Pension advisor prices?

dunstonh

ButterCheese said:

Google says this;  The average cost of a pension adviser in the UK typically ranges from £75 to £350 per hour, with fixed fees for specific services often starting around £995. Ongoing fees may also apply, usually around 1-2% of the pension fund value.

That is unreliable.   
I suspect the ongoing fees figure is not the adviser charge but the product, invesments and adviser charge in total.

Compaired to what a surgeon gets paid to save peoples lives  then yes i do downplay their value .I take it you are in the pension industry .

You are comparing net to turnover, which is a daft thing to do.     
Isn't it a bit childish to accuse a poster of being in the pension industry just because they offer an alternative view?

I have 3 seperate pensions  and i was shocked at the price they they were quoting me 

What were they quoting?
And what is your definition of a pension adviser? (its not a recognised term)

The fact that they arrived both in 60k cars made me feel like i was getting stung .for what i was asking them to do 

Only £60k?   I suppose these pension advisers may have been reps using company cars.  

What  would the average price be for this type of service .

What type of pensions?

saltire

Only £60k?   I suppose these pension advisers may have been reps using company cars. 

AUDI RSQ8 and a Bmw m3 competition thats some company cars !!!

Exodi

saltire said:

Compaired to what a surgeon gets paid to save peoples lives  then yes i do downplay their value .I take it you are in the pension industry .

If I had a penny for every time that response was used in response to a disagreement, I might not need to be on a money saving forum!

For your curiosity, I work as a sales director for a manufacturer - nothing to do with pensions.

Also, I have never consulted a pension (financial?) adviser, I self manage my affairs, though I likely will when I near retirement as a sense check.

If you hadn't immediately got defensive, you would have realised that I was pointing out that if it's as easy as you think it is, why don't you do it yourself? That's not an attack, merely a question. Many on this forum including myself do and you suggested the possibility in your second post.

saltire said:

I dont think that the pension providers work unsociable hours  so why would they .Any how a 60k car would cost approx 1800 a month and is one hell of an amount of money per month .

My current company lease has a P11D value of £33,985 and a monthly payment of £376.68. Applying similar proportions to a £60k car would put the monthly payment at £665, not £1800?

While I'm referring to a strict lease, you may be referring to finance where you own the car at the end perhaps? Even so, £1800 is likely to be an exaggeration, that would have to be at an astronomical interest rate.

Marcon

saltire said:

I dont think that the pension providers work unsociable hours  so why would they .Any how a 60k car would cost approx 1800 a month and is one hell of an amount of money per month .

Because many clients want out of (normal business) hours consultations.

Albermarle

saltire said:

Asked 2 pension adviors how much will it cost me to look at my pensions .I have 3 seperate pensions  and i was shocked at the price they they were quoting me .The fact that they arrived both in 60k cars made me feel like i was getting stung .for what i was asking them to do .

What  would the average price be for this type of service .

To go back to basics.
'Pension advisor' is not an official term. They will be either .
IFA's - Independent Financial Advisor - often a local firm of a few of them. Not tied to any product/providers.
FA - Financial Advisor - working for a company that sells/manages financial products.

I am guessing the two you saw were FA's
On the forum it is normally recommended to go to an IFA.

They of course will still charge.
Something around £2K to £3K for the initial consultations and work. Then 0.5% to 1 % ongoing charge.
 A lot depends on what actually needs doing and the amounts involved.

The alternative is to DIY, but you need a basic level of knowledge about investments, pension rules, tax etc to do it properly.

dunstonh

saltire said:

Only £60k?   I suppose these pension advisers may have been reps using company cars. 

AUDI RSQ8 and a Bmw m3 competition thats some company cars !!!

Not really focusing on the right questions...

I dont think that the pension providers work unsociable hours  so why would they .Any how a 60k car would cost approx 1800 a month and is one hell of an amount of money per month .

Pension providers tend not to, although some operate staff on flexi time into the evenings and on Saturdays and Sundays.    Pension advisers (whatever the type) often work 6-7 days a week for 12 hours a day.

£1800pm is not a realistic figure for a car costing £60k.      That would be more in the £700pm ballpark and it would depend on whether it is going through the business or not and whether it was leased or owned privately

And £1800pm is not a lot of money for many people.   

DRS1

saltire said:

Compaired to what a surgeon gets paid to save peoples lives  then yes i do downplay their value .I take it you are in the pension industry .

Many many years ago during an annual review I compared what I was paid to what someone doing a worthwhile job (like a nurse) was paid.  Suggesting I was overpaid.  Years later when I left it was amazing how many people asked if I was off to become a nurse.

OP If you genuinely want to know what advice should cost you are probably going to have to give more details about what the advice was that you wanted.  You can also read threads on here started by people who can't believe how expensive advice can be for a simple thing like transferring a pension from A to B.  Those threads can be educational even if they are not about what you want to do.

QrizB

saltire said:

Any how a 60k car would cost approx 1800 a month

£1800 a month would let you buy a £60k car outright in three years. That would be ... an unusual approach.
I take it you're not familiar with any of the common car finance options?

Cobbler_tone

I was going to say that all of our middle managers (starting on £40k) drive £60k cars. I’m not sure what car would be acceptable, a 2019 plate Golf?

Albermarle

Cobbler_tone said:

I was going to say that all of our middle managers (starting on £40k) drive £60k cars. I’m not sure what car would be acceptable, a 2019 plate Golf?

I guess it depends on the industry/profession.
In the (large manufacturing )industry I was in, a sales rep on £40k might just get a £30k car, due to all the travelling involved ,but nobody else would.
Even a national sales manager on £75k would not get a car much above £40k.