I've been checking the fees charged by financial advisers for giving Pension / PRSA advice. Some say that they will not charge a fee but will get a commission from the PRSA provider. Would I be better getting advice from an adviser that charges a fee and going directly to the PRSA provider that they recommend?
PRSA Advisor Fees
- Thread starter MickForum
- Start date
Hi Mick,
I would suggest it is better for you to pay for the advice you are looking for and then you will have information to make an informed decision! Try to get advise from a Certified Financial Planner (CFP) as these guys have invested alot of money into further education and at least they are trying to make a difference with proper advice. i checked the CFP register and dealt with a CFP in Co. Tipperary recently - they were professional and i paid them for advice! I haven't acted upon the advice yet but i know all my options now!
The alternative is to deal with a guy that does not charge a fee but only gets paid once you sign on the dotted line through commissions - this can not always be the best approach!!
Retirement planning is complex so at least make an informed decision first!!
I would suggest it is better for you to pay for the advice you are looking for and then you will have information to make an informed decision! Try to get advise from a Certified Financial Planner (CFP) as these guys have invested alot of money into further education and at least they are trying to make a difference with proper advice. i checked the CFP register and dealt with a CFP in Co. Tipperary recently - they were professional and i paid them for advice! I haven't acted upon the advice yet but i know all my options now!
The alternative is to deal with a guy that does not charge a fee but only gets paid once you sign on the dotted line through commissions - this can not always be the best approach!!
Retirement planning is complex so at least make an informed decision first!!
Steven Barrett
Registered User
- Messages
- 5,277
Hi Mick
It is up to yourself on how you want to pay the advisor. Even if you pay commission, you end up paying anyway.
If you pay a fee, under a PRSA, you will have 100% of your money invested. If you pay commission, it will be between 95% - 97%. The ongoing fee you pay for the work done on an annual basis will vary depending on the advisor as some will be proactive in the work they do for you and others will just forward your benefit statement to you every 6 months.
If you pay a fee for the advice, the advisor can set it up for you too and it should be included in the cost.
Going directly to an insurance company doesn't mean you'll get it with no commission. Someone from their direct sales team will come and talk to you and unless you make it abundantly clear that you want it on a nil commission contract, you will be charged commission.
Let me know if you need anything else.
Steven CFP
www.bluewaterfp.ie
It is up to yourself on how you want to pay the advisor. Even if you pay commission, you end up paying anyway.
If you pay a fee, under a PRSA, you will have 100% of your money invested. If you pay commission, it will be between 95% - 97%. The ongoing fee you pay for the work done on an annual basis will vary depending on the advisor as some will be proactive in the work they do for you and others will just forward your benefit statement to you every 6 months.
If you pay a fee for the advice, the advisor can set it up for you too and it should be included in the cost.
Going directly to an insurance company doesn't mean you'll get it with no commission. Someone from their direct sales team will come and talk to you and unless you make it abundantly clear that you want it on a nil commission contract, you will be charged commission.
Let me know if you need anything else.
Steven CFP
www.bluewaterfp.ie