UKC

Quite a few years ago, I sought help from a financial advisor as I had a bit of cash to invest in a stocks and shares ISA.
We/he/I, used a reputable UK firm to invest the money. (Fidelity actually)

Now, online, I regularly check what is happening with my funds (Bugger all much these days as it happens!)
Whilst im ok with the ups and downs of the stock market, and Fidelity who runs the funds, Ive suddenly thought that part of my fees will be going to the original advisor. (I still see him once every blue moon, but very irregularly)


As its surely Fidelity who looks after my money, and not the advisor, shouldnt I be telling Fidelity that I have no need for the advisor ? (As far as I see it, possibly naively, he did the original setting up for me, and nothing since !!)

Cheers folks

In reply to Newbuild100:

Yes that is correct.

In reply to Newbuild100:

Perhaps.

An IFA will take a commission when he recommends or sells the product, under current regs. They should have told or shown you that.

The company you invested in will charge an annual fee, a few percent is normal. Depending on the type of fund it could be highly managed, constant changes, or barely touched from year to year.

Better to ask both exactly what you are paying now and paid in the past, as there are so many products out there only you can find out for certain.

In reply to Newbuild100:


This is called "trail commission" and is now banned, but can still continue on products bought before 2012. See https://www.the-fca.org.uk/consumers/trail-commission

You might have a hard look at the current management fee on your funds and whether you can sell it and switch to a better deal. These days, for anyone with a degree of nous, paying financial advisors to pick a fund for you is not needed.

In reply to Coel Hellier:

Thanks for your help guys. I checked today and it seems Im paying bugger all to the IFA.

Results me thinks !

In reply to Newbuild100:

Plastics

In reply to Cú Chullain:

Eh ?

In reply to Cú Chullain:


And here's to you Mrs. Robinson.

D