quite a bit so haven't taken up the advice.
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