COMMISSION TO IFAs

Darryl

Oh, Frosty

I think my tag line explains my views on IFAs completely.

If you want to attack me, so be it. I will continue to post messages that contribute to these forums. If you can come up with helpful messages, that would be great and I welcome a good debate. It would also prove the value of your '16 years of experience', evidence of which I am yet to see.

Darryl.

Wealth_Wizard

Intelligent Money seems to be ok looking at their website ;D

payless

No- calculator appears wrong

I input just a £10pm endowment from age 40 to age 65

they claim to rebate me £1622 in commission !!
Whereas the actual commission would be £201 over the full term inc initial and renewal.
So this is INCORRECT

BULLNOTBEAR

Hi Payless

But don't they have a disclaimer saying something of the sorts of this would be the amount made with all commissions reinvested over the term and with returns of X% a year.

Still it fools people but I do like the concept and it does reclaim the commissions that some IFA's/Agents claim without any follow up work.

Martyn

payless

Hi Martyn

No

it states

Note:
These commission calculations are based upon both inital and renewal commissions using the figures in this table.

If you join Intelligent Money we will send you cheques totalling £1,622.00 You can either spend this money as you wish, or (and we recommend this) put this cash back into your savings so you don't end up losing £2,861.00

the bit you mean is -

You can either spend this money as you wish, or (and we recommend this) put this cash back into your savings so you don't end up losing £2,861.00

neither will be the case   - as the earning are only
around £126 initial (and that assuming you take a new plan from them with no fee for advice)
25p pm x 12m x25 yrs = £75 ( the renewal commission over the full term - for example on a transferred in case)

Now obviously you would not pay them £35 pa for these renewals- (but you might if you thought you would get £1622 / £2681 back)

The idea is potentially a good one (if no reason / willing to pay for on going advice)- although the whole fee structure may have to change if brokers ind this happening. BUT I find it hard to consider this a good setup if the figures on their site are massively incorrect

BULLNOTBEAR

Take the point Payless.

Yes definately shouldn't be misleading. I just don't see how they get to those figures.

You maight have to get the Founder on again explaining the calculations.

I have just tried another using a Pension from the start and I can't seem to work out the right amount.
From what I can see the Renewal % maybe worked out from the potential fund value each year. Could that be right???

Confused???!!!!

payless

Yeah - thats what I think ( system calculator based incorrectly on fund based)

I am not going to approach the site owners - I raised this query some time ago on this site - when they were on here , and never got a reply.

I have previously got into battles with other brokers about advertising- and really as a small firm I don't have the resources to get caught up in it.

chrisaaaaa

I heard the moneybox article on this, have given it time to settle, there seems to no watchdog articles and the IR have not closed them down.

So are they suitable for me, I want to rescue my pension from the sticky fingers of the provider, it was all set up by a fee based IFA, now to my surprise the provider has a maze of commisions that I have to navigate.

I would continue to make the decisions, drive the account via the online servicing and correct the providers numerous mistakes.

So would this or another service do the trick?

Chris

Compensationitis

No such thing as a free lunch.

bbruce

This looked appealing but as Julian hasn't posted in reply to the inaccurate calculations, I'm beginning to think it's a free lunch I could do without.