on going advisor charging to press a few buttons to move money within Prudential

GibraltarMark

Although I am happy with my Prufund Pension and the many benefits of the Prufund range, and also my advisor, I was shocked to find out that £100k of tax free cash came with an 8% additional cost i.e £8k from my advisor whom has/is been charging monthly ongoing fees for over 5 years
Why so much? Why at all given the monthly charges? I am quite savvy on financuial matters and was not expecting to have to pay this to get at my money.....

wjr4

Which adviser was that? As that sounds excessive. Unless you mean 8% over however many years you’ve had an adviser?

Ibrahim5

They probably have to fill a form out. Professional fees and to cover all their overheads. Can't expect them to do it for nothing.

wjr4

Ibrahim5 said:

They probably have to fill a form out. Professional fees and to cover all their overheads. Can't expect them to do it for nothing.

Have a day off will you. Boring. 

Bostonerimus1

If you have questions about the value you are getting from your advisor you should ask them some questions and then take action based on their answers. I DIY because I believe I can do what an advisor does and avoid the fees. Some people won't want to do that are are ok paying someone to do what's necessary and to give some advice. It's your choice.

Tommyjw

GibraltarMark said:

 I am quite savvy on financuial matters and was not expecting to have to pay this to get at my money.....

Presumably it would have been outlined in any agreement with your adviser, so perhaps not quite as savy as you thought.

NlghtOwl

using an advisor comes with benefits but comes with drawbacks on previous products set up. We tried moving a pension from royal London and they wanted to charge an equivalent 16% charge as advisor fees were slowly being reclaimed over time.

Keep_pedalling

GibraltarMark said:

Although I am happy with my Prufund Pension and the many benefits of the Prufund range, and also my advisor, I was shocked to find out that £100k of tax free cash came with an 8% additional cost i.e £8k from my advisor whom has/is been charging monthly ongoing fees for over 5 years
Why so much? Why at all given the monthly charges? I am quite savvy on financuial matters and was not expecting to have to pay this to get at my money.....

If this is the first time you noticed  in 5 years I don’t think your statement about being financially savvy is particularly accurate.

wjr4

NlghtOwl said:

using an advisor comes with benefits but comes with drawbacks on previous products set up. We tried moving a pension from royal London and they wanted to charge an equivalent 16% charge as advisor fees were slowly being reclaimed over time.

That doesn’t make sense, when was this?

dunstonh

Although I am happy with my Prufund Pension and the many benefits of the Prufund range, and also my advisor, I was shocked to find out that £100k of tax free cash came with an 8% additional cost i.e £8k from my advisor whom has/is been charging monthly ongoing fees for over 5 years

Normally, when paying for ongoing servicing, there are no initial fees or transaction fees as that is what the ongoing servicing covers.

Why so much? Why at all given the monthly charges? I am quite savvy on financuial matters and was not expecting to have to pay this to get at my money.....

We cant answer that.  You need to put it to the adviser.

on going advisor charging to press a few buttons to move money within Prudential

Pru's system is an absolute nightmare.   I hate it with a passion.  It feels link using a computer from the 90s.  It often doesn't work and sometimes they revert to an older interface to carry out transactions.    

However, drawdown transactions are about a days work.

using an advisor comes with benefits but comes with drawbacks on previous products set up. We tried moving a pension from royal London and they wanted to charge an equivalent 16% charge as advisor fees were slowly being reclaimed over time.

I have been around for 30 years and not seen a Royal London plan like that.    Scottish Life (pre RL branding) did have a period where they would add a big bonus at the start but if you transferred out before scheme retirement age, they would claw back that bonus on a pro-rata basis.   Nothing to do with adviser charges.

You would have to go back into the mid to early 90s or earlier to find plans with capital and accumulation units and most of those plans were the sales agents of Royal London.  IFAs tended to use the Scottish Life plan rather than the RL plan (RL owned Scottish Life but retained the brand for many years and today, the Scottish Life plan, albeit updated to modern requirements, is the one still used).

fifeken

GibraltarMark said:

Although I am happy with my Prufund Pension and the many benefits of the Prufund range, and also my advisor, I was shocked to find out that £100k of tax free cash came with an 8% additional cost i.e £8k from my advisor whom has/is been charging monthly ongoing fees for over 5 years
Why so much? Why at all given the monthly charges? I am quite savvy on financuial matters and was not expecting to have to pay this to get at my money.....

If you have a Pru (M & G) account with online access you should be able to do this yourself.  It'll ask you if you've consulted your advisor but should remove any fees he's adding for doing it for you.