Broker Fees to set up a Bare Trust

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Loki1974

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Hi All,

I was looking to set up a Bare Trust for my newborn daughter with Standard Life. Unfortunately Standard Life will not deal with you directly and they have referred me to a list of brokers. How does it normally work regarding fees. My plan would be to make a once off contribution of say 8,000 euro. Will I have to pay the broker a fee for setting up the account . How normally do fees work. I presume there will be an annual management fee. Is this charged by both standard life and the broker. How do I minimise the amount of fees being charged against the account. Thanks in anticipation of responses
 
It would be simpler to open a bank account in her name. I don't know what disadvantages that might have.
 
Thanks cremeegg, it is really an equity investment account that I want to set up. Hopefully she will not touch it for a significant period of time , but I do not want to see her gains being eroded by high fees, which could occur based on a decision being made now
 
A bare trust is just a standard document you sign. The commission / fee is for setting up the investment policy.
I'm not sure about Standard Life, but I know New Ireland have a reduced management charge on the investment if you start with a lump sum like you're talking about. A broker would be able to take you through the options available.
I've only ever set up on a commission basis, so I'm not sure what it would cost on a fee basis. I'd imagine almost 100% of policies of this type & size are done that way. But again, a broker that does on a fee basis will tell you what it costs.
 
Thanks so much Red Onion , i see it is much more important to look at the management fee rather than the initial commission. I presume most brokers charge a similar commission though .
 
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