“My partner had killed himself and I had lived on a media whirlwind from the age of 21,” says Massow. “I was emotionally exhausted. I wanted to go somewhere where I didn’t know anyone and could turn my phone off for four years.”
Retirement didn’t suit Massow though. “Initially, going to the beach, eating lunch and walking my dog was wonderful, but I got bored and started drinking a lot. If I’d stayed I would have just died. Bored out of my mind, on a beach with no friends,” he says.
“I’d always had this idea that you needed to work really hard on your business in order to sell it and retire. It doesn’t suit me though. I don’t think it suits many people. I’ve been talking to my mum’s friends and they all feel a bit useless now they’ve retired.” Massow’s friends worried about him while he was living abroad. “It was quite sweet, they’d come on little pilgrimages to persuade me to come back to the UK.” The most glamorous of which was Joan Collins: “She said enough was enough, it was time to sort myself out.”
So he’s now back – and back in the financial business, campaigning for a cause. He’s launched a new company that pledges to return the majority of trail commission clients are paying to their independent financial adviser (IFA). “Hardly anyone has heard of ‘trail commissions’,” says Massow, “but up to 1.5 per cent of the value of most people’s investments each year is paid to your IFA in commission for no real reason.” The business concept is simple: give permission to Massow’s PayMeMy.com and they’ll pay 80 per cent of it back to you, taking a cut of 20 per cent.
Of course, the new Retail Distribution Review (RDR) rules coming into force in early 2013 will put an end to these commissions, but Massow is still confident about the business’s viability. “It’s obviously not a business I’m going to be able to sell, but there is a backlog of 25 years worth of investments that people have made that they are being fleeced on.” He thinks that he can return £60,000 to the average pension holder.
“It has huge potential,” he insists. “The market is worth £1.6bn and we’re targeting to attract 5 per cent over the next year or two. This would be turnover of £80m. Our operating margin is only 20 per cent, so that would be £16m per year.”
Impressive stuff. But could he do it, if it wasn’t a cause? “No, I need to be fighting for something,” says Massow.
CV| IVAN MASSOW
Company name: PayMeMy.com
Number of staff: 15
Lives:Hoxton Square, London
Studied: “I’m dyslexic, so I left school at 16 without any qualifications.”
Drinking: “Rehab ended all that.”
Reading: Memoirs of Hadrian by Marguerite Yourcenar
Idol: Barack Obama
Talents: Being cheerful
Favourite business book: The World According to Joan by Joan Collins
Awards: “Make me a million,” the Channel 4 entrepreneur award
Motto: “It’s not that bad.”
First ambition: “To have a job where I used a dictaphone, so that nobody would discover I was dyslexic.”