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Personal Touch introduces new notice period options

Personal Touch Financial Services is offering members the option of a longer notification period concerning future fee changes if advisers commit to longer notice periods when leaving the network.

The notice period is currently one month and PTFS must give the same notice for fee changes. If a firm would like three months’ notice of fee changes, PTFS will require it to give three months’ notice to leave the network. It will also introduce a six-month notice option.

New contracts are being sent to advisers. IFAs must return them by 21 January and mortgage firms by the end of Q1.

PTFS marketing director David Carrington says: “We want to give our members as much time as they need to factor changes into their business planning.”

In September, Mortgage Strategy’s sister publication Money Marketing revealed PTFS hiked its fees following an overhaul of its charging structure, moving from a flat monthly firm fee to a monthly firm fee plus a fee for each registered individual.

Which Network director Gary Watts says: “I think most brokers will stay on one month’s notice, especially after the controversial changes to the fee structure. If they lock in for six months, the network ends up holding all of the cards if they need to leave.”

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  • Billy 23rd December 2012 at 8:47 pm

    Unfortunately PTFS is a sinking ship. Every broker that I know is in the process of resigning. They’re just getting themselves established elsewhere before they hand their notice in. I’d be surprised if PTFS are left with a third of the brokers they currently have by the middle of 2013.

    They’ve actually got a really good proposition and they were very cheap for a long time but the current management doesn’t inspire confidence and that’s the reason they will sink. It’s not so much the fact that they are increasing fees but the way they have gone about it. I do think thay they have increased their fees by a little too much though.

    The management seem to be shambolic and a little delluded as to the reality of what’s going on. It’s a shame as they were always a good network with a good proposition and good systems.

  • Billy 23rd December 2012 at 8:47 pm

    Unfortunately PTFS is a sinking ship. Every broker that I know is in the process of resigning. They’re just getting themselves established elsewhere before they hand their notice in. I’d be surprised if PTFS are left with a third of the brokers they currently have by the middle of 2013.

    They’ve actually got a really good proposition and they were very cheap for a long time but the current management doesn’t inspire confidence and that’s the reason they will sink. It’s not so much the fact that they are increasing fees but the way they have gone about it. I do think thay they have increased their fees by a little too much though.

    The management seem to be shambolic and a little delluded as to the reality of what’s going on. It’s a shame as they were always a good network with a good proposition and good systems.

  • Fat Mortgage Bloke 21st December 2012 at 8:59 am

    “Fleas living off a dogs back???”

  • derek 20th December 2012 at 5:13 pm

    The moment you put your notice in with PTFS they will stop all pipeline and income, however still charge the monthly fee, so why would you extend it to 3 months?

  • Joe blogs 20th December 2012 at 4:20 pm

    Interesting…existing members not wanting to comment (especially when working on exit routes) is one thing but someone who supports the move as anonymous is even more interesting….unless of course it’s someone from PTFS

  • weary soletrader 20th December 2012 at 12:19 pm

    As a long standing PTFS AR, It’s getting a bit tiring hearing about all the so called bad things that are happening to us! I for one will be happy to take a 3 month notice period because to move networks, that’s the sort of notice period everyone else has anyway. Having spent the past 2 months being hounded by other networks, it turns out my new monthly charge and retention is still better value then most networks. We had it too good for too long so lets just accept we still have a great proposition but now have to pay the going rate in fees.

    Would rather PTFS sort its self out than go under so fair play to them for doing it. Those already gone will soon realise the grass is never greener…Its just had more BS spread on it!

  • Wayne John 20th December 2012 at 11:00 am

    I dont really see much, if any, benefit for the broker in this scenario, are PTFS being run into the ground??? One ponders the thought (whilst puffing a cigar and supping on a warm glass of Remy Martin)

  • Phil 20th December 2012 at 9:59 am

    This is another example of the network forgetting that they work for the adviser and not the other way round. PTFS appear to be panicking at the reaction to iots last massive fee hike. I would not sign up to a longer notice period in this climate where they have shown they believe they can do what they want and we will roll over and take it.