Online Annuity comparison sites?

[Deleted User]

dunstonh said:

Deleted_User said:

dunstonh said:

Brokers are better than comparison websites because you “should” get a better deal, have your questions answered, would be talking to a human specializing in annuities and have your paperwork filled correctly.

So in other words you are telling them to use an IFA.    A non-advised service could not answer all questions asked.

Yes, yes. IFAs are the bestest. Nobody else exists. If they do, they don’t know A from B. Got it. 

Your desperation for people to not use an IFA is well known but now you are showing your real level of maturity.   

Even the most ardent level headed DIY investor on here normally recognises that using an IFA is best for annuities.   The problem is that your bias prevents you from being rational. 

What is best for an individual very much depends.  The OP asked for a non-advised broker.  You told him/her they don’t exist.  Note you haven’t answered my question on the conflict of interest. Do you think its ok to mislead? Particularly when you have a personal interest? 

For someone who can read and has the attention span to do it, a broker will likely provide the best product.   For someone who does not know what he needs and can’t learn, a good IFA would work best. 

dunstonh

The OP asked for a non-advised broker.  You told him/her they don’t exist

No I didn't.  I told you the term doesn't exist in an official sense as you told them to use a broker.   The OP was referring to comparison sites.   What you described as a broker is closer to what an IFA does rather than a non-advised service.   

As you are not in the UK, you are not knowledgeable on the distribution methods, amongst other things (such as you saying "lots of companies are offering them", which is wrong)

Note you haven’t answered my question on the conflict of interest. Do you think its ok to mislead? Particularly when you have a personal interest? 

You are the one with the conflict of interest as we all know you hate IFAs.   You are so desperate for people not to use one that you go out of your way to push people away from one even when it is an area where they could be the best option.

I have no personal interest in what the OP does.    Again, you are letting your biases influence you.

For someone who can read and has the attention span to do it, a broker will likely provide the best product.   For someone who does not know what he needs and can’t learn, a good IFA would work best.

A non-advised service is less likely to provide the best product as it would require the buyer to know all of the options that exist and eliminated them.  The average consumer wouldn't.  Especially with the changes in legislation in 2015 that allowed lifetime annuities to have more flexibility on death options. A non-advised service cannot offer advice or opinion or comment on which option may be better.  They can only answer factual questions.   So, if the buyer asks whether they should go with option A or B then the non-advised service cannot say.     Many of the comparison sites have little or no human interaction and will just work on what they are given.  Some may have a little human interaction and it's possible that they may have more skills in helping with the lifestyle/medical questionnaire to ensure it is completed better.

Many of the comparison services don't haggle the price.  That manual intervention and can take days to get the outcome.

Non-advised services are paid a commission.  Frequently that is around 3% with no cap.    So, get an advised service with a lower fee (which shouldn't be that difficult on larger fund values) and the advised service comes in cheaper.    

The non-advised services are better with smaller fund values.

[Deleted User]

I am sorry, but this is such a load of BS.  A “broker” is a word. It means a middleman between a buyer and a seller who earns a commission.   There are lots of insurance, annuity and other brokers and NO, its not just IFAs.  

There are official sources and brokers themselves in the UK who call themselves… “broker”.  Saying “ They are called IFAs in the UK.” = providing false information. Unfortunate. 

Also, apparently, you don’t understand what “conflict of interest”  means. No, its not “correctly answering a question on who provides non-advisory annuity services”.