This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+Cover+small+181214
Categories:Advisers

Advisers hit out at Which? fee probe

  • Print
  • Comment

Advisers have questioned research conducted by Which? following a survey which found a wide disparity between fees quoted for simple transactions.

The Which? survey of 200 advisers asked for quotes to transfer a £10,680 investment into a stocks and shares Isa. The average fee was £356 but one adviser quoted £2,500 while two others quoted just £106.

It also asked about a £5,000 transfer into a stakeholder pension. The cheapest fee quoted was £50 while the most expensive was £2,500.

Yellowtail Financial Planning managing director Dennis Hall says: “The kind of things Which? is asking for quotes for are in isolation and therefore not something that people would get good quotes for. IFAs cannot make money out of single pension transfers or investing in Isas.”

Jacksons Financial Services managing director Pete Matthew says: “If the client obsesses too much about the price, I am likely to politely point them towards another adviser. I do wonder if some of the more expensive quotes are pricing to avoid just such prospects.”

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

AXA Wealth


Fund Data

Editor's Pick



Poll

Will providers be forced to pay out compensation over annuity misselling?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments