How we are paid
On receiving an enquiry we will contact you to briefly discuss your concerns and with your permission arrange a preliminary meeting. 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 will 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 a fee, or pay 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.
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.
Whether we take 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.
If you ask us to arrange a mortgage for you we can be paid by either commission or a fee. If you choose to pay us a fee, the standard fee is £250.
For more information please read our client agreement