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Questions about Financial Planner/Broker and Fees

  • 05-05-2022 12:27pm
    #1
    dnme
    Registered Users, Registered Users 2 Posts: 3,411 ✭✭✭


    Hi,

    I recently employed a Financial Planner/Broker/Advisor to help me with a Pension Transfer. We took the Pension Transfer Value from the UK and placed it into a bond here in Ireland with Zurich. At the time, there was a lot of forms to be filled in, a lot of emails back and forth and a lot of language that goes over my head.

    The value of the bond is around €220,000. Ideally, I would have liked to engage the advisor on a fee based relationship - paid them a once off fee to get the TV done and then walked away. Now that all has calmed down a bit, I see that the advisor is on a commission based fee. They are taking 0.8 trail commission. So I guess my question is, am I now locked into this arrangement? Can I end ties with the advisor and remove the need for this commission to be paid? I have spoken with the advisor but thought I'd post the question here to get some more perspective.

    The list of all fees are as follows

    • 0.5% Zurich base Fee
    • 0.08% Fund Charges
    • 0.8% trail commission to the financial advisor.

    So how does that look to you? Is it normal? competitive? uncompetitive?

    Many thanks for any help.



Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,739 Mod ✭✭✭✭Henry Ford III


    Did the advisor give you their terms of business letter? That should detail amongst other things how they get paid. If you wanted a fee based transaction and didn't get one I'd be querying that if I were you.

    All fees, charges and commissions have to be disclosed prior to sale. If that wasn't done you reason for complaint.

    Its impossible to comment on whether you were charged a lot or otherwise since we don't know the extent of the work done.

    Lastly you would have received a "cooling off" letter after the sale which would have detailed everything.

    I'd advise you contact the advisor, and raise your concerns there.



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