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Personal Touch to charge advisers £125 fee

Personal Touch Financial Services is to charge appointed representatives a £125 flat fee from April 1.

The network did not previously charge a fee.

Personal Touch group sales director Dev Malle says the charge has been applied for the first time by PTFS, in order to cover compliance and regulation costs.

He says: “We have got fixed costs for mandatory and regulatory issues and we have got to cover them.

“It is a sensible measure, in view of the fact that it is really important to have someone to maintain the compliance and regulatory infrastructure, and part of doing that is we incur fixed costs. 

“And while we resisted for some time, we have got to a situation where, with lower volumes over the last couple of years, we have to put in place a fee structure that represents the fixed costs that we incur.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. This letter will undoubtedly unsettle a great many AR’s within PTFS.

    The departure of Martin Wilson is still shrouded in mystery but I would hazard an educated guess that Martin was dead against this move and that is why his fellow directors got rid of him.

    A very sad time for PTFS indeed and a very short sighted move by the current management team. If they are so cash rich with no debt then why the hell punish their AR’s financially after the battering we have all had last year.

    It’s an absolute disgrace.

  2. Not a believable excuse. They haven’t even been able to offer a carrot of extra service. They appear greedy or in trouble, or both.

  3. Caroline Parkinson 29th January 2010 at 6:18 pm

    Once again poor comunication means that as an appointed representative of this network this is the first communication I have received! I am not impressed as they have already increased the commission earned they keep with the same justification.I wonder how many advisers will now look to leave PTFS? I know I will

    This is the latest in a number of negative messages from the Network.

  4. As a long standing AR of PT it is another nail in the coffin for small AR firms. With a lack of leadership, reduced levels of commission, the faliure of RSC (regional support centres) and a charging structure forced upon ARs with no added value, you are better off direct.

  5. Whilst at first glance the introduction of the fee is conerning, it is still much less than the DA fees (PI etc). It also looks cheap in today’s market. when compared to other networks. On balance, I prefer the fee to not getting paid properly…

  6. Abandon ship … I say again abandon ship! …..

  7. We have been with P Touch for 4 years and have noticed a decline in their service and attitude over the past year.The T&C and compliance regime is now so anal that we spend most of the day satisfying the people at P Touch
    Going direct now seems to be a better way to run our company and at least we are in control of our own destiny

  8. PTFS have anything but ‘Personal Touch’ when i comes to how it treats advisers. The talk about TCF but put stupid rules in place that do just the opposite. I am leaving regardless of the fees, since thenew Network charge more but offer higher proc fees and system build around writing business and not OTT compliance.

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