IFA wants to increase charge on existing pension

techno2

Thanks again,

I've never had a lunch, not even a bag of crisps. The pot is invested in a managed portfolio so it seems likely that the advisor does nothing. Though I guess that if was using or began using the drawdown facility I might need some advice but I'm happier talking about finance to the accountants I've used for various bits of business over the years.

Thanks

Al

Ibrahim5

That's a bit of an own goal and a lesson for your adviser. If he had created a portfolio of lots of different funds you might have thought that he was very clever and you wouldn't be able to do that without his help.

dunstonh

techno2 said:

Thanks again,

I've never had a lunch, not even a bag of crisps. The pot is invested in a managed portfolio so it seems likely that the advisor does nothing. Though I guess that if was using or began using the drawdown facility I might need some advice but I'm happier talking about finance to the accountants I've used for various bits of business over the years.

Thanks

Al

Good.  You shouldnt be getting a lunch or  packet of crisps. 

Accountants are generally dreadful when it comes to pensions.   So, whilst you may be happier to talking to them it is not their remit and be prepared for them to tell you to speak to an IFA.    Or an SJP sales rep as many have attached themselves to SJP and if you think the IFA is expensive, then SJP will blow your mind.

Albermarle

techno2 said:

Thanks again,

I've never had a lunch, not even a bag of crisps. The pot is invested in a managed portfolio so it seems likely that the advisor does nothing. Though I guess that if was using or began using the drawdown facility I might need some advice but I'm happier talking about finance to the accountants I've used for various bits of business over the years.

Thanks

Al

We often see on here, people who have had poor advice from accountants on personal finance matters. Also if the accountant is sensible they will be reluctant to offer any personal advice, as it is not within their professional remit.

jaypers

wjr4 said:

IFAs rarely take people out to lunch now, I find the idea of that very outdated. If you don’t understand that you’re paying the annual fee for, question it.

My IFA let me use 2 of their Wembley seats for the FA Cup Semi Final this year. I’ve been with them for a while and it was a nice touch. Clever too as it bonds the client/customer relationship. Of course if I wasn’t happy with their service offering I would look elsewhere, but I am happy so staying put.

Ibrahim5

They'll have charged you many multiples of the value of a couple of FA cup semi final tickets in fees. They wouldn't want to go as the teams were rubbish.

jaypers

Ibrahim5 said:

They'll have charged you many multiples of the value of a couple of FA cup semi final tickets in fees. They wouldn't want to go as the teams were rubbish.

Stating the obvious there and of course but it’s still a nice touch, especially when one of them is your team. 

Bostonerimus1

jaypers said:

wjr4 said:

IFAs rarely take people out to lunch now, I find the idea of that very outdated. If you don’t understand that you’re paying the annual fee for, question it.

My IFA let me use 2 of their Wembley seats for the FA Cup Semi Final this year. I’ve been with them for a while and it was a nice touch. Clever too as it bonds the client/customer relationship. Of course if I wasn’t happy with their service offering I would look elsewhere, but I am happy so staying put.

I get mail inviting me to a free steak dinner at local restaurant from financial advisors at least once a week. It's not exactly the same as you are already a client, but it's all part of a sales pitch. Best thing they could do would be to give you the gift of reduced fees.

Ibrahim5

In the early 1990s IFAs were on commission and they loved to sell everyone income protection, life insurance, critical illness etc to everyone whether they needed it or not. I remember an IFA telling me to get a group of young workers together and they would pay for a Chinese out of the commission. When comission was banned things got a bit tighter. We had an IFA who used to buy us sandwiches from the Tesco budget range whilst trying to get customers. They weren't too popular.

cfw1994

wjr4 said:

IFAs rarely take people out to lunch now, I find the idea of that very outdated. If you don’t understand that you’re paying the annual fee for, question it.

It’s evening meal overnight in the Cotswolds for my pal….SJP still have cash to splash, it appears 🫣