Sunday 31 May 2009

Fee rebate received from YourShare

I signed up with one year ago. Sure enough a cheque for just over $480 arrived last week, along with a comprehensive statement showing all the fees and commissions that YourShare had received from my nominated financial products. Having YourShare as the nominated 'adviser' on my loss of income insurance, margin loan accounts and managed fund investments has had no impact other than my receiving half of the commisions rebated to me. If the total annual fees and commissions eventually exceed $4,000 I'll get back 70% of the amount above $4,000.

There is another company that offers a similar fee rebate service, but it charges an annual fee, so it isn't as useful for investors with modest portfolios. Some financial planners (such as Count Wealth accountants) offer 100% rebate of the up-front application fee for managed funds, but they don't rebate any of the trailing fees (except in exceptional circumstances - Count did rebate the trail on my son's managed fund investment).

Overall I can recommend YourShare to any Australian investors that would like to get some of their trailing fees back each year. If you fill in the online application form, please consider inserting my reference ID: YS3442 on the form. If your rebate exceeds $250 I'll get a $50 referral bonus (paid from YourShare's part of your trailing fees).

Update: The founder of YourShare, Paul Brady, phoned me out of the blue to say thanks for the mention! He also pointed out that another major benefit of YourShare is that you get 100% of any upfront application fees rebated. While you can also get up-front fee rebates from some discount stockbrokers (eg. Commsec) and the Count Financial planner service, they don't rebate any of the ongoing trailing fees. YourShare also rebates the up-front fee for new insurance policies, which others don't offer. In fact, I'm in the process of getting some quotes for personal injury/accident insurance for myself and the kids via YourShare.

Subscribe to Enough Wealth. Copyright 2006-2008

No comments: