Prittstick
Registered User
- Messages
- 40
I have read the earlier thread ' First consultation with Advisor' but I am still a bit unclear.
Last week,I scheduled a meeting a Financial Advisor (QFA, B.Comm etc). I knew exactly the product I wanted ( and understand the restrictions etc around such a policy).. a S.72 policy for 100,000 cover, to cover potential CAT on an ARF eventually going to adult child. I just wanted a quote for this policy, as you cannot get an online quote for such a policy. I was with the Advisor for 30 mins and he charged me 150 euro, which I was happy to pay. ( we did not discuss any overall Financial Plan etc, as I knew exactly what I wanted)
He has now provided me with quotes from 2 different Life Companies ( Irish Life and Zurich), and the quotes seem fine.
However, he tells me that he will get commission in year 1 of 2,500 and 500 a year for the following 4 years. ( Total 4,500, assuming I kept paying the premiums, of course)
My question is: I thought an advisor was either fee based or commission? and if he did get a commission it would be rebated, based on some of the posts I have read here? I do not mind paying an hourly rate for the advisors time but this level of commission seems crazy, for very little work.
I want to take out the policy, but now I've been put off!
I have not gone back to the Advisor, and want to ask here first for any thoughts or suggestions.
Thanks
Last week,I scheduled a meeting a Financial Advisor (QFA, B.Comm etc). I knew exactly the product I wanted ( and understand the restrictions etc around such a policy).. a S.72 policy for 100,000 cover, to cover potential CAT on an ARF eventually going to adult child. I just wanted a quote for this policy, as you cannot get an online quote for such a policy. I was with the Advisor for 30 mins and he charged me 150 euro, which I was happy to pay. ( we did not discuss any overall Financial Plan etc, as I knew exactly what I wanted)
He has now provided me with quotes from 2 different Life Companies ( Irish Life and Zurich), and the quotes seem fine.
However, he tells me that he will get commission in year 1 of 2,500 and 500 a year for the following 4 years. ( Total 4,500, assuming I kept paying the premiums, of course)
My question is: I thought an advisor was either fee based or commission? and if he did get a commission it would be rebated, based on some of the posts I have read here? I do not mind paying an hourly rate for the advisors time but this level of commission seems crazy, for very little work.
I want to take out the policy, but now I've been put off!
I have not gone back to the Advisor, and want to ask here first for any thoughts or suggestions.
Thanks