Changing Pension Advisor

[Eyeblinks]

My Pension Advisor is refusing to make himself contactable. No response whatsoever to emails phone calls etc. He has already cost me a significant amount due to his error (acknowledged) in ignoring investment instructions. I have not been reimbursed. As I intend to activate my pension this year it is very concerning and stressful.
How easy is it to transfer advisor?

 

[Steven Barrett]

It is extremely easy. You find the advisor you want to use, they will ask you to sign a transfer of agency form and they will send it into the life company.

The advisor will want to complete a fact find with you to get some information on you and will have a look at what you have, discuss investment strategy etc. There may be changes to funds if they have a different investment philosophy to your old advisors.

But you don't need to give your existing advisor notice. You are just telling the life companies that XYZ Advisors are your new advisor and they will remove the old advisor off the system and appoint the new one.

 

[Eyeblinks]

Thank you.

Now to find an advisor who won't be uncontactable.

 

[Up Rovers]

Now to find an advisor who won't be uncontactable.

Perhaps check out Steven Barrett above who may be able to help as some family members have used him and found him to be excellent
https://www.bluewaterfp.ie/ He has been recommended many times on AAM.

 

[GSheehy]

Multiple negative posts on advisors over past few weeks regarding service.

The providers they deal with may have lowered the bar in that area over the last 7-10 years but it's no reason to not respond to client requests. Not a fan of phone calls myself, I prefer the permanent record of email.

Is it possibly to do with the initial up-front commission model with early exit charges ie. it's about the sale and not the service?

Or, any other ideas what the reasons are?


Gerard

www.prsa.ie

 

[Fortune]

Multiple negative posts on advisors over past few weeks regarding service.

The providers they deal with may have lowered the bar in that area over the last 7-10 years but it's no reason to not respond to client requests. Not a fan of phone calls myself, I prefer the permanent record of email.

Is it possibly to do with the initial up-front commission model with early exit charges ie. it's about the sale and not the service?

Or, any other ideas what the reasons are?


Gerard

www.prsa.ie

From the OP I'm guessing the advisor is hoping their potential liability for an error will disappear if they ignore it. Just like all life's problems go away if you ignore them.

 

[Steven Barrett]

Multiple negative posts on advisors over past few weeks regarding service.

The providers they deal with may have lowered the bar in that area over the last 7-10 years but it's no reason to not respond to client requests. Not a fan of phone calls myself, I prefer the permanent record of email.

Is it possibly to do with the initial up-front commission model with early exit charges ie. it's about the sale and not the service?

Or, any other ideas what the reasons are?


Gerard

www.prsa.ie

That is the way things are going alright. Contact by email has a record of the conversation. If the conversation is by phone, the conversation has to be written up, taking more time (this is a cost by the way!).

I have found with a few new clients who have moved over that their old advisor is heading for retirement and just isn't bothered anymore. That's a big difference between having an advisor who has worked with you over the years and formed a relationship with you and one that just sees the client as a commodity.

 

[GSheehy]

I have found with a few new clients who have moved over that their old advisor is heading for retirement and just isn't bothered anymore.

We're all heading this way (at some stage) but there's a value in client retention. It's just a terrible attitude to have.

 

[Eyeblinks]

That is the way things are going alright. Contact by email has a record of the conversation. If the conversation is by phone, the conversation has to be written up, taking more time (this is a cost by the way!).

I have found with a few new clients who have moved over that their old advisor is heading for retirement and just isn't bothered anymore. That's a big difference between having an advisor who has worked with you over the years and formed a relationship with you and one that just sees the client as a commodity.

I have had a twenty year relationship with this person btw. Relatively good when I was a trustee and the main point of contact from a large company. Abysmal since I left employment and am now an individual.

 

[Steven Barrett]

I have had a twenty year relationship with this person btw. Relatively good when I was a trustee and the main point of contact from a large company. Abysmal since I left employment and am now an individual.

The could be a group pension person. There are advisors who specialise in group schemes and those that specialise in individuals.