Switching QFA

R

RedmondC

Registered User
Messages
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I have a Zurich ARF which will start paying 4% in a few years (already taken lump sum) through a QFA. I’m not happy with their slow replies to queries and feel that now they have sold me the policy they are less interested in me as a customer. Can I change QFA or indeed deal with Zurich direct?
Thanks for reading and replying.
 
There is a list of advisors on Zurich's website. Check what yearly management fee you are currently paying. Contact some new advisors and ask them to get you a better deal than your current one.

Your new advisor will then do all the setting up for you. There is no need for you to contact your existing advisor or Zurich.
 
If you want to get the best possible deal and you are happy to decide your own funds and risk level, change to an execution only broker.

An execution only broker can also act as an intermediary between you and Zurich to get answers regarding the workings of your ARF policy. They just don't give financial advice.
 
@Steven Barrett Do you know, from a Central Bank / regulatory point of view, if the 'new' advisor is then 100% responsible for the selling of the original contract? What exactly is the new advisor taking on responsibility for on an agency transfer? Original advisor gets paid up-front for selling and servicing the contract but new one may receive nothing for servicing and advising on it unless policyholder is willing to pay additional fees or if there's a hefty trail on it.

OP, my guess is that your contract has early exit charges on it ie. it's less than 5 years old. Unlikely that you'll be able to move it anywhere without penalty. Maybe contact an advisor and ask if they are willing to accept the transfer and outline your expectations on service/advice.

As a matter of interest, the slow replies were in respect of what kind of request/s for service?
 
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Hi Clubman happy to clarify for G Sheehy as he took time to give a comprehensive reply.
G Sheehy- a slow or no response to e mail enquiries requiring me to chase a reply. Not good enough considering I’m paying a few K a year for this service.
 
I couldn't say with absolute certainty, but I can't see how the Central Bank could hold an advisor responsible for a product they didn't sell. If that was the case, I better check my insurance!! I've inherited some awful pieces of investment junk

On the second point, I agree, there is no reason to just take over the agency of a policy unless there is some form of remuneration. We still have to onboard the client and do our own factfinding as well as pay for all our regulatory costs. No business can sustain unprofitable clients.
 
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