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Below are some the most Frequently Asked Questions about Transvas Profiler
Why should I use your Transfer Bureau when I can get my TVAS reports“ Free” from the Insurance Companies?
Although there is not a direct cost for an insurance company report you have to provide the information to the Insurance Companies in order for them to run the report. Using our Transfer Bureau allows you to sub-contract the research work and all dealings with the scheme administrators and concentrate on your clients. It is the cost of your time you should compare not the cost of the report. [Top of Page]
I like to obtain 3 TVAS reports from 3 different Product Providers but they always have three different answers?
They normally differ because of the interpretation of the data you provide them, so without a lot of analysis on your part, you will still not know which one is the most accurate. In a way, you are just wasting your time and two of the Product Providers time; but which two? [Top of Page]
How do I pay for the report?
Our Transfer Bureau registration pack includes a direct debit instruction. The monthly retainer fee and all report costs will be collected via this method. Invoices are raised once the report has been dispatched, with the money collected by direct debit on or just after the 25th of the following calendar month. [Top of Page]
Are there any additional costs involved apart from the cost of the report?
The only additional costs involved would be if you require the report to be faxed or to be re-run e.g. You wish to use a different Product Provider or see a different early retirement age. [Top of Page]
Is there a discount if I require a large number of TVAS reports from the same scheme?
Yes – Discounts range from 20% to 50% depending on how many reports you require. We will require all the details to be submitted at the same time in order to qualify for the discount. [Top of Page]
One of the product providers says that they guarantee the accuracy of their report?
We’ve heard this before but never seen any written evidence of it. Our understanding is that the FSA will hold the regulated firm responsible for the advice given rather than a third party. If you intend to rely on the guarantee, make sure you get a copy in writing first. [Top of Page]
How do I know that the report is accurate?
Transfer analysis is arguably the most complex report used by financial advisers and the O&M report contains over 2,000 results. Whilst we cannot give a guarantee that our report is 100% accurate for every scenario, you should draw some comfort from the fact that our systems and services are used by 6 product providers, the majority of the large networks and a number of Consulting Actuaries and National IFA’s. [Top of Page]
Some Product Providers make assumptions where there is missing Information. What assumptions do O&M make in producing their reports.
Our service is geared towards accuracy rather than speed, so we avoid using assumptions unless absolutely necessary. If we do, they are clearly shown on the Data Report that summarises the input data used. [Top of Page]
Once I have submitted a case to the Transfer Bureau how do I track its progress?
Please don’t phone us for progress. It just slows down the entire department dealing with enquiries, rather than working on actual reports. When you submit your first case you will be provided with a password to enable you to track the progress of your case on own page of our website. From the website, you can send an email if you have specific queries on the case. [Top of Page]
Should I use a Web based service to see if the case is viable before instructing O&M?
Most of these services concentrate on the yield alone and ignore the soft issues that will be an important part of your advice. You have two alternatives:
- Throw in what data you have and make up the rest to get a quick, fairly meaningless answer from the system.
- Research the scheme thoroughly to obtain an accurate answer.
NB. Be really careful if you decide that a case is not viable, since a comment like 'leave the benefits where they are' will be considered advice.
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