Independent Financial Advice pre-Retirement - Typical Fees to expect?

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With retirement 5-ish years away, what would be typical fees for retirement advice from independent advisors for someone with a total pension pot (now) of just under 400k.

.... or should i take the lazy way and go to Irish Life ? (My pension funds/bonds are with them)
 
Why don't you start by posting your queries here?
Maybe you don't actually need professional advice?
You shouldn't go with Irish Life just for convenience.
They may end up being the most suitable for your needs but you need to identify those needs first and only then shop around for the most appropriate product/service(s).
 
ClubMan said:
Maybe you don't actually need professional advice?
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Seriously? This is an utterly irresponsible position to take.

The default on this site should be that posters should be encouraged to seek professional advice and only in the relatively limited circumstances such as someone is a professional investor or actuary should they even contemplate a significant financial decision like retirement without seeking professional advice.
 
Marc said:
Seriously? This is an utterly irresponsible position to take.

The default on this site should be that posters should be encouraged to seek professional advice and only in the relatively limited circumstances such as someone is a professional investor or actuary should they even contemplate a significant financial decision like retirement without seeking professional advice.
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Marc do you know what most actuaries do? I know of more than a few actuaries who are top of their game but do not have a clue regarding finances. Over the years I have dealt with many of the so called professionals who to put it mildly are full of it. Agree with Clubman post away.
Carry out as much research as you can and then if needs be pay for advise.
 
ClubMan said:
It's irresponsible to simply pose the question?
Really? :rolleyes:
Sorry if I upset some of the vested interests who post here.
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Disgraceful comment. Marc's criticism was spot on.

And before you ask, I have no dog in this fight. But I have heard enough stories from others who have negotiated the maze of financial planning around retirement to be staggered by your earlier comment that AAM now actually is an effective substitute for professional advice.
 
redstar said:
With retirement 5-ish years away, what would be typical fees for retirement advice from independent advisors for someone with a total pension pot (now) of just under 400k.

.... or should i take the lazy way and go to Irish Life ? (My pension funds/bonds are with them)
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Your post asked for typical fees. so Ill have a stab at answering. Theres many different ways the different people/options charge but somewhere in the ball park of 2-4k for a review and plan depending on how complicated it is - ie is your pension all in Ireland, is it all in one pension or several and it needs to be done in the context of all your finances - your pension pot is just part of your wealth. No-one should advise you just on the pension pot. There are then further charges if plan is implemented by your advisor etc but these aren't necessarily incremental to what you are paying on your investments now.

In many respects I agree with all posters views so far - posting details in money makeover can help you get your head round it and see the various thoughts so you can approach a financial advisor from a better position of pre-thought and awareness, but I would still go on to seek advice at such a critical time as you have so many critical questions to answer that will make a bigger difference to you than the fee(what to do in next 5 years, when to take pension/cash free sum, where to invest pension and other wealth you have, how to plan future spending and needs, estate planning)

There's a few things you can do also to prepare for the conversations - a big one is being clear on your current spending and your desired spending in different stages of retirement (knowing this in detail helps), your current wealth (not just how much but where it all is, which funds, accounts etc.), any debts, and a clear view of what state pension you and (spouse?) have.

This isn't about your 400k - this is about properly financially planning your retirement as well as then ensuring your wealth is in the right proportions, in the right places, with the right providers at the right charges etc.
 
ClubMan said:
Why don't you start by posting your queries here?
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I fully agree. On an AAM money makeover thread you will usually get get full-spectrum, high-quality financial advice for free. Of course there is sometimes silly stuff like "stop drinking take-away coffee" but the advantage is that no one is trying to sell you a product.

You can read through the threads, and there are many people who will be materially wealthier in retirement after following AAM advice without having to cut back their current spending in the slightest.
 
Thanks all!

I think i need to do some more homework and then first post it in AAM to get a sense of what's involved, and what to do next, including seeking professional advice.

See you in the Money Makeover section...
 
redstar said:
Thanks all!

I think i need to do some more homework and then first post it in AAM to get a sense of what's involved, and what to do next, including seeking professional advice.

See you in the Money Makeover section...
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Naah. Close down AAM no more posts. Seek professional advise only.
 
Marc said:
Seriously? This is an utterly irresponsible position to take.
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For most people the advice is generally:

  1. Switch to lowest mortgage provider
  2. Max tax-relieved pension contributions
  3. Reduce over-exposure to one asset class (employer RSUs, a BTL, deposits, etc)
I have often suggested that people seek specific advice on very precise investment or tax topics as what you get here is often not comprehensive or reliable.

But for most people there is generally low-hanging fruit in 1-3 and you don't need to pay money to discover this.

And on some precise topics for many thanks AAM is where you'll get the best advice of all. I've received advice on voluntary UK NI contributions that will make me tens of thousands over a lifetime. I don't think a tax or investment advisor would be equipped or incentivised to even notice this option for me as there is no product or service involved.
 
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Marc said:
Seriously? This is an utterly irresponsible position to take.

The default on this site should be that posters should be encouraged to seek professional advice and only in the relatively limited circumstances such as someone is a professional investor or actuary should they even contemplate a significant financial decision like retirement without seeking professional advice.
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Wrong. Askaboutmoney.com would be a fairly useless website if the default reply was "Seek professional advice." Maybe Brendan should simply automate that so that it came up as the reply and then the thread would be closed. :rolleyes:

People come to this website to get impartial and free advice which will make them aware of what questions they should be asking when they do eventually seek professional advice. They can also get some excellent information here about options that they might not have otherwise been aware of.
 
Dave Vanian said:
Wrong. Askaboutmoney.com would be a fairly useless website if the default reply was "Seek professional advice." Maybe Brendan should simply automate that so that it came up as the reply and then the thread would be closed. :rolleyes:

People come to this website to get impartial and free advice which will make them aware of what questions they should be asking when they do eventually seek professional advice. They can also get some excellent information here about options that they might not have otherwise been aware of.
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What @Marc was discussing substantively wasn't the usefulness or otherwise of AAM but whether or not professional advice is a prerequisite to making crucial and potentially life altering decisions upon retirement.
 
In 2007 I made contact with a well known financial adviser a house hold name in Ireland. He was booked out and advised me to go to another well known financial service. I went through the process filling the forms submitting information risk appetite etc the full monty. Paid for the pleasure.
In return I got my full report. A suggested investment plan etc. Repeated the pleasure with a second well known advisory service. They came out with a very similar report/plan.
Anyway picked the first adviser to implement the plan. i certainly do not blame any of the so called professionals that it was around 8 years later before I even broke even. I agreed to the professional advice.
At the moment I am in contact with a professional adviser who posts on this website at least a few times per week. He provides good feedback and advise on AAM. Do I want direct advise from this man. No.
I want him to carry out a service for me at a fair price.
Would I ever go to a financial adviser following my experience way back from 2007. No way.
It is up to me to educate myself make my own decisions and only then engage in order to implement something I cannot do myself.
Suppose a bit like a solicitor or car salesman stay away unless you absolutely have to.
 
That’s very shortsighted.

You went to celebrity charlatans in the build up to the financial crisis, got burned, and now you want to paddle your own canoe instead of speaking with an expert.

My Dad’s portfolio fell by 40%-ish during the GFC. It was back above water after about 4ish years and has done very wel since.

There are chancers and there are serious professionals.

Just because Dr Nick chopped-off your leg by mistake, don’t forever avoid medical professionals.
 
T McGibney said:
What @Marc was discussing substantively wasn't the usefulness or otherwise of AAM but whether or not professional advice is a prerequisite to making crucial and potentially life altering decisions upon retirement.
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I agree entirely that the vast majority of people should take professional advice before signing on the dotted line for any major financial service.

@Marc seems to think that there should be a "default position" on Askaboutmoney. I disagree. AAM is a forum on which people can ask a question and others, professional and non-professional alike, can voice their opinions. It's a discussion forum. So the notion of a "default position" is wrong in this context. If the only people on AAM who answered questions were professionals I might agree.

But a forum should not have a "default position" because that would suggest that the people who answer the questions should all have a "default position".
 
You could rephrase question thus-anyone out there any ideas on what to do with 500.000 when I retire and chew on some of the questions or ideas that might come ensue if any
 
Gordon Gekko said:
That’s very shortsighted.

You went to celebrity charlatans in the build up to the financial crisis, got burned, and now you want to paddle your own canoe instead of speaking with an expert.

My Dad’s portfolio fell by 40%-ish during the GFC. It was back above water after about 4ish years and has done very wel since.

There are chancers and there are serious professionals.

Just because Dr Nick chopped-off your leg by mistake, don’t forever avoid medical professionals.
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No Gordon did approach one but the two crowds I got to create plans are well recommended and respected doing well today.
I learned from my experience moved forward taking responsibility for my own money. I was able to retire while not every ones cup of tea at 59.
If one needs to go to financial advisor well and good.
I just think especially in Ireland where investment choices are somewhat limited self education goes a long way.:)
 
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