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 to establish whether we are able to assist with your needs and objectives. There is no charge for this preliminary meeting and no obligation on either side.
At the end of the initial consultation, we will agree with you what you want us to do, and how the cost of our time is to be covered. You may chose to pay us a fee, or we can be paid out of the cost of any financial product we set up for you (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.
Fees can be based on time spent and evaluated at a rate per hour, or agreed at a flat rate for a job. Fees can attract an additional VAT charge whereas commissions, under current legislation, do not. We will always tell you about any commission we earn, and it will be taken into account in working out our fee.
Whether we take our remuneration by way of commission or fees will be a matter of discussion and agreement, and no charges for fees will be made without prior notification in writing.