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Financial advisor fee for setting up an ISA
Hi. What fees should I expect to pay to my financial advisor for investing £20k into a stocks and shares ISA? He wants to charge me 3%. Is that in line with fees?
Comments
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Presumably there's more to the service being offered than just opening a S&S ISA?
Who is choosing the funds to be invested in? Are there more investments being made outwith the S&S ISA?
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The fee seems very reasonable in the right context. It's less than what I would charge because although our percentage is lower, we have a cap and collar to the charge. In reality, if someone came to me for just £20,000 to invest, I'd be pushing them towards a robo or DIY platform. Or it's the sort of amount you'd push towards a trainee advisor to give them experience.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.3 -
Normally a financial advisor is not interested in £20K of investments on their own.
However if you have an ongoing relationship with them, with larger funds invested, and an ongoing fee, then I would not expect them to charge at all .
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