How we are paid
On receiving an enquiry we invite a prospective client to come to our offices for a preliminary meeting. The purpose of the meeting is firstly to establish whether we are able to assist with the prospective clients needs and objectives and secondly to discuss how we would be paid for our services should we be instructed to proceed. There is no charge for this preliminary meeting and no obligation on either side.
After the initial free consultation, we will agree with you whether you pay us a fee, or we are paid out of the cost of any financial product you buy (commission). We will always tell you about any commission we earn, and it will be taken into account in working out our fee.
Commission is paid to an IFA firm by a provider, usually an insurance company or an investment house for the successful placing of business. The commission is included within the providers normal product charges, so there is nothing you need to pay us in addition. The amount of commission is based on a percentage of the premiums payable or sums invested.
We charge our fees based on the complexity and associated risk of the financial plan. We do not work for an hourly rate as we believe that is not in the best interests of the client. Any fees that we do charge attract VAT, whereas under current legislation commission payments do not.
Whether we take our remuneration by way of commission or fees will be a matter of discussion and agreement with our client. No charges for fees will be made without prior agreement with the client.