Why are savings so large?
We believe that IFAs should get a fair deal and by maximising the
benefit of modern technology we can charge significantly less
for our services. Furthermore, we do not have to maintain legacy
systems unlike other networks.
For an actual quote for your business, please click
here back to top
Can I change the charging structure if
my business circumstances alter?
Yes. A calendar month's notice in advance is required. If you
choose the Fixed Rate Retention, then the contract is for a twelve
month period.
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How does the Retention Scale work?
On a day to day basis all cases will attract an initial deduction
of 12%. At the end of each quarter (December, March, June, September)
the actual business will be annualised and compared against the
scale. A rebate will then be calculated and credited to each applicable
Member's account.
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Client Services FAQ's
How will we be trained?
We believe if you are a competent adviser today, you will be tomorrow
in Virtual Net. We use the transition rules of the FSA that support
this statement. This means as long as you have evidence of competence
we can induct you in within 4 weeks of acceptance. We do this
by a combination of distant learning and an induction course. Once satisfactory results of these
activities are recorded you will commence trading and compile
a CPD plan and work through with the training materials available
in the most part via our website.
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What compliance support can I expect?
As with all networks we have a responsibility to ensure by way
of inspection visits and regular consultation that investor risk
is kept to a minimum and that as a firm or individual you conduct
your business to the rules of the regulator. What makes us different
is we will assess you in accordance with your past compliance
performance and adopt fully the risk based approach as preferred
by the FSA post N2.
The real difference comes however by virtue of our "compliance
engine". Each piece of new business written must be submitted
(all paper work sent directly to product providers) to the network,
in summary on-line. The system will gauge by the nature of the
plan and the details submitted the compliance risk and give immediate
feedback. This feedback may be no further details required and
the business moves through unhindered or the system may ask you
to supply more detail. Whatever the outcome you know immediately
what the requirements are for each case submitted.
What's more you can test a case via our induction site 24 hours
a day, 7 days a week to assess the network requirements for cases
prior to your meeting allowing you to be fully prepared when you
are next with your client and avoid embarrassing and time consuming
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Membership FAQ's
What excesses are applied on Virtual Net PI?
The minimum excess is £5000.00
The minimum excess is £2,500.00 for mortgage cases and full details can be found here.
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Will my PI go up because someone else has a claim?
With Virtual Net, each member firm maintains its own risk, which means another member firm’s claim will not affect you.
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What is your notice period?
No notice period to be given. As we totally believe in our service and product we do not intend to hold you as a hostage if you want to leave the network. If you believe another network can offer you a better service at a more competitive price, you can leave at anytime you like without notice. Copies of client files on CD ROMS are required as part of the exit process. back to top
Technology FAQ's
Does the system require special software
to run the Virtual Net site?
No just an Internet Explorer web browser 5.0 or better. back to top
