Wealth Management fees causing drag on my SIPP and ISA?

incus432

MJS89 said:

As for Quilter, it was recommended I move to it as it had a better choice of funds from where my pension and isa were (Fidelity)

Who recommended you do that?  Sounds like nonsense. Fidelity have a very good range of funds including many passive tracker funds. I would ignore them in future

QrizB

MJS89 said:

I’m with an independent wealth management firm ...

I know it's too late to shut the stable door, but how did you end up "with an independent wealth management firm"? £90k of SIPP and £40k of ISA doesn't really sound their target market?

dunstonh

MJS89 said:

wjr4 said:

They are very expensive and Quilter are not independent. Do you mean you’re paying £300 pm for 2 years for the initial fee??!! That’s extortionate if you are! I’d be moving away asap. 

No, no, £12.50 per month over 24 months. As for Quilter, it was recommended I move to it as it had a better choice of funds from where my pension and isa were (Fidelity)

Fidelity's platform is not great software wise but its cheaper than Quilter and both platforms are whole of market.   However, there are several other IFA platforms that are better priced and have good software.

But Quilter agents are not IFAs and they can only retail the Quilter product and funds.