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 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.
If you would like us to work on a fee basis, we will normally agree a fixed fee for an agreed plan of work. At all times, we will ensure that you are fully aware of any costs involved, before a commitment is made. Fees will usually be based on time spent and evaluated at a rate per hour calculated to cover our costs. Fees currently do not attract an additional VAT charge.
If you would like us to work on a Commission basis we can cater for this as well. Commission is paid to an IFA firm by a provider, usually an insurance company or an investment house for the introduction 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. Our philosophy is to never accept maximum commission so that clients have an enhanced contract or investment, where possible.
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. Ranging, for instance, a life policy, investment or pension plan, we may be paid commission by the provider, usually an insurance company or an investment house for the successful placing of business. We will always tell you about any commission we earn, and it will be taken into account in working out our fee.