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68 year old retiree Wilfred Dcruz had accepted that financial advisers would always be entitled to a stake of his superannuation -- until he heard of i-Refund.

With the share market crash, Wilfred lost a lot of money, but had no idea he could claim some back. “I lost about $65,337 dollars and yet the fees I have paid work out to be $7,239 dollars here. Everyone has done this so at the end of this all, when I get a cheque like this in the mail -- I got this yesterday -- it makes you feel good $2,363.85. This would have been going back again into the financial advisers pocket”, Wilfred said.

Hamish Pym started i-Refund. “We can collect those for people because we operate under a financial services licence -- we put it in a refund account for people and at the end of every anniversary of their membership, we write them a cheque”, Hamish said.

Here's how it works. You hand over the account numbers of investments, insurance, even your mortgage and i-Refund will collect the trailing commissions on your behalf. They retain the first $395 and the rest is yours.

For a young couple in their 20's with a $300,000 mortgage -- they'll get $525 back; with a combined superannuation balance of $100,000 they'll receive back $730; for life insurance and income protection premiums of $1000 each year, .there's $200 back in their pockets; plus entry fees for super of $580 a year...

For a middle aged couple in their 50's with a mortgage of $200,00 there's a $350 refund; with a combined superannuation amount of $250,000 they'll get back more than $1500.00; -with a managed fund investment of $100,000 nearly $800 cash back; and with a premium of $2,500 a year for life insurance, they'll receive back $500-dollars; plus a $580-dollar entry fee.

Darryl Jopling is from Refund Easy. “The average trailing commission on a superannuation fund is somewhere between the 0.5% mark, on an insurance product like income protection product somewhere along the line of 11% of whatever the annual premium is”, he said.

Industry super funds don't charge trailing commissions but if you do pay them, company's like Darryl's can reclaim on your behalf. “The total refund of the commissions add up to about $2000”, Darryl said.

Ted Edsall’s Christmas came early. “In no time I was sitting back watching the commissions add up on my account that they'd given me, each month, on the net because they did all the hard work”, Ted said.

You can't get commissions back yourself -- only a registered broker can and
you can't backdate the refund. “We charge a maximum of $25 per month, so
a couple is only going to pay $300 per year for our service”, Darryl said.

Wilfred can now look forward to an annual cheque. “I’ll spend it I suppose. Better I spend it than some financial adviser getting it for years and years and years”, Wilfred said.

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