I'm in the process of setting up a PRSA with a local 'financial consultant '. At the outset the fees were outlined to me as follows (and I copy & paste from his email)...
* No Policy Fee.
* No Exit Fee.
* There is a total Annual Management Charge (AMC) of 1.5% for standard funds (1% to the Insurance Company & 0.5% to XXX Financial Services) . Normally as the fund grows this will be reviewed.
I wasn't happy with the 1.5% charge, so he suggested a passive fund with a 1% charge which I agreed to.
Today I received the Preliminary Disclosure Certificate and noticed in the charges section...
So does this mean there's only an allocation rate of 98%? Is this par for the course? This was never mentioned in our initial conversation. Does the Davy self directed PRSA have 100% allocation and 1% AMC?
Reason I decided to go with this guy is because he handles pensions for where I work and my employer is contributing (10% of my contribution i.e. a whopping 3%). I'm beginning to think f**k this and go with Davy... Not worth the poxy 3%?
* No Policy Fee.
* No Exit Fee.
* There is a total Annual Management Charge (AMC) of 1.5% for standard funds (1% to the Insurance Company & 0.5% to XXX Financial Services) . Normally as the fund grows this will be reviewed.
I wasn't happy with the 1.5% charge, so he suggested a passive fund with a 1% charge which I agreed to.
Today I received the Preliminary Disclosure Certificate and noticed in the charges section...
Contribution charges
Regular contributions: The contribution charge on regular PRSA contributions at the start date is 2% of the contribution. The contribution charge on future regular PRSA contributions is 2%.
Single contributions: The contribution charge on future single PRSA contributions is 2%
Fund related charge
The annual fund related charge on units purchased by regular contributions on this policy is 1.00%.
So does this mean there's only an allocation rate of 98%? Is this par for the course? This was never mentioned in our initial conversation. Does the Davy self directed PRSA have 100% allocation and 1% AMC?
Reason I decided to go with this guy is because he handles pensions for where I work and my employer is contributing (10% of my contribution i.e. a whopping 3%). I'm beginning to think f**k this and go with Davy... Not worth the poxy 3%?