Pension advise

Ibrahim5

Do you really think an IFA would employ a company to tell them to put charges up? It's a very questionable story. I know IFAs aren't the brightest but I am sure they can put up fees without an external company telling them to. Putting up the fees creates a business which has a higher value. A collection of 100 mugs, er I mean customers who are willing to pay 1% is more valuable than a collection of 100 mugs who will only pay 0.5% The ultimate aim of the IFA is to sell their "business" for a fortune, throw their customers under the bus, and retire themselves.

DT2001

Ibrahim5 said:

Do you really think an IFA would employ a company to tell them to put charges up? It's a very questionable story. I know IFAs aren't the brightest but I am sure they can put up fees without an external company telling them too. Putting up the fees creates a business which has a higher value. A collection of 100 mugs, er I mean customers who are willing to pay 1% is more valuable than a collection of 100 mugs who will only pay 0.5% The ultimate aim of the IFA is to sell their "business" for a fortune, throw their customers under the bus, and retire themselves.

Many businesses large and small use outside consultants to review themselves. I believe them but then you have suggested I am a mug …

Marcon

DT2001 said:

Ibrahim5 said:

Do you really think an IFA would employ a company to tell them to put charges up? It's a very questionable story. I know IFAs aren't the brightest but I am sure they can put up fees without an external company telling them too. Putting up the fees creates a business which has a higher value. A collection of 100 mugs, er I mean customers who are willing to pay 1% is more valuable than a collection of 100 mugs who will only pay 0.5% The ultimate aim of the IFA is to sell their "business" for a fortune, throw their customers under the bus, and retire themselves.

Many businesses large and small use outside consultants to review themselves. I believe them but then you have suggested I am a mug …

Putting up fees can put a business out of business if it loses its customers.

@DT2001 you might find this useful (many of us have!): The Forum has a useful 'ignore' feature which means you can opt to not see a user's posts. To add someone to your ignore list, click their username, view their profile, click on the downward arrow in the red button and select ignore.

Ibrahim5

Of course you aren't now, but you were in danger of becoming one. Do you think £1000 pm was reasonable for what they were doing for you?

cfw1994

rockroll574 said:

Last year my pension advisor came to my house for his yearly chat and he said that hewill have to put his % commission up from 0.7% to 0.9% because of new government guidelines saying that all his policy holders must be paying the same %
Has anyone else been asked to do this ? 

So: given you are now aware he is telling you utter bull💩: does that change the relationship?

It would make me run a country mile 🤷‍♂️

If you can’t trust him…well….

Beddie

The cheek of it! Putting up fees for no valid reason like that. Tell him you've had a think about it and 0% sounds about right.

Either move your pension to a SIPP and manage it yourself, or tell him you'll pay for servicing on an adhoc basis in future. After all, what are you actually getting for your fees?