On receiving an enquiry we arrange to meet with the client for a preliminary meeting. The purpose of the meeting is firstly to establish whether we are able to assist with 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.
After the initial free 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.
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. We will always tell you about any commission we earn, and it will be taken into account in working out our fee.
Please note: If, following a full review and feasibility report, a case does not proceed any further, our Standard Report Fee will become payable, owing to the amount of work involved at the outset. The amount of the Standard Report Fee will be fully disclosed at the initial meeting.