There are lots of websites promoting savings for expats using products like the RL360 Quantum plan. This is a full comparison review RL360 Quantum versus Platform 1 charges for overseas expats that focus on the charging structure of each. Which one wins?
When looking at charges the first thing to understand is that you often have to try to compare apples with pears. One product may be commission driven like the RL360 Quantum plan whilst the other may be a fee based product such as Platform 1. This comparison review RL360 Quantum versus Platform 1 charges opens the lid on hidden charges.
Should we just focus on one area?
Of course there are many other things to consider such as availability of funds, flexibility, access (preferably penalty free), service and whether the companies are strong enough to survive. All of these are covered in the full individual reviews of these products. Also, by selecting the boxes below you can see other investors comments, feedback and see how they have rated the products independently.
RL360 Quantum charges
This is a commission driven product and they offer different charging structures largely linked to the amount of commission or earnings being taken by the third party salesman or adviser. There is an Initial period, and investments in this period may be worthless if you cancel the policy early. There are plan charges which are often the only charges which are explicit, and appear competitive. There are high fund charges (identical funds held with platforms are half the price and this can have a significant impact on returns). There are surrender penalties if the plan is taken early, largely linked to commission earnings taken at outset.
Platform 1 charges
The full name is actually the Platform 1 Hallmark Savings Plan and this has explicit fees. There is often an establishment charge made which varies with advisers. Total annual charges are expressed as a small fixed fee, and annual % fee which is 0.30% currently. Fund charges and flexibility are excellent and ETF and other low cost investment products are available. There is no surrender penalties if the plan is taken early.
Comparison review RL360 Quantum
versus Platform 1 Charges Conclusion
Purely looking at charges the winner here, for anyone seeking a cost effective way of saving, is Platform 1.
Although commission is not banned in the rEU, and transparent charging may not be paramount in the EU and other areas of the world, the internet and social media is fuelling consumer awareness and knowledge, which flows through to regulators and consumers, and essentially this is that commission is not good for investors. Only RL360 Quantum pays commission in this review.
Of course there are many other things to consider such as availability of funds, flexibility, access (preferably penalty free), service and whether the companies are strong enough to survive. All of these are covered in the full individual reviews of these products. Also, see other investors comments, feedback and see how they have rated the products independently.
Comparison review RL360 Quantum versus Platform 1 charges End
The views expressed in this article are not to be construed as personal advice. You should contact a qualified and ideally regulated adviser in order to obtain personal advice with regard to your own personal circumstances. If you do not then you are acting under your own authority and deemed “execution only”. The author does not except any liability for people acting without personalised advice, who base a decision on views expressed in this generic article. Additionally to this comparison review RL360 Quantum versus Platform 1 charges we will look at other areas of comparison and also different products in 2017.
This article was published on 30 January 2017
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