Explaining the Process and Costs of Why UK Pension Transfer Advice for Defined Benefits Is Expensive
Are you considering a Defined Benefit pension transfer but are put off by the cost of advice? In this video, we dive into why Defined Benefit pension transfer advice is so expensive and why investing in proper advice is essential to secure your retirement future. In this video, we will take you through the intricacies of the transfer process and the behind-the-scenes work involved in securing your pension assets. From fact-finding meetings and LoA's to dealing with pension service investigations and chasing down missing information, it's clear that transferring a Defined Benefit pension is not a simple task. But the cost of advice is not just for show. Regulated advisory firms incur overhead costs from regulators and parent companies, while professional indemnity insurance protects against potential litigation from clients in the future. Additionally, as the market for Defined Benefit pension transfer advisors shrinks, the remaining firms must shoulder an ever-growi