Financial Advisors - What is the normal charge

[SoTiredNeedHoliday]

Hi,
We are just thinking if we should do this to ensure we are getting into shape financially the best way we are able. We don't want to use one connected to our bank, would rather an independent one.

What sort of fees do you pay? yearly or part of the investment offerings you choose or both?
Are they ongoing and how much % wise or £ wise?

Have you had positive / negative experience?

Thank You

What is it that you are trying to achieve? Just a general appraisal of your current position including personal recommendations for how best to work towards achieving your objectives will generally be available for a fixed fee. What happens after that depends on what you're trying to do really.

Sorry to jump on your post OP but I'm really interested in this. I need help to sort myself out and make the most of my (lack of) money!

I'm looking for both a review of where we are at and also investment advice to help us achieve our goals Sunseed. Most probably with continued oversight (annually review?) with the advisor so that things are on track

That may break down into three different charging elements then. One is the review, then there may be implementation of setting up a new arrangement or moving money about/switching funds/new contributions and this is where there could be a charge based on a percentage of the funds under management. The on-going servicing is a separate part which is generally either charged as a fixed fee retainer or as a percentage of the funds under management. Costs vary from firm to firm and across the country.

sunseed thanks. I understand costs vary but I'm just trying to find out the normal range of what is acceptable - I don't want to pay over the odds but I also understand "you get what you pay for" to a degree

Would the % be 0.5, 1, 2, 3%

I can only speak for myself, but it will give you a starting point to compare. I'm not the cheapest and I'm not the most expensive.

Depending on how complex the matter is I charge between £600 and £1200 for the personalised report and recommendations. If a client chooses to implement my recommendations and that involves my taking responsibility for managing their money I waive the cost of the report but charge a fee of up to 3% of the investment sum (reducing the charge for larger sums in the interests of decency). Ongoing servicing is between 0.5 and 1% depending on fund size and what level of service is needed from me.

As you say, you get what you pay for. The key thing is to find someone who you can "click" with and who can really understand what you want to achieve and support you to do that.

thank you.