Hi Mumsnetters,
was hoping for some insight on whether this sounds reasonable or not. I put some money into a property ISA 3 years ago - through a financial advisor who was a contact of a relative. He recommended putting the funds into a commercial property ISA and I ve not heard from him since, not even when the fund was locked to trading 18 months ago, I had absolutely no notification from him. I realised as I thought I should move my money given the impact on offices during covid and went to look at the fund and realised I couldn’t move anything as it was closed to trading. I ve lost around 5k of value since the money was invested (I do realise investments go down as well as up). Anyway the fund has sent me a statement of annual charges today which amount to £600 which seems a lot. All percentage based and include £200 of advice fees to the IFA whom I ve not heard from in 3 years. These are a 0.54% charge - I don’t remember being advised of this at the time - it was possibly hidden at the time in small print. My question is, is this usual? I ve literally not had any proactive advice from him or even contact in 3 years - I had to mail him to ask if the fund was closed and he apologised for not flagging it at that time. Since then literally nothing so I am aghast at paying him £200 for doing zip. Now that the funds are in the ISA, can I just remove them as IFA to stop them getting the annual fee? If they were being proactive and managing my money, I d be happy to pay the fee - and more - but they are literally doing nothing.