Have you heard of Origen ?

homersimpson_3

It is supposed to be "one of the country's leading firms of independent financial advisors"- is co any good? what pitfalls (if any) should I avoid?

dunstonh

Large firms tend to have a salesforce mentality. Usually caused by the remuneration to the advisers being lower than an independent "IFA" and incentives often being given.

I have no experience of this firm and I dont know what their payscale is like but I know a number of firms where the adviser gets 50% of the commission earned with no fund based trail. The other 50% goes to the directors. So, that adviser earns nothing for servicing and needs to go from person to person to get an income. There are variations of that theme. Another pays 30% of the commission for people that walk into the shop but 70% for self generated.

An adviser who is only getting 30-50% of the commission doesnt have as much scope for rebating as an adviser that is getting 100% of the commission, including servicing.

Another point is that it isnt the firm that is giving the advice. It is the individual you speak with. That firm could have some excellent advisers, some average ones and some below par ones.

This firm shows as having 172 advisers attached to it. Sounds like a salesforce to me

cheerfulcat

I wonder how independent it can really be when it is wholly owned by a large insurance group ( Aegon )?

homersimpson_3

i received a newspaper supplement (8 broadsheet pages- not numbered) and booklet entitled 'Taking Control Of Your Retirement' from the Daily Telegraph (no date) but it is all about A-Day. It has various articles and 5 large adverts (one whole page long) for this company. The booklet ''Taking Control Of Your Retirement' which is written by Stephen Womack (Financial Mail) suggests says if you over 50 and have mortgage you take money out of personal pension, pay off mortgage & then pay money you were paying in interest on mortgage back in to pension fund.

Figures qouted- 15k outstanding mortgage, pension fund valued at 80k, interest on loan £75. Saver takes 15k from pension fund, pays off mortgage. Pay £75 into pension "which, as basic -rate taxpayer, is rounded up by the state. Their overall wealth is increased by £21 per month".

Is this 'advice' misleading and too simplistic?