Moving IFAs.

[Tomanybikes]

I have been with the same IFA for 30 plus years but he has now been takeover by a company called Fairstone and I think their charges are high and would like to shop around for comparison purposes.
Has anyone had any dealings with this company and does anyone have recommendations or advice on moving?

Thanks in advance.

[Koyaanisqatsi]

What do you call 'high'? I work within a financial services company which has an accountancy arm, an IFA arm and estate planning arm, and I'm more curious as to what others are charging than using this post as an advert, but we have three different client services levels which charge 0.6%, 0.8% and 1.0%.

[alscar]

K, are those percentages on top of any Fund management charges - I assume so - and in which “ on average “ what would total charges be ?
Slightly how longs piece of string q but curious.

[Koyaanisqatsi]

alscar said:

K, are those percentages on top of any Fund management charges - I assume so - and in which “ on average “ what would total charges be ?
Slightly how longs piece of string q but curious.

I believe in our lowest service level the funds are selected by an external fund manager and our charges for that are the minimum of either 0.6% of the funds under management or £650. The middle level sees 50% of the funds selected by a fund manager and 50% selected by an IFA here for 0.8% or £1350, and in the top service level all the funds are chosen by our IFAs and biannual reviews are provided for 1.0% or £2100. The lower service levels both have annual reviews.

Just always interest to see what other firms are charging of course.

[PositronicRay]

Koyaanisqatsi said:

alscar said:

K, are those percentages on top of any Fund management charges - I assume so - and in which “ on average “ what would total charges be ?
Slightly how longs piece of string q but curious.

I believe in our lowest service level the funds are selected by an external fund manager and our charges for that are the minimum of either 0.6% of the funds under management or £650. The middle level sees 50% of the funds selected by a fund manager and 50% selected by an IFA here for 0.8% or £1350, and in the top service level all the funds are chosen by our IFAs and biannual reviews are provided for 1.0% or £2100. The lower service levels both have annual reviews.

Just always interest to see what other firms are charging of course.

Not sure I'd want to let any of the IFAs I've met recently anywhere near picking funds.

[alscar]

K , in which case what is the average Fund Manager charging - just trying to get idea total percentage charge.
Let’s say £250k portfolio of various Funds - total charge ?

[Tomanybikes]

Hi the charges iam being quoted is 3% on any new deposits and 1% ongoing on the total fund.

[darreni]

Tomanybikes said:

Hi the charges iam being quoted is 3% on any new deposits and 1% ongoing on the total fund.

It depends on the complexity of your arrangements & the amounts involved. If you are investing £50k, then 3% is too cheap given the work. If its £5m, 3% is too expensive.

[Tomanybikes]

darreni said:

Tomanybikes said:

Hi the charges iam being quoted is 3% on any new deposits and 1% ongoing on the total fund.

It depends on the complexity of your arrangements & the amounts involved. If you are investing £50k, then 3% is too cheap given the work. If its £5m, 3% is too expensive.

Basically it’s £40k pension and £20k S&S isa annually?