Stocks and Shares ISA charges
Discussion
In 2011 my wife and I through a financial adviser each started a stocks and shares ISA with Skandia, now Old Mutual Wealth. We topped up occasionally until 2016 when I retired. Current value for each is circa £ 75,000.
current charges per annum are;
Old mutual 0.25%
Advice charges 0.57%
Asset manager charges 1.13%
Total charges are 1.95% of average account value, over £1400 each this last year.
Are these charges reasonable? If not what are our options.
Thanks
current charges per annum are;
Old mutual 0.25%
Advice charges 0.57%
Asset manager charges 1.13%
Total charges are 1.95% of average account value, over £1400 each this last year.
Are these charges reasonable? If not what are our options.
Thanks
Thanks for the replies.
Old Mutual has sent us each a 'Costs and Charges Annual Summary'. I think this is the first time it's come in this form.
Previously each six month statement had the charges listed, Advisor serving fee was 0.6% and typical charges of £150.
The value when I retired in April 2016 was £50,000.
Current value £ £75,000, so 50% over six years.
We each lost £7,500 through the collapse of Woodford.
The definitions given are ;
Asset manager charges, taken by the managers for the individual assets. (so I presume fees paid to the funds?)
Advice charges , fees paid to the financial advisor.
So my advisor charges the £420, they did give a lot of very useful advice when we started and again on my retirement.
Old Mutual has sent us each a 'Costs and Charges Annual Summary'. I think this is the first time it's come in this form.
Previously each six month statement had the charges listed, Advisor serving fee was 0.6% and typical charges of £150.
The value when I retired in April 2016 was £50,000.
Current value £ £75,000, so 50% over six years.
We each lost £7,500 through the collapse of Woodford.
The definitions given are ;
Asset manager charges, taken by the managers for the individual assets. (so I presume fees paid to the funds?)
Advice charges , fees paid to the financial advisor.
So my advisor charges the £420, they did give a lot of very useful advice when we started and again on my retirement.
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