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Personal Touch introduces new notice period options

Personal Touch Financial Services is offering members the option of a longer notification period concerning future fee changes if advisers commit to longer notice periods when leaving the network.

The notice period is currently one month and PTFS must give the same notice for fee changes. If a firm would like three months’ notice of fee changes, PTFS will require it to give three months’ notice to leave the network. It will also introduce a six-month notice option.

New contracts are being sent to advisers. IFAs must return them by 21 January and mortgage firms by the end of Q1.

PTFS marketing director David Carrington says: “We want to give our members as much time as they need to factor changes into their business planning.”

In September, Money Marketing revealed PTFS hiked its fees following an overhaul of its charging structure, moving from a flat monthly firm fee to a monthly firm fee plus a fee for each registered individual.

Which Network director Gary Watts says: “I think most brokers will stay on one month’s notice, especially after the controversial changes to the fee structure. If they lock in for six months, the network ends up holding all of the cards if they need to leave.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Makes you wonder if they are preparing for a significant reduction in numbers and business levels or even meltdown doesn’t it?

  2. Having just increased our monthly fees by 458% on top of the recently introduced £125 fee and end of free trigold plus the reduction in procuration fees, I wouldn’t trust Personal Touch as far as I could throw them and at my age that’s not far!!

  3. Ned, the number of investment advisers has dropped from 264 to under 100 since they announced the new fees.

    The number of mortgage advisers has dropped by more than 300.

    The reduction has already happened (started????).

  4. @ Zod | 20 Dec 2012 3:01 pm

    99 now – I left last week

    November fees were £1176 for a sole trader

    12months they will be gone – get out now

  5. @peter 20 Dec 12:49pm

    “on top of the recently introduced £125 fee and end of free trigold” – the £125 fee was introduced in April 2010 and the free trigold has been gone a long time – where have you been????

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