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 basically to establish whether we are able to assist with the prospective client's needs and objectives. There is no charge for this preliminary meeting and no obligation on either side.
After the initial consultation, we will agree with you whether we are paid out of the cost of any financial product you buy (commission) or whether you pay us a fee for the work instructed.
Commission is paid to an IFA firm by a provider for the successful placing of business and is included within the provider's normal product charges i.e. there is nothing you need to pay us in addition. The amount of commission is based on a percentage of the premiums payable, sums invested or amounts borrowed.
Fees will usually be based on time spent and evaluated at a rate per hour calculated to recover our costs. Fees 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.
