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Commission when selling investments
loredo21
Posts: 8 Forumite
10 years ago, via an investment advisor, I set up a portfolio of funds held by Old Mutual Wealth (at least, that is its latest name)
For this I paid 2.5% commission to the investment advisor in addition to the initial fund charge and have since then "happily" paid 0.5% annual commission to the investment advisor.
Old Mutual seems to deal only with investment advisors rather than individuals so I need to request any sales via the investment advisor. Can I be forced to pay commission on any of these sales or am I entitled to withdraw my own money commission free? This would probably be done in stages over a period of around 5 years.
For this I paid 2.5% commission to the investment advisor in addition to the initial fund charge and have since then "happily" paid 0.5% annual commission to the investment advisor.
Old Mutual seems to deal only with investment advisors rather than individuals so I need to request any sales via the investment advisor. Can I be forced to pay commission on any of these sales or am I entitled to withdraw my own money commission free? This would probably be done in stages over a period of around 5 years.
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Comments
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Old Mutual seems to deal only with investment advisors rather than individuals so I need to request any sales via the investment advisor.
Not quite. They will only deal with intermediaries. These will be advisers or non-advised channels.Can I be forced to pay commission on any of these sales
No. Commission does not exist any more.or am I entitled to withdraw my own money commission free?
The adviser firm can charge a fee but there is no commission. Although if there is an ongoing commission from a legacy asset (as in your case) most adviser firms will just handle the admin without charging you.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.0 -
Thanks, Dunstonh. That was helpful0
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