Hi, Would appreciate the advice from the groups (especially an IFA) on the following.... I have contacted an IFA mainly (from my point of view) to review my current pension arrangements (Contracting in/out), personal pension provider etc. The IFA has offered to do a full review of my whole finances and create a report with recommendations. This to me does seems a reasonable approach to me as it is difficult to assess the best course of action without knowing the whole picture. They plan on charging me for this report with which I am free to act upon with them; with someone else; or ignore it. As I would be paying for this report (100s of pounds), this again seems fair amd I would be happy with this. However, if I do take the advice, they will take 3% of the commission made and the rest used to enhance the investment [ There is no mention of what happens to the ongoing commission ]. For them to continue to review my finances, they will charge a monthly fee. If I do not pay, then I won't receive further advice. Does this sound reasonable? To me if feels like I am being charged both on commission and fee-based. Using the fee structure described, there is nothing to stop them recommending I move all of my finances to someone else, of which they receive 3% + ongoing commission. In fact they could do that continually and get the additional commission. I don't expect them to do so as I would guess the word mis-sold would spring up but I do feel uneasy about the fee structure.
Any thoughts appreciated.