How we are paid
Following an enquiry we will arrange a preliminary meeting for you with one of our qualified team members. We will invite you to our offices but if you prefer we could meet at your home or office. The purpose of the meeting is firstly to establish whether we are able to assist with your 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 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.
Regardless of which remuneration option you select we assure you that we will act only with your best interests in mind and will not be influenced by commission rates when delivering our advice.
Fees will usually be based on time spent and evaluated at a rate per hour calculated to recover our costs. For some types of work, such as preparing a financial report, we may be able to quote a fixed fee. Fees may attract an additional VAT charge whereas commissions, under current legislation, do not. We will always tell you about any commission we could 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 in most circumstances 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.
If you ask us to arrange a mortgage for you, we will normally be paid an introduction fee by the lender. However, we do reserve the right to charge a fee to our client of up to £500, when the introductory fee does not cover the costs we incur making the arrangements. Details of mortgage fees and charges will be disussed at an initial meeting.
Whether we take our remuneration by way of fees or commission will be a matter of discussion and agreement and no charges for fees will be made without prior notification in writing.