View more on these topics

Initial commission axed on CleverDic net service

IFA Denyer Insurance Consultancy is offering an online execution-only service with no charge initial commission to target clients with orph-aned policies.

The website offers comparative quotes for life insurance, critical-illness cover, pensions, Isas and mortgages.

CleverDic has teamed up with Skandia to use its My Multi-Fund Shop fund supermarket to provide Isas. Mortgages are sourced through the Mortgage Brain platform.

The CleverDic site will administer policies for clients where the original salesforce has been disbanded.

The service will charge a £50 admin fee for every new policy taken out and will get renewal commission which is built into policies by providers.

Initial commission will be rebated for new products bought online. If a client wants to increase an existing policy, CleverDic charges a stand-

ard £25 fee. It says it expects to expand its offering in the next few months to include general insurance products and possibly a further fund supermarket.

The company will use affinity groups to target consumers. It says the service is ideal for policyholders who want to make simple policy alterations or increases without incurring the high costs of initial commission when little work is required.

CleverDic founder Simon Hill says: “Our concept is a very simple one – we redirect all the initial commission back to the policy for the benefits of the policyholder and in return we charge a small fee.

“The business works bec-ause we receive the renewal commission, which policies pay automatically. It is a case of looking after the pennies.”

Recommended

Opening up the annuity market

The significance of IFAs in extending choice could get some unexpected recognition in Government plans for annuity reform.The open market option long sought by advisers is an essential market-changing move. But it may need some pump priming. Suggestions put to the Govern-ment by pension consultant Dr Ros Altmann are understood to be receiving a sympathetic […]

Investment update

Jupiter will be setting up stalls at 15 UK venues to catch last-minute Isa applications on April 4-5. The locations cover all the UK&#39s major cities. All collection points are open from 9am-6pm on April 4 and from 9am-4pm on April 5. The London and West Malling points will stay open until 11.55pm. Aberdeen is […]

Skipton – Bonus Rate Mini Cash Isa

Tuesday, March 12, 2002Type: Mini cash IsaAim: GrowthMinimum investment: Lump sum £500Maximum investment: £3,000Catmarked: NoInterest rate: Investments £500-£2,999 – 3.6% gross a year, £3,000 –4.95% gross a yearCharges: None.Withdrawal penalties: Two penalty free withdrawals a year provided30 days notice given. Thereafter 30 days’ loss of intereston amount withdrawnCommission: NoneTel: 0800 446776

Rick Abbott

We are in the eye of the IFA storm. We want to play in what is going to be a very uncertain sector over the next few months.” With his tongue at least partially in cheek, Birchin International chief executive Rick Abbott is explaining his company&#39s position now it has acquired national IFA Park Row.After […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment