PRSA for One Euro!

B

Belinda

Guest
I am a broker and am thinking of selling PRSAs for one euro.

I'd appreciate feed-back from AAM readers on the viability of the business model I'm thinking of using.

This will be an execution-only service, so the PRSA purchaser will have had to have done his/her own research to avail of the special offer.

With all the press coverage I should get, the enquiries will come flooding in. But sure the only ones who'll know which PRSA fund they want will be readers on AAM and a handful of other well-versed punters. The rest won't have a clue and will need guidance in relation to the massive list of contracts and funds on offer.

For these customers I'll charge 250 euros. After all, there's much compliance to be completed and a fair bit of work involved in getting everything put to bed. You don't think I work for nothing, do you? I have a wife and kids to feed.

And sure many of them will be at the 50 per month level where the highest commission PRSA would pay me only 90 euros. I'm laughing all the way to be bank.

Anyone think it'll work?

Are there others out there already offering this service?

Belinda
 
If you are seriously considering this idea as a means of expanding or enhancing your business then I hope that you are not making a mistake by publishing it here, perhaps for others to copy.

If you want myself or any of the mods to remove your post, please email either myself or one of the other mods and we will oblige.
 
€1 PRSA

Thanks Tommy,

I am interested in hearing different views on the idea.

Belinda
 
Re: €1 PRSA

I have a wife and kids to feed.
Click to expand...

Mmmmm - Funny how someone called Belinda would have a wife & kids to feed. I smell a rat!
 
The cynicism!

Rainyday,

Does one's nom de plume have to reflect one's gender?

Belinda
 
PRSA

Would you buy a PRSA for €1 from a Transvestite broker????
 
1 euro pension

maybe I am getting paranoid but does the language and general gist of this query sound like it might be "Laser" ?
 
Thank you Observer

Thanks for a good laugh this morning Observer.

I'm not Laser - but would still love to know if this business model already exists or if it might be a winner for my small outfit.

Belinda
 
Business Model....

I'd be a bit sceptical of making the business model work having had a look at same. There are a number of established operators in this market already and the PRSA market is relatively small ( in that there haven't been very many sold ). Suggest you talk through your business plan with some of the providers who may give you a good idea of the viability given the sales they have seen.
 
PRSA

Ark sold 55,000 SSIAs but only 100 PRSAs so far.

What is your personal experience Alan. How many have you sold?
 
prsa sales

PRSA sales have been minimal. Take up extremely poor. Hype of sorts over nothing.
 
Re: prsa sales

Sales will probably improve now that employers have had to nominate a provider, who can now market directly to those employees, who by law must be given time off by employers to set up their PRSA.

"Belinda" will have missed this boat having not signed up any employers yet for "her" clever product.
 
PRSA

I can't help but feel that PRSA's were launched as a result of Charlie McC being pension orientated. When the SSIA's mature the PRSA's might be a good home for them if the tax breaks were available/improved. So Belinda might have to wait a couple of years but the rewards could be great.
Summer
 
PRSA Sales......

Have probably sold about 40 but most were to employees of one company. Strip these out and I can count PRSA sales on one hand.
 
Friuty

You'd be crazy to sell anything below cost, and suicidal to approach selling financial advice on the basis that cheapest is best, or that it will win you any customers. This has been tried and failed by many others ahead of you.

Custmers like these have no respect for you as an advisor, except that you've given them a below cost deal. As soon as a cheaper more cheerful offer is made these types desert the ship, understandably so since they represent the skinflint population.

You'd be best advised to move upmarket, and build with solid referrals from people you've impressed with skill, attention, and service. These types recognise that hiring someone on the basis of cheapest quote is plain dumb in many cases, from house construction to professional services like legal, taxation, and financial advice.

Refer your skinflint clients here instead.
 
move upmarket

Laser I can't really say this without you taking it personally so please excuse but [deleted]

**********
Note from zag - if you address something at someone, they can't but take it personally, whether it is good or bad. Slagging posters (or making personal comments about their work style) is not advancing the discussion of the topic at hand.
 
Now now

What about the Rules we've been hearing so much about!

I gave the young person some advice about how not to approach building a business model. Unless there's mega capital around to take the strain, this cheapie approach is doomed to win plaudits here but fail to survive and make good profits in the real world. The best thing I can do here is constantly challenge your incorrect view of how the market really operates.

At least it might help one advisor from taking on a business model that just doesn't work.
 
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