Does this IFA's service seem good enough to you?
Hello, I'd be interested in your thoughts about this.
I contacted an IFA in June to try to arrange an annuity from my pension. We agreed terms on the basis that I'd take 25% drawdown, the annuity would be for the remaining sum. I was clear I wanted RPI cover, which he told me usually did not go up to more than 7%.
After several weeks he got back to me with quotes from one provider. When I asked if he had other quotes - I'd expected to be told about at least three - he said what he had sent me were from the best quotes available on the market - no details about other provider quotes, and no provider names given. I asked if his quotes were, as originally agreed, based on my fund minus the 25% drawdown. He said they were based on the full fund amount. When I asked what the ceiling would be on the RPI quoted, he said no maximum "as far as he was aware", whatever the RPI was would be matched. (So presumably he hadn't asked).
To me this seems like unacceptably careless service. What do you think?
★ ★ ★ Meet your Ambassadors
- All Categories
- 338.9K Banking & Borrowing
- 248.7K Reduce Debt & Boost Income
- 447.6K Spending & Discounts
- 230.8K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 171.1K Life & Family
- 244K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards