The Private Office IFA

Notfarfromtheborder

Hi

Anyone any experience, good or bad with the above firm. Got matched to them via unbiased.

They look like a nationwide company with multiple IFA's, as such I appreciate experiences could be down to individuals.

Any watch outs?? initial intro call suggested they would work on fixed fee for advice.

Next step is a 1.5 hr discovery meeting, no commitment at this stage.

Many thanks

Browntoa

Check the FCA registration of the company and any IFA they recommend 

Some of their products are not regulated so are not covered by any compensation from the FCA. Some of the investments offered are not in the UK , so again not covered. They should , and claim to , tell you if this is the case

JoeCrystal

https://www.theprivateoffice.com/our-services/fees

It's not cheap... depend on exactly what you want, though.

wjr4

If you post their fee here when you know, vs the advice you require, we can say if it’s value for money. 

FIREDreamer

Crikey!

I did the highlighted thing myself. Filled in some forms and sent to the trustees to put the DB into payment. Less than an hour’s work. What are they doing to justify £3,725 here?

Dazed_and_C0nfused

FIREDreamer said:

Crikey!

I did the highlighted thing myself. Filled in some forms and sent to the trustees to put the DB into payment. Less than an hour’s work. What are they doing to justify £3,725 here?

Either they can't add up, not a good thing for a company providing financial services or there is something missing from that example!

Ibrahim5

It's great that they do the initial meeting and implementation for free. That's a real bargain.

wjr4

FIREDreamer said:

Crikey!

I did the highlighted thing myself. Filled in some forms and sent to the trustees to put the DB into payment. Less than an hour’s work. What are they doing to justify £3,725 here?

You’ll always get some companies that push their luck. I’d never charge for that personally. If that’s the only advice they need, I’d send them on their way and say they can do it themselves (unless they really need help!). 

dunstonh

wjr4 said:

FIREDreamer said:

Crikey!

I did the highlighted thing myself. Filled in some forms and sent to the trustees to put the DB into payment. Less than an hour’s work. What are they doing to justify £3,725 here?

You’ll always get some companies that push their luck. I’d never charge for that personally. If that’s the only advice they need, I’d send them on their way and say they can do it themselves (unless they really need help!). 

Same here.  it's the sort of thing you do for no cost to an existing customer.     

Looking at their menu of charges, they are very expensive.  Yet they try to present the charges as if they are lower cost by comparing against really expensive distribution channels.    Then again, national firms are competing more against the likes of TP and SJP.   That is the expensive end of the market.

westv

I didn't think the DC charges were that bad. Clearly they are looking for clients with reasonably big funds - £600k+?

Ibrahim5

All IFAs are looking for clients with big funds. Easy money.