Hi all

Would appreciate any advice from anyone that is in the insurance industry.

So I took out an RA with Sanlam many years ago. In the days I was none the wiser regarding fees and how the insurance companies tie you in forever.

Anyways I now understand fees and the impact it has on your investments. The product I was sold comes with a lovely price tag of >3% in fees.

I was considering transferring the fund value to a low cost provider like 10X or similar but there is a penalty that Sanlam will charge of around 6% of the fund value. Seems they have not raped me enough!

I contacted a broker and asked for advice and he suggested that rather switch to Sanlams new product called the Cumulus Echo RA which gives you a bonus allocation over and above your investment.

I did some google reviews on the product which was done in 2017 and seems this may not be a good RA vehicle.

https://www.thefinancialcoach.co.za/.../#page-content
https://www.news24.com/citypress/per...viser-20161019

The second article suggests that if you had the product for 10 years there should not be any penalty to transfer out, if I read it correctly.

Would appreciate comments, thanks