Independent, Whole of Market or Panel

homer_j_3

do you charge a fee for the advice and rebate commission Madjock?

Madjock

on life products our advisers take the commission only. on mortgages some charge a broker fee some dont, but they don't share commission with the clients.

payless

MortgageMamma wrote: »

Re the commission rebate - we use a system called intelligent protection and lifequote, and try as I might I cannot find anywhere to sacrifice commission

Surely puts you in a anti-competitive position. Flexible pricing/ commission is a very common option - I would question it, networks are not supposed to rule the way you work... they aren't your employers ( or should not be!)

JoeK_3

No one has yet said which one, Independent, Whole of Market or a Panel!

JoeK

homer_j_3

I believe whole of market is the way forward.

There shouldn't be an inbetween (multi tied) in my opinion - you should be tied to one provider (i.e banks) or allowed to use any lender.

Multi tied has no place or benefit that I can see to the consumer.

MortgageMamma

Yes I agree Homer-J - there should be no in betweens there is no benefit to anyone except the lenders and the firms negotiating higher proc fee's from these lenders on the promise of more business to them

Payless - yes I agree with what you are saying entirely the option should be there, however I cannot afford to rebate commission and not sure I would want to as I'm accepting a lifetime of liability for that sale. I do still feel that I offer my customers competitive premiums without sacrificing commission. I can't see myself leaving my network at the moment, not even in my five year plan but if I ever do I'll only do it when confident enough to go DA

payless

MortgageMamma wrote: »

Payless - yes I agree with what you are saying entirely the option should be there, however I cannot afford to rebate commission and not sure I would want to as I'm accepting a lifetime of liability for that sale. I do still feel that I offer my customers competitive premiums without sacrificing commission. I can't see myself leaving my network at the moment, not even in my five year plan but if I ever do I'll only do it when confident enough to go DA

Its all about the adviser and client agreeing a fair payment method that suits both parties and the situation , whether that be full commission, partial/ flexible commission , fees only ( full rebate) or fee plus comnmision .
That I believe is good "TCF" ... why should a lucky large case pay for the smaller ones.

providers may indicate a level of commission that you are happy with , at the moment, but what if that changes ( your requirement / their levels)... the change has already happened in investments

I always offer totally individual packages - no 2 cases are identical (Amounts, time spent , travelling, complexity ) so don't fit in the 0.35% mtg, 180% life situation .

Not having the flexible commission structure ( even if you don't use it often) gives you a disadavantage against brokers who can, and direct players who might pitch as a slightly lower level.

Lifetime liability-
1. You pay a network to check cases & pay PI for those that might come back and bite you in the bum

2. Believe you said your company is limited , so think its 30 months after deregulating the company that registered individuals are liable ( although thats for directly authorised, knowing the networks they likely catch you all rounds )

MortgageMamma

Payless, would like to discuss how you do your charging structure with you in more detail, but not on the forum can we have a chat about it?

As you know my company is new, and I now have what is currently an unofficial business partner (soon to be official) and we have been discussing business model, tcf and the like rather a lot lately - you opinions would be very useful to us/me

payless

MortgageMamma wrote: »

Payless, would like to discuss how you do your charging structure with you in more detail, but not on the forum can we have a chat about it?

As you know my company is new, and I now have what is currently an unofficial business partner (soon to be official) and we have been discussing business model, tcf and the like rather a lot lately - you opinions would be very useful to us/me

No problems my hourly rate is .....;)

Mr_helpful

I like independent best as that is what the customers look for.