What happens to a IFA's commission if I cancel my Life Insurance Policy?

markS_3

dunstonh wrote: »

I missed that bit. £50 an hour isnt worth the effort. You just wouldnt cover the costs of software, compliance and administration, let alone the knowledge and liability.

Actually I took it from a Guardian article, admittedly written in 2007, which gave a range of £50 - 200 per hour provided by a London IFA. £50/hour seems more than reasonable for the services of someone holding the minimum Cert FP which basically equates to a single A Level.

Its an interesting view that "£50/hour isn't worth the effort". I rather think that once commission disappears, an awful lot of IFAs will suddenly discover that they are able to provide advice which costs a lot less than it does now.

dunstonh

Actually I took it from a Guardian article, admittedly written in 2007, which gave a range of £50 - 200 per hour provided by a London IFA. £50/hour seems more than reasonable for the services of someone holding the minimum Cert FP which basically equates to a single A Level.

I would say £100-£150 is more like the average. £50 just wont cover the costs.

Its an interesting view that "£50/hour isn't worth the effort". I rather think that once commission disappears, an awful lot of IFAs will suddenly discover that they are able to provide advice which costs a lot less than it does now.

Commission is not disappearing as already mentioned. And as a fee based adviser already, I can tell you that remuneration under fee basis is often more than it is on commission basis.