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Comparison site launches ‘Find an Adviser’ service

Comparison website Payingtoomuch.com has launched a “Find an Adviser” service ahead of a move into the annuity space. 

Advisers can sign up for leads from people in their local area but must agree to provide 30 minutes worth of free financial advice to people who request a meeting. 

Payingtoomuch.com says it will not charge for leads, but will split the affiliate business it receives for mortgage and insurance products 50/50, with a deduction for low-value travel insurance and for clawback where it is a possibility.

The service works as part of payingtoomuch.com’s affiliate scheme, PTM Partners, where advisers can set up a white-labeled version of payingtoomuch.com on their website to provide an execution-only option to clients.

Payingtoomuch.com managing director Michael Ward says: “We know sometimes our clients want advice and we want to be able to put forward suitable professionals to them.

“We are about to launch a market leading annuity service which we feel needs to be backed up by an advice option for larger fund sizes so issues like flexible drawdown, phased retirement and fixed term annuities can be discussed.

“I hope to attract more quality advisers and financial planners to be part of the service going forward.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. With the split being 50/50 for Mortgage and Insurance products (no idea what the split is for Annuities or Drawdown products) I can’t see there being many takers especially if the IFAs firm is taking a cut too!!!!

  2. @ Ian 2.52pm- Agree with your thoughts. It may suit one man band advisers though.

  3. Ian

    Would totally agree with your comments above but at least they are authorised and regulated and pay FCA fees!.

    I would like to know when the regulator is going to take action against firms offering this type of service without authorisation.

    Surely IFA’s who sign up for this service are just cutting their own throats.

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