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Cornmarket advisor coming to your home - will it cost you?

  • 25-01-2019 4:06pm
    #1
    NIMAN
    Registered Users, Registered Users 2 Posts: 33,786 ✭✭✭✭


    The OH (a public servant) is thinking of getting a Cornmarket rep to call at our home to discuss investment options, particularly around AVCs.

    Wondering is it necessary, as I'm sure there is a fee involved in the long run.

    Is it something they could look into and set up themselves with a bit of reading and research?

    Edit: In fact just found this article...it sounds like Cornmarket are pretty high when it comes to % charges and fees.

    https://www.irishtimes.com/business/avc-prsa-can-pay-for-public-sector-employees-1.408122


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    That big 'flat rate consultancy fee' (€835 in the case of nurses) which Cornmarket deducts in the first year is the commission for your 'advisor'.

    Good luck geting rid of him without signing up.


  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    coylemj wrote: »
    That big 'flat rate consultancy fee' (€835 in the case of nurses) which Cornmarket deducts in the first year is the commission for your 'advisor'.

    Good luck geting rid of him without signing up.

    https://cornmarket.cdn.prismic.io/cornmarket%2Ff19b1eec-3122-4942-84b1-db7f7c6555e8_14067_cm_tob_january_2019_12-18_web_fa.pdf


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    Henry Ford III wrote: »
    https://cornmarket.cdn.prismic.io/cornmarket%2Ff19b1eec-3122-4942-84b1-db7f7c6555e8_14067_cm_tob_january_2019_12-18_web_fa.pdf

    I note from your link that Cornmarket say their 'consultancy fee' for setting up an AVC in the case of nurses is €535.

    The number I quoted (€835) came from the Irish Times article which the OP provide a link to above......

    Cornmarket also charges customers a further 1 per cent for deducting the contributions through payroll and passing them on to Irish Life.

    It then levies an additional flat rate consultancy fee, which it does not seek from customers up front but deducts from workers' contributions over the first year of membership.

    In the case of the nurses' AVC scheme, this consultancy fee is €835


  • #5
    NIMAN
    Registered Users, Registered Users 2 Posts: 33,786 ✭✭✭✭NIMAN


    Given this info, are they providing a service over and above what you could do on your own that makes it worth paying for?

    Blurbs will say "best to speak to us so we can decide on which product best suits your needs" etc but is there really much more to it than deciding what % of your salary you are going to put into your AVC and doing it yourself?


  • #6
    Geuze
    Registered Users, Registered Users 2 Posts: 13,586 ✭✭✭✭Geuze


    Note that Cornmarket offer the following:


    No Advice option.

    The following applies to all of the above AVC Schemes with Irish Life.
    If a client decides to take out an AVC from Cornmarket on a No Advice basis (i.e. without advice at the point of sale) no consultancy fee is applied. A €100 once-off Administration Fee to cover the costs associated with setting up the AVC will be applied. The Annual Management Charge
    and Contribution Charge are as set out in the relevant AVC Scheme section.


    So you save 600 fees, but still pay the AMC, and possible conts fees.


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