Cornmarket, looking to charge for a review

[1eyeonthefuture]

The other half contacted Cornmarket today to check availability of an advisor to meet with her to go thru current pension and Avc's she has been paying into for 20 years.
Despite fact Cornmarket are making healthy commission off her they were looking to charge separately for a review. Is this the norm?. Thanks

 

[Gorteen]

I've asked for review recently and am awaiting a callback. I got the impression it would be free.

 

[Protocol]

Just put the query on here, we will reply.

 

[1eyeonthefuture]

Just put the query on here, we will reply.

Yes had it up, got some realy helpful replies part of which was to get the cornmarket rep in to run various scenarios on his models. Cheers

 

[1eyeonthefuture]

I've asked for review recently and am awaiting a callback. I got the impression it would be free.

Thanks Gorteen, you might let me know outcome when they revert. Appreciated

 

[noproblem]

My other half is a retired PS, we have investments through Cornmarket and have not been charged for reviews. Some may consider their fee/commission on products a bit dear but you get what you pay for and we're happy enough with them. Very thorough and well versed in what they do.

 

[Steven Barrett]

The other half contacted Cornmarket today to check availability of an advisor to meet with her to go thru current pension and Avc's she has been paying into for 20 years.
Despite fact Cornmarket are making healthy commission off her they were looking to charge separately for a review. Is this the norm?. Thanks

How much commission are they making off her?

 

[1eyeonthefuture]

How much commission are they making off her?

Cornmarket’s Once-off Consultancy Fee when setting up an AVC .........up to €525
Insurance Company’s Annual Management Charge (as a % of fund value) ... up to 1.75%
The typical Annual Management Charge structure is 1% on first €40,000, the next €100,000 reduces by 0.25% and any
amount above €140,000 reduces by a further 0.25%.
Insurance Company’s Contribution Charge (as a % of each regular contribution) .... 2%
Insurance Company’s Contribution Charge (as a % of each single premium contribution) .... 4%

 

[LDFerguson]

The other half contacted Cornmarket today to check availability of an advisor to meet with her to go thru current pension and Avc's she has been paying into for 20 years.
Despite fact Cornmarket are making healthy commission off her they were looking to charge separately for a review. Is this the norm?. Thanks

The replies to this suggest that Cornmarket don't have a fixed policy on whether or not they charge for reviews. So perhaps there's scope for negotiation.

I'd e-mail them asking for two things (1) how much commission have they been paid for the AVC since it was set up and (2) how much commission have they been paid for the AVC since you last had any contact with them. If they claim that either of these requires too much work to calculate given that presumably the contribution and fund size (and therefore the commission) has fluctuated over the past 20 years, you could ask them to confirm how much they received in the last 12 months. Then if they're still looking to charge you for a review, ask them to confirm what service they have provided to you for the commission received to date.