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Discount Broker for Prudential ISA

bill_on_line
Posts: 117 Forumite


Hi Group
Looking for a Discount Broker for Prudential ISA
(reason for the prudential isa is because I want an ISA investment with an element of life insurance/assurance, even if ts only a token 100.1% of the surrender value, I have my reasons).
Tried one of the usual suspects Cavendish online and have been told they can not set up the Prudential ISA for their usual £35 fee as they now have a tie with Fidelity which prevents them offering any other ISA providers products.
With the confusion of RDR and it not aparently applying to Discount Brokers regards their commision or is it fees. I know its fees for most IFA now. I was hoping to set up the Prudential ISA for a fee with all/most of the initial and trail commission/fees reinvested or rebated if you get my drift.
Can anyone name another discount broker I could approach.
I have Tried Best invest, they only offer their own isa.
Going to speak to Money World IFA tomorrow
Regards
Bill
Looking for a Discount Broker for Prudential ISA
(reason for the prudential isa is because I want an ISA investment with an element of life insurance/assurance, even if ts only a token 100.1% of the surrender value, I have my reasons).
Tried one of the usual suspects Cavendish online and have been told they can not set up the Prudential ISA for their usual £35 fee as they now have a tie with Fidelity which prevents them offering any other ISA providers products.
With the confusion of RDR and it not aparently applying to Discount Brokers regards their commision or is it fees. I know its fees for most IFA now. I was hoping to set up the Prudential ISA for a fee with all/most of the initial and trail commission/fees reinvested or rebated if you get my drift.
Can anyone name another discount broker I could approach.
I have Tried Best invest, they only offer their own isa.
Going to speak to Money World IFA tomorrow
Regards
Bill
0
Comments
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You can only take out a Prudential ISA with Prudential much the same as you can only take out a Fidelity ISA with Fidelity. An ISA is just a wrapper and it's what you put inside it that is the investment. The difference with a Fidelity ISA is that you can buy other non Fidelity funds inside it but maybe not Prudential ones.
So you want to find an broker offering an ISA that will buy the appropriate fund in your ISA. This may not be possible if it is a product that only Prudential sell directly. It does seem a very specific requirement, you might be better off buying life cover separately or just have to stick to using Prudential.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Hi Jim
Prudential have told me their ISA is available through IFA's. So I want to find an IFA that will set up the Prudential ISA on an execution only basis like Cavendish online have done for me in the past.
So my question is can anyone recomend a execution only/discount IFA?0 -
(reason for the prudential isa is because I want an ISA investment with an element of life insurance/assurance, even if ts only a token 100.1% of the surrender value, I have my reasons).
Can I ask, what are your reasons? I only ask because this is a very unusual reason to open an ISA. I am wondering if there may be a better way for you to meet your key objectives.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
Discount brokers are dead since there is nothing to discount any more. Ironically, in one of the few investment class areas where commission is still allowed in direct-to-client offerings, they are more expensive in most cases than the advice charge.With the confusion of RDR and it not aparently applying to Discount Brokers regards their commision or is it fees.
The first stage of RDR was to remove commission from advised sales. The second stage was to remove it from UT/OEIC funds. This included non-advised sales through 3rd parties (such as platforms). The only place commission can remain is if it is direct from provider or a third party retailing a non-advised pension or life policy.Prudential have told me their ISA is available through IFA's. So I want to find an IFA that will set up the Prudential ISA on an execution only basis like Cavendish online have done for me in the past.
There is no commission on that product. So, nothing to discount. Any product designed to retailed via intermediaries has no commission in it.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 -
Hi Dunstonh
Thanks for explaining wHere the RDR has got to so far.
Spoke to money world IFA this morning, apparently Prudential will only accept advised sales, so things are becoming a bit clearer (not with help of Cavendish online).
So I am now looking for an IFA who will set up the Prudential ISA on limited advice for a fee. The Prudential ISA itself has initial and ongoing fee option, like most products. However, I would rather pay the adviser up front a give them a simple sale to sign off with adisclaimer I have provided limited information and this is the product I want etc.
regards
iain0 -
The Pru have a link on their website pru.co.uk to request an appointment with one of their tied in advisers. I think they still call it ' man from the Pru' but now they employ women as well. That's what I call progress!!Before doing something... do nothing0
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So I am now looking for an IFA who will set up the Prudential ISA on limited advice for a fee.
Good luck with that. Dont think it will be likely. Getting it limited to investment advice certainly is possible but they would still have to carry out the advice process and research from the whole of market. Unlikely they would pick Pru in their research.
Execution only is a possibility. Certainly all IFAs have the option to offer that if they chose to do so. Many will not do execution only. Also, this is the busiest time of the year for most IFAs. You are going to be taking up their time whether it is execution only or advice. So, I don't think many IFAs will offer a fee that you find acceptable. You may find a new one that is quiet and doesnt mind doing execution only but I suspect most will say that they are unable to offer that service. You will eventually find one but it will take a lot of calling and I suspect most will try and talk you out of it.give them a simple sale to sign off with adisclaimer I have provided limited information and this is the product I want etc.
The point on the life assurance element. That 100.1% was to allow it to qualify as a life assurance plan and taxed as a life assurance plan. The ISA doesnt need that 100.1% as it is an ISA wrapper and not a life assurance wrapper.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 -
bill_on_line wrote: »So I am now looking for an IFA who will set up the Prudential ISA on limited advice for a fee. The Prudential ISA itself has initial and ongoing fee option, like most products. However, I would rather pay the adviser up front a give them a simple sale to sign off with adisclaimer I have provided limited information and this is the product I want etc.
regards
iainRemember the saying: if it looks too good to be true it almost certainly is.0 -
Hi James
I am going to speak to Prudential tomorrow. However, as there is quite a lot of ISA funds to be transferred. If Prudential set it up on a 0.5% annual fee this could soon start to mount up over the years. I would rather pay a fee up front and no initial or renewal fees from the ISA.
regards
Bill0 -
Hi dunstonh
Spoke to money world IFA this morning apparently the Prudential will only accept advised sales, so things are becoming a bit clearer (not with help of Cavendish online). Phoned Prudential and their ISA is only available on Advised sales for the initial/first investment. subsequent top ups can be non-advised.
So unfortunately for me, execution only does not seem possible to set up the Prudential ISA.
Regards
Bill.0
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