Freedom of information requests to a IFA

wmb194

bigdec said:

Basically I've been paying him so much for so long I want to know what exactly doing each month to qualify for the amount I'm paying because since the initial pension payment I don't think a single cash amount is ever being used for the pension

Don't you have any pension statements? What is it invested in? Part of the problem could be poor performance of the investments.

masonic

Are you saying you suspect contributions that you intended to be paid into the pension are being pocketed by the adviser? This should not be how things work. I think you need to see a pension statement as suggested in one of the first replies.

Cus

One of your previous threads, relating to your IFA and fees, resulted in you saying that you now had a lot of info to discuss with your IFA.  Did this happen?

dunstonh

bigdec said:

Basically I've been paying him so much for so long I want to know what exactly doing each month to qualify for the amount I'm paying because since the initial pension payment I don't think a single cash amount is ever being used for the pension

It may help if you answer some of the pertinent questions rather than ignoring them.

bigdec

Cus said:

One of your previous threads, relating to your IFA and fees, resulted in you saying that you now had a lot of info to discuss with your IFA.  Did this happen?

Not yet as he wants me to do a face to face to meeting but at the moment it would be difficult for me to actually go to a meeting

bigdec

Cus said:

One of your previous threads, relating to your IFA and fees, resulted in you saying that you now had a lot of info to discuss with your IFA.  Did this happen?

This is what he sent me on when I contacted him about his monthly charge

"considering we have had vivid,wars,high inflation,credit crunch,9/11 ete.

My charges never changed.It’s 1% of the fund value per annum paid on a monthly basis.Obviously the investment platform make a charge as well"

TheBanker

bigdec said:

Cus said:

One of your previous threads, relating to your IFA and fees, resulted in you saying that you now had a lot of info to discuss with your IFA.  Did this happen?

This is what he sent me on when I contacted him about his monthly charge

"considering we have had vivid,wars,high inflation,credit crunch,9/11 ete.

My charges never changed.It’s 1% of the fund value per annum paid on a monthly basis.Obviously the investment platform make a charge as well"

What is your fund value, and how much are you contributing?

If your fund value is £100k, that would mean £1k fees per year, or about £83 per month. If you're only contributing, say, £50 a month that explains the problem.

Is this a very old arrangement? I am surprised to see 9/11 referenced given it happened almost a quarter of a century ago.

dunstonh

Is this a very old arrangement? I am surprised to see 9/11 referenced given it happened almost a quarter of a century ago.

The OP has been asked that question but has yet to reply. It's a very important question, too, as it will let us know if it's pre-RDR or post-RDR.

Beddie

bigdec said:

Cus said:

One of your previous threads, relating to your IFA and fees, resulted in you saying that you now had a lot of info to discuss with your IFA.  Did this happen?

Not yet as he wants me to do a face to face to meeting but at the moment it would be difficult for me to actually go to a meeting

You need to have that meeting, or a phone call, or a Zoom call. You choose the way you want to conduct the meeting and tell them.Then you can ask all of the questions you need to and give them a chance to answer. 

It's the sensible way to resolve this situation.

bigdec

Beddie said:

bigdec said:

Cus said:

One of your previous threads, relating to your IFA and fees, resulted in you saying that you now had a lot of info to discuss with your IFA.  Did this happen?

Not yet as he wants me to do a face to face to meeting but at the moment it would be difficult for me to actually go to a meeting

You need to have that meeting, or a phone call, or a Zoom call. You choose the way you want to conduct the meeting and tell them.Then you can ask all of the questions you need to and give them a chance to answer. 

It's the sensible way to resolve this situation.

on the only occasion when I previously had a meeting with him he came to my place of work was there for about half an hour and then went off now when I've tried to arrange a meeting he won't travel to me he expects me to travel to him which unfortunately is too difficult.