Has anyone used Mercer financial advisors for pensions?

I worked in Mercer for a short period a long time ago. The fundamental challenge you run into as an individual seeking investment advice is the knowledgeable people you’d want to speak to are generally too expensive for one to one sessions (for most people)

Back when I was there the partner billing rate was north of €1,000 an hour. I suspect it’s close to €2,000 now. A mid level investment consultant could be €700+ per hour. These would all be bright people. Actuaries mostly. We worked predominantly on corporate schemes where fees could be set against a very large asset base.

If you throw in a couple of hours prep, an hour meeting and then a follow up. You could be looking at €10k for one of the better people in Mercer/Willis/Aon etc. Most individuals would baulk at paying even a fraction of that.

I think there are likely to better avenues for individual advice through smaller independent financial advisers…just need to find the right one!
 
Zion2022 said:
We worked predominantly on corporate schemes where fees could be set against a very large asset base.
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Yeah, I'm a member of a corporate scheme administered by Mercer. They didn't send us anyone knowledgeable when they met with members about to go through a TUPE situation. Guys barely knew anything about things like continuous service.....

But yes, the bills were large.
 
Fortune said:
met with members about to go through a TUPE situation. Guys barely knew anything about things like continuous service.....
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That’s disappointing. I guess like any walk of life you’ll get some people who are good and others who are not. Often sitting beside each other in the same company.

My experience (which is very out of date!) is that the best people were typically rolled out for trustees of the scheme rather than individual members. Individual members don’t hire and fire the advisers!
 
The knowledgeable guys are more likely to be the ones who meet the trustees, not the members.

I worked in this sector in Ireland (though not recently). I never worked for Mercer, but I did work with them, quite a bit. They were very, very good.

But that's at the level of actuaries, etc, advising trustees on investment strategy for funds of many millions, or advising employers on pension scheme design. Providing individual advice to members on their personal situation is at the other end of the business and I wouldn't expect Mercer (or any of the other large providers) to be oustandingly good at that. The reason is that if you're oustandingly bright and highly competent, working for a large consultancy you will find yourself advising the largest clients, where the most money is to be made.

That's not to say that the advice given to individual scheme members will be dreadful. Fortune's experience was bad and, I would hope, not typical. From a consultancy like Mercer you should expect at least basic competence. Plus, they should be good at devising and delivering solutions that, for the typical and common case, will work well.

If you want advice tailored to your personal circumstances, and certainly if your personal circumstances are at all unusual, as Zion2022 says you're most likely to find that at some of the smaller, independent firms. The problem is that you're not necessarily going to find it at all of them, and it can be hard to find the right one.
 
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I've found them hit and miss but I could say the same about a lot of large firms like this. I've had staff leave under TUPE and I knew more then the Mercer's person did but also had staff retired and who said the got great advice.
 
I would Agree with TomEdison
The problem now I find now along with others who have retired from the same company the knowledgeable guys and gals who came into the company and met the trustees/Management the also at times met employees in groups and one to one and were very good,
After retiring advice/service was very good at first then things changed the good Guys and Gals lower down the ladder have ether moved up or out,
I feel in the last few years I am now left with advisers who are only holding the fort the adviser who was assigned to me for want of a better word appears to be looking after themselves first
who ever was in charge of the phone appeared to be covering for them, a few times the were at meetings which is understandable and would pass on the message then looked to make appointment she would have to check call back lets say Monday then called on Monday not in today but would pass on a message the long and the short they appeared to be working from home most of the time,

My fear now is the Knowledgeable Guys and Gals are still there but out of reach ,

I intend moving company hopefully I will find better service in the future,
 
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