If Paymentshield lives by the sword it will die by the sword

From Lee Martin

I read with interest Harry Katz’s recent letter in which he sounded off like a fully-fledged member of the Paymentshield appreciation society in response to Eddie Royce’s earlier questioning of Paymentshield’s attitude towards terminating trail commission when an adviser closes its agency or retires.

Everyone in this industry who uses Paymentshield knows full well how good the company’s IT is and the same is true of its policies.

But the relevant point is that this company got where it is today because of the increasing sales generated by the many thousands of brokers who are out there every day, arranging mortgages and insurance for the good of their clients – and equally importantly as a form of continuing income for retirement.

Paymentshield sold its services and its commission structure on the promise of an income in retirement so long as clients continued to pay their premiums.

I attended a big roadshow some years ago at which Paymentshield’s top man said: “Your commission will be paid in retirement, and could be willed on.” This was said in front of approximately 400 brokers.

I eagerly await the outcome of this latest stance by Paymentshield, but warn the company to think seriously before ripping off brokers who put their faith in it.

Make no mistake Paymentshield – if you live by the sword you will die by the sword.

Lee Martin
Regency Mortgage Bureau