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Commission to Financial Advisors
andyyorks
Posts: 69 Forumite
I recieved advice four years ago to contribute £50 per month to a Mini Shares ISA with Skandia. The advisors are no longer interested in personnal finance and have broke nearly half of the agreements stated in the document we signed. The most annoying one being to review my finances yearly which they haven't done and said this was not an available service any more.
Whilst I am generally happy with the fund I pay into and wish to keep paying into it, it does annoy me that the financial advisors are receiving yearly commission on this investment. It is a small amount but as they are not doing anything to earn it I wondered if there was any way it could be stopped?
Any thoughts or ideas would be gratefully received.
???
Whilst I am generally happy with the fund I pay into and wish to keep paying into it, it does annoy me that the financial advisors are receiving yearly commission on this investment. It is a small amount but as they are not doing anything to earn it I wondered if there was any way it could be stopped?
Any thoughts or ideas would be gratefully received.
???
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Comments
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Contact cavendishonline and see if you can put it under them and get commission rebated to you.I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0 -
Good idea, thanks for this diggingout.0
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see my response on your other post for more info on this.
FYI £50pm = £1.50 gross commission. Thats £18 per year. Perhaps the company has gone fee based only and/or the commission of £18 per year isnt enough to provide you a personal visit each year. They may not have even recouped their costs yet for setting it up all those years ago.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
hargreaveslansdown also rebate commissions back to people, and they give advice by way of twice yearly review of your investments and magazien every other month.0
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hargreaveslansdown also rebate commissions back to people, and they give advice by way of twice yearly review of your investments and magazien every other month.
Is that advice or information?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
DD,
Advice by way of a review of unit trusts/Oeics. Not advice based on personal circumstances. Sometime sthey issue sell, hold and buy ratings on different funds as they see best.0 -
ahh right. Thats classed as information and not advice.
There is no liability to them if you choose to make switches. Hence why its cheaper to operate. Liability cover (for advice) is the single biggest cost to an IFA. That cost isnt an issue when its execution only. This explains why they can rebate more on ongoing cases than a full recommendation service.
Advice would be when i write to a client to recommend they reduce their holdings in a fund to switch it to an alternative.
Its a fine line between the two but it does explain why they rebate as much.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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