Pension Broker

[faolteam]

Hi just wondering when my pension broker rings me up to see me every year and see how best to invest in commodities etc for pension is he getting a commision for this ?

 

[Gerry Canning]

Hi just wondering when my pension broker rings me up to see me every year and see how best to invest in commodities etc for pension is he getting a commision for this ?

Faolteam.
You say {my pension broker} so I presume you trust him.
He will not get commission for ringing you.
He probably gets ongoing commission for Pensions he has in for you, and that is fair in that the much-maligned Brokers also need a wage ,in paye it is called salary , in his case commission.

 

[JoeRoberts]

I think the fact that the OP had to ask, shows the problem that still exists with a lot of brokers. It is not clear how they are renumerated for their work. Nobody expects anyone to work for nothing but there is still too much confusion.

 

[Gerry Canning]

I think the fact that the OP had to ask, shows the problem that still exists with a lot of brokers. It is not clear how they are renumerated for their work. Nobody expects anyone to work for nothing but there is still too much confusion.

Not really.
Broker gives you good advice and a good product. How he gets paid is his concern.#
eg. You don,t ask employees how much they are paid.
There maybe an issue over (thieving) type Brokers who screw people only for commission, but I think that is a different issue.
If you don,t trust Broker do not deal with Broker ,
You can always go to your (friendly) Bank ? And see what they have done on insurances!

 

[JoeRoberts]

I didn't dispute this at all

Really ? If part of the investment is used to pay the broker and that is not clear to the investor, then it is surely the concern of the investor.

What relevance is this in discussing the issue ? Brokers need to stand on their own feet and not justify the problems by saying someone else in worse.

 

[Gerry Canning]

I hear you , my bias shows , in that I do not trust Banks.
It is not easy when dealing with (paye) Bank Official to accept that commission is coming to provider via Banks Brokerage.
As you say might also not be easy to figger out what commission comes to broker.

The moral is , go on recommendation.

(ps. I am not a broker )

 

[Steven Barrett]

I am a broker (I hate that word) and I explain the charges and they are in the reasons why document just above where they sign their name. They have a copy of this document themselves.

A problem is that because of regulation, clients get a massive amount of information when they buy a financial product. It's an information overload and sometimes they just don't take it in.

We can only do our best...

Steven
www.bluewaterfp.ie