Commission Refunds

This week marks the launch of Australia’s newest commission rebate service that gives consumers an easy, cost-effective way of recouping the money they pay as fees on a raft of financial products.

 My Money Australia (www.mymoney.com.au) is a major consumer innovation that offers anyone with superannuation, life insutrance or managed funds the ability to receive cash refunds on the fees they are charged by fund managers and insurance companies. (These fees are known as trailing and renewal commissions and are paid to advisers and intermediaries.)

 MyMoney is not only completely web-based and user-friendly, it is also the only service in Australia that makes monthly direct payments into clients’ bank accounts.

 In a few simple steps, and without having to make any changes to their existing financial products, any consumer with financial products can start to receive regular cash refunds of fees they are probably unaware they can access.

 How does it work? Put simply, MyMoney gives consumers control over their commission payments that they did not have before.

 “Generally, you cannot turn off these commission payments, but you can say where they should go, as long as they go to a holder of an Australian Financial Services licence,” the Joint Sales & Marketing Director of MyMoney Australia, Graham Burnard, said.

 “When you simply change your servicing adviser to MyMoney, we collect these commissions and pay them back to you, direct to your bank account. Everything else about your investments remains the same,” he said.

 Some of the key features of MyMoney that make it so attractive are:

•  No joining fee
• No minimum annual fee
• Fee automatically comes out of commission rebates
• Cost effective fee model

Online registration is quick, easy and free, and MyMoney has kept to an absolute minimum the amount of paperwork investors need to complete in order to activate their account.

Once signed up, MyMoney clients get immediate 24/7 online access to their refund balance information, and receive a monthly activity statement as well as their monthly direct bank account payments.

Financial products covered by MyMoney include managed funds, super, allocated pensions and retirement income accounts, margin loans and life insurance.

The service is risk and hassle-free and completely transparent.

MyMoney has been built by professionals who are leaders in the development of commission management systems and who fully understand the needs and expectations of investors and financial planners when it comes to fees and commission payments.

“MyMoney is a great service for investors because it means they no longer need to worry about commissions buried in their financial products,”  Burnard said.

“We’ve designed MyMoney as a user-friendly model with the needs of investors taken into account. There is no effect on investors’ existing financial products and the direct monthly payments into our clients’ bank accounts means they have an easy incentive for saving money,” he said.

The service is also perfect for consumers who might already have a financial planner.

 “MyMoney is great for these consumers also because it means they can pay planners they way they choose to. For planners, there is the potential of strengthening their client relationships because MyMoney is so easy to use and understand,” Burnard said.

Short URL: http://www.myview.asia/?p=67

Posted by myview guide on May 2 2010. Filed under Investment. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry