My wife moved her private pension a short while ago, using an IFA recommended by a friend. All fine and above board.
The pension is a 'balanced risk' portfolio with a fund manager charge of 0.95% and a 'provider' charge of 0.25%. That seems a little high compared to the charges for my self-managed funds trackers, but whatever.
However, the IFA also charges an ongoing 0.5% fee and I'm wondering what this is for.
She's yet to ask him, but surely with the pension moved, there's nothing else to do other than to step away and trust the fund manager to manage it optimally (while keeping an eye on things, of course)?
So what's left for the IFA to do? Am I missing something else that an IFA does in these situations..? (I've never used one, other than for my first mortgage many years ago, before getting wise.)
The pension is a 'balanced risk' portfolio with a fund manager charge of 0.95% and a 'provider' charge of 0.25%. That seems a little high compared to the charges for my self-managed funds trackers, but whatever.
However, the IFA also charges an ongoing 0.5% fee and I'm wondering what this is for.
She's yet to ask him, but surely with the pension moved, there's nothing else to do other than to step away and trust the fund manager to manage it optimally (while keeping an eye on things, of course)?
So what's left for the IFA to do? Am I missing something else that an IFA does in these situations..? (I've never used one, other than for my first mortgage many years ago, before getting wise.)
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