IFA firm Personal Financial Solutions has launched an online adviser service for consumers. Consumer...
IFA firm Personal Financial Solutions has launched an online adviser service for consumers.
Consumers can arrange mortgages, life assurance, pensions and buy Isas online through the site, which is also being developed to eventually enable complete fact finds to be done online. PFS, a member of the Financial Options network, had launched its term assurance quotation service earlier this year and has since expanded that to cover a wider range of financial products.
On-line Adviser charges a flat fee of £99 for all personal pensions on the system.
There is no commission taken on the products featured by the 10 different groups, which include CGU, Legal & General, Scottish Widows and Standard Life.
Commission is taken on the other financial products featured on the site but at a reduced level. PFS said it could cut the cost of term insurance by as much as 50% for the end consumer and claimed it is already converting more than 15% of all inquiries into actual business.
At the moment only three providers are represented in the Isa section, M&G, Perpetual and INVESCO, and are offered on both a mini and maxi Isa basis. Consumers can buy the Isas directly from the site because a hard-copy signature is not required.
Financial Options will supply compliance services to the firm and PFS expects a turnover in the year 2000 in excess of £300,000 from this venture.
Tony Kirk, managing director of PFS, said: "We have looked at offering this service in light of the Government move towards lower product costs.
"Isas were first and stakeholder will be the second phase of this move. There are no margins left for providers to pay commissions and many people will not pay fees.
"Through this service, we receive far lower margins but it takes less time and is a more efficient process."
The PFS site can be accessed at:
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