Removal of IFA

magd36

Looking for advice. After a review my IFA transferred part of my pension into a Retirement Investment Account with AJ Bell. After a couple of years I wasn’t getting any value for the annual percentage fee so they agreed to remove it. However, they left their name on the account. AJ Bell says if you choose not to have an IFA there are charges. I’m not being charged as the IFA is still named. I’m now confused how I’d make changes in the future I.e if I wanted to draw some money. Will I have to pay the advisor? Will I just be able to get them to remove their name at the time and pay any charges? Will there be any back dated charges? Should I move it to a SIPP although some of the investments are not available outwith the RIA. Feel a bit confused. Any help appreciated. TIA

Albermarle

I think you would be best to ask AJ Bell to move you from their advisor platform to their retail/consumer platform. From what you say then you will have to pick some new investments.

magd36

https://forums.moneysavingexpert.com/discussion/comment/82179251#Comment_82179251

I’ve asked that but their answer was unclear. I think the investment I have is good. I’m hoping I can keep it and they seem to have no problem as I have an advisors name still associated with the account (even though there are no fees). I’m just wondering if I’ll get some future unexpected charges.

Marcon

Go back and ask again - and keep asking until you get an answer which IS clear. There's no shame in needing clarification of a topic which is new to you but not to them!

dunstonh

After a couple of years I wasn’t getting any value for the annual percentage fee so they agreed to remove it. However, they left their name on the account.

It is normal for the servicing advisor to remain unchanged. A lot of people who don't require ongoing servicing will return to the advisor at a later date, either on an ongoing basis or ad hoc.

I’m now confused how I’d make changes in the future I.e if I wanted to draw some money. Will I have to pay the advisor?

I don't have any experience with AJ Bell. However, there are some platforms that are purely set up to transact using intermediaries. So if AJ Bell is one of those, then yes, you would need an advisor to carry out that transaction. However, there are also some that will do the transactions but will increase their own charges to cover the cost of doing those transactions.

This is why it's often said on this website that if you're going to DIY, then use a DIY provider. Don't try and shoehorn an intermediary provider into doing DIY tasks.