Any Financial adviser willing to help?

bill_on_line

Hello Forum

I would like to set up a Prudential ISA investing in the PruFunds (I have my reasons)

The PruFunds are classified as a complex product as they payout 100.1% of the fund value on death,

because of this the PruFund ISA can only be taken out via a Financial Adviser/IFA.

I would like to pay a fixed fee for the advice upfront/no ongoing fee, please.

Can anyone recommend an FA who would help set this up over the phone for a one-off fee?

regards

Bill

enthusiasticsaver

It is not allowed to recommend an IFA or FA on here.  Most people either go on recommendation from someone they know or you can usually get free introductory sessions with one to see if you like them.  You can try unbiased.co.uk.  Don't forget to check them out on the FCA register. 

Steve182

bill_on_line said:

Hello Forum

I would like to set up a Prudential ISA investing in the PruFunds (I have my reasons)

The PruFunds are classified as a complex product as they payout 100.1% of the fund value on death,

because of this the PruFund ISA can only be taken out via a Financial Adviser/IFA.

I would like to pay a fixed fee for the advice upfront/no ongoing fee, please.

Can anyone recommend an FA who would help set this up over the phone for a one-off fee?

regards

Bill

That's interesting. Some of the investments that I buy within my ISA/SIPP/dealing account are also classified as "complex products" but all I have to do is fill in a series of tickboxes before I can invest.   

dunstonh

The PruFunds are classified as a complex product as they payout 100.1% of the fund value on death,

They are not classed as a complex product for that reason.   Its because Pru only retails via intermediaries.

garmeg

dunstonh said:

The PruFunds are classified as a complex product as they payout 100.1% of the fund value on death,

because of this the PruFund ISA can only be taken out via a Financial Adviser/IFA.

They are not classed as a complex product for that reason.   Its because Pru only retails via intermediaries.

Pru cannot spell either ... oops.

bill_on_line

Hello Dunstonh

Iknow you are a IFA

However,

I have emails from Pru themselves saying this is a complex product because of the 0.1% of life cover.

Also they will allow me to switch into the OEIC funds without advice as they do not have life cover, but not the PruFunds with an existing Prudential ISA I have.

bill_on_line

enthusiasticsaver said:

It is not allowed to recommend an IFA or FA on here.  Most people either go on recommendation from someone they know or you can usually get free introductory sessions with one to see if you like them.  You can try unbiased.co.uk.  Don't forget to check them out on the FCA register. 

I have tried this but got nowhere so far.

bill_on_line

The Cxxx received from Prudential Link

Good Morning,

Thank you for your further email.

 On 1 October 2018, the European Union released new legislation called the Insurance Distribution Directive (“IDD”). The aim of IDD is to enhance consumer protection when buying insurance products – including general insurance, life insurance and insurance-based investment products. As you may be aware, the PruFund range of funds has a small life insurance policy attached to them, therefore, under IDD, the PruFund funds have been classed as ‘complex’. This means that any investors who wish to invest into the PruFunds would need to seek financial advice from an industry professional. If an investor has already opened a number of PruFunds, then switching between these existing funds can be done without the need for advice.

 Upon speaking to a manager in the dealing team, it has been confirmed that we are unable to accept a waiver allowing you to fund switch without financial advice, whilst I completely understand your frustration, unfortunately we are unable to process a fund switch without having confirmation that you received financial advice.

Kind regards,

name removed

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