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Just offers advisers more than £1,700 for referring clients

Advisers could be paid £1,700 for referring clients to provider Just Group’s financial planners under a new introduction scheme.

Advisers can refer clients wanting either retirement income, care funding or equity release advice to Just Group business Hub Referral Solutions.

Hub will pay introducer fees and has given example fees for completed referrals as:

  • Retirement income: £390 (based on introducer fee of 1 per cent, average fund value £39,000)
  • Equity release: £1,610 (based on introducer fee of 1.75 per cent, average initial advance £92,000)
  • Care funding: £1,755 (based on introducer fee of 1.5 per cent, average purchase price £117,000)

Through the service retirement income clients will get either guidance or regulated advice from Just, depending on their needs. Equity release and care funding clients will receive regulated advice.

Just currently around 30 advisers as part of its Hub business.

Just communications director Stephen Lowe says: “There is strong demand for advice in all three areas with new pension rules driving up demand for professional help when making retirement decisions, growing interest in unlocking equity in the home and an ageing population meaning more focus on care funding issues.”

Just says the service will benefit clients who advisers might not be able to help because advice costs are prohibitive or the adviser does not offer the specialist advice the client is looking for.

In May, Just launched a transfer value analysis service.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Anyone who joins in this clearly states that they put their own interests before the client.
    Just imagine the charges levied to fund such colossal bribes. (For bribes are exactly what they are)
    One wonders why a self respecting IFA couldn’t do this sort of work themselves without referring clients to sharks like this.
    Is this yet another example of the regulstor asleep st its desk?

  2. Bribery or slavery ?

    We live in a world now where it is easier and cheaper to buy and sell (in this case clients)than it is to make something or develop new products ……

    Banks and building societies have been doing this for years via the buying and selling of clients, mortgage books, debt etc etc etc, often for the client moved to an inferior company and or product which ends up detrimental to there needs !

    Has over regulation done and or doing the same to our industry, has it or is it, making it so hard to actually conduct transactions for clients or easier and more cost effective to ship/farm them out to someone else ?

    Most you would have to agree, want to follow the path of least resistance, so selling or taking the bribe is the Kilroy (if you will) poking his nose above the wall

    Product innovation…arrhhh that tumbleweed past a long time ago ….

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