Question about Ismailism

Salaam. 1. It has come to my attention that the followers of Ismailism believe that Prophet Muhammad (saw) appointed Hazrat Ali as a spiritual leader for all of mankind. Is this a misunderstood belief or was this made up? 2. Followers of Ismailism pray a dua 3 times a day. I was also told that by an Ismaili person that it is only required that u pray 3 times a day..though i find that hard to believe because the Prophet said it was 5 times a day (as they pray in Mecca and Medina etc etc). So the question is, can you tell me whether what all they say is true or not.