Client Death

Apologies for the very blunt discussion title, however, what I am trying to gauge is what you/your advisers charge for 'advice points' created by a client's death - for example, existing client with pension in drawdown and ISA dies, widow needs advice on the pension options (continued drawdown, annuity) and ISA (APS or encash and do something else with it). Up until now, we have been doing this for nothing as in most cases the funds remain under our management, but given that advice is involved and in a lot of cases a heap of administration, should we be charging something and if so what? Fixed fee maybe?? 


  • Hi

    If it were me, and I was going to continue to keep the aum with corresponding ongoing fee, I would probably not charge. Unless there is new money from life cover or similar, in which case I would offer a significant discount or, as you say, a fixed fee. 

    You'll probably get referred to other family members or friends and they would make up for it.

    If it's a real stinker for administration then possibly charge the hourly rate with an estimate.

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