How much commission for IFA -can we negotiate?

[Babymamamama]

I’m just looking around for an IFA and working through initial meetings as I’ve had a few recommendations. On behalf of a sick relative who is quite wealthy but unable to manage his own affairs. Just wondering about usual levels of commission. Is it ok to negotiate as you would do with an estate agent.?
Any advice super welcome.

I would expect a planning fee of £3k-£5k and then 0.75% assets under management ongoing fee.
Everything is negotiable but they should publish a guide price list so you have an idea of the typical fees.

Thankyou so much for replying that’s really helpful. They are quoting a straight 1 percent and a bit more than what you suggest for research and recommendations. I’m going to haggle a bit I think. If anyone else doesn’t mind sharing their ballpark figures that would be super appreciated.

Shop around. They can be based anywhere these days as many meetings can be done by zoom, facetime etc.

The initial planning fee will vary a lot depending on what you are needing, complexity. The ongoing free though I would expect to be under 1%... so I would talk to some more, find who you get on with and whose charges you feel are appropriate for your situation.

Meaningful Money has a podcast about finding advice: meaningfulmoney.tv/2021/05/04/the-financial-advice-checklist/

IFA or Investment Manager?
£500,000 or £5m?

1-1.5% initial 0.6% ongoing

1% ongoing is far too high in my view.

… and I’m an IFA!

Thanks all yes I do think 1 percent is too high so I’m glad you agree. The relative is a low ish high net worth individual. Circa 4 mill to be managed. So you can see why I don’t want to be handing over 1 percent on his behalf. He doesn’t have capacity sadly. I’ve been liaising with IFAs I’ve interviewed a few already.