gofifty50.com is a trading style of goFIFTY50 Financial Ltd. goFIFTY50 Financial Ltd is an appointed representative of Turnberry Wealth Management Ltd.
FSA registration number 435264
VAT no. 870 2953 14
goFIFTY50 Financial Limited is registered in Scotland, Company Number SC373455
Q: What are the benefits of joining goFIFTY50?
Q: How can existing policies pay commissions?
Q: Do new policies qualify for a 50-50 share of commission?
Q: How much commission will I receive?
Q: How do I get my 50% share of commissions back?
Q: Can I rebate on my Pension Plan?
Q: Why are we doing this?
A: goFIFTY50 believes that the ongoing commissions received by Independent Financial Advisers (IFA’s) are unfair. The Financial Standards Authority (FSA) agrees and is changing the rules as of December 2012. For details of the Retail Distribution Review visit www.fsa.gov.uk. Existing policies will not be affected by these new rules. goFIFTY50 is taking the lead by returning 50% of the commission to the client.
Q: What are the benefits of joining goFIFTY50?
A: You will receive 50% of the commission we receive if you authorise us to be your financial adviser for your existing policies and 50% of our commission for any new policies you buy through us. You will also have access to your own online policy portfolio through our client management system.
Q: How can existing policies pay commissions?
A: Life Assurance and savings policies usually pay TWO types of commissions to the Financial Adviser. RENEWAL or TRAIL commission is paid to the financial adviser AFTER the Indemnity period and may be paid until the policy is cancelled. This is usually paid as a servicing fee so your existing adviser can conduct an annual financial review. Mandate your existing policy to us and we will give you 50% of the renewal or trail commission we receive for your policy. The other commission is called INDEMNITY and is covered in the next section. No annual review will be undertaken by goFIFTY50 financial.
Q: Do new policies qualify for a 50-50 share of commission?
A: An up front commission, usually called INDEMNITY, is paid at the beginning of the policy as a lump sum. This may cover the first four years’ premiums and should the policy cancel during that time, the commission will be reclaimed from the Financial Adviser. If you take out a new policy through goFIFTY50 financial we will give 50% of the commission we receive. Please note that goFIFTY50 is not selling any new financial policies. We will not take any indemnity commission. We will rebate 50% of any enhanced commissions received in lieu of indemnity.
Q: What is mandating?
A: Mandating is confirming with your product provider that you want goFIFTY50 to be your new adviser. Mandating your policies is quick and easy to do and you can do it from the comfort of your armchair! Simply complete our online form and send it to goFIFTY50. We will split the commissions we receive for your policies with you so you will receive 50% as cash back every year. Do remember though that no advice can be given by goFIFTY50.
Q: How much commission will I receive?
A: The amount of commission you get is dependent on a number of things including the policy type, product provider, policy term, premium etc. Once we receive your mandate form, we will ask your product provider for policy and commission details. This is when we will confirm the actual amounts and pay 50% of the commission we receive. For example, a life assurance policy may pay £100 per year in renewal commissions until the policy expires. This means you may receive £50 per year for that policy alone.
Q: How do I get my 50% share of commissions back?
A: Commissions are calculated on 30th October and rebated to you by the end of November. We will contact you to arrange the method of money transfer prior to the end of every October.
Q: Can I rebate my Pension Plan?
A: Rebating your pension commission is an unregulated payment by HMRC. As a result, pensions cannot be mandated in this manner. For advice on this matter, please contact Turnberry Wealth Management.
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100% Commissions to Charity
goFIFTY50 offers the option of sending your commissions to the charity of your choice. And if you donate your 50% then goFIFTY50 will donate its share to the same charity. Once you have signed up to goFIFTY50 you can choose from a list of charities on your My Portfolio page. The money will be sent straight to the charity. If your charity is unavailable, please contact goFIFTY50
Charity Fundraisers
goFIFTY50 is a revolutionary new method of generating funds year-on-year. Ask your members and supporters to sign up to goFIFTY50 and you will receive 100% commissions on existing policies, minus a small administration fee. Contact goFIFTY50 and arrange for your charity to be visible to all using goFIFTY50.