Pension Broker Fees

[sillbill]

Hi,

So I just set up an executive pension of 20K, using a pensions broker.

I was charged 500 euro to do this, first of all.. was that a lot?! too late now anyways. but interested to know

She said, that next year we would negotiate a fee.. for follow on years...

It is just a once of payment, I don't think ill be paying anything more into it. so do i need to keep my broker, and continue to pay her every year...

what should the ongoing arrangement be... if i need to change around my pension, can i contact the insurance company directly...

what advantage is there to having the broker...

sorry bit clueless

 

[Steven Barrett]

I would say it's cheap but as for anything, it would depend on what they did for their money.

It's up to you if you want ongoing advice. If you are questioning it now, why did you pay someone in the first place?

I can't speak for the other advisor you used, but I provide my clients with 6 monthly updates on their plans, annual meetings and rebalancing. I am always there for them when things go wrong, they need advice on matters or begin to panic when markets crash (and it always happens!).

I also use a lot of software to ensure that my clients get the best service I can provide and that stuff isn't cheap. The cost of it has to be incorporated into the fees I charge.

Steven
www.bluewaterfp.ie