A full list of different options is available on request. All fees are transparent and payable in advance.
This is important because not all companies are transparent about their fees.
One of the UK’s largest wealth management company in particular markets defined benefit pension transfer advice without any initial charge to your fund if you transfer with them. However, their pension platform charge at 1% p.a. is five times the UK norm for a secure pension platform and this margin allows them to fund 4.5% up front payments to individual advisers, protected by a 6% exit fee if you try to move your funds within one year of the pension transfer. Such exit fees apply for six years on a sliding scale to ensure the company is never out of pocket. Total ongoing fees for this company will typically be over 2% p.a.
Not all companies are as cheap as they appear.
Another of the UK’s largest wealth managers appears on the face of it to be a low cost execute yourself platform, however invest via one of their managed fund of fund portfolios which now hold billions of pounds and total fees for the platform at 0.35% for a £500,000 account and funds an 1.46% OCF for their multi manager balanced portfolio. 1.81% in total and without any advice. Advice from this company is paid for separately on top of the fees above.
In making any comparisons with other companies we strongly advise you to ensure that you get all the fees and costs disclosed and that you are comparing apples with apples in terms of the services provided.