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Pension Robbery by Financial Advisors

OK, I see what you mean.

Asking for 4.5% still seems a bit steep, compared to the amount of work I guess would be involved (not a huge amount). If you had 17 different pension plans that were to be amalgamated, it could be, but if there is only one plan being transferred, it should be relatively straightforward.

Ask them to quantify what they will be doing to justify such an amount.

I think the main problem with many IFA's who just are'nt moving with the times is that they still rely on 'big cases' to get them out of the shit, rather than work on a purely fee-based structure or make charges based upon their clients entire assets under management.....

Neil.

Fred wrote:

Reply to
neil
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As John Boyle said earlier:-

"Sounds like a stitch up. As you suggested earlier, the company wanted you out of the scheme so got the IFA to do the dirty work."

This IFA specialises in companies who employ some 20+ workers say. Theses guys are totally ignorant of IFAs and all the skulduggery involved.

The IFA looks after their pension scheme and because this nice man is so helpful and who has helped so many others they have no doubt that he is giving them the best advice when they leave due to retirement, redundancy, resignation etc.

So the IFA gets away with charging what he thinks he can get away with. The guy is removed from the company pension scheme at the minimum transfer value and the company scheme is quid's in, the IFA is quid's in. The guy has in fact been robbed by all the people he trusted.

Any corrupt IFA is on a roller.

Fred

Reply to
Fred

Agreed: and the sad part is that many of these people boast about "my financial adviser" as though it's something to be proud of.

Reply to
BeeJay

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