Following an initial free consultation where we establish whether
we are able to help with a prospective clients’ needs and
aims, 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 provider’s normal product charges. The amount of commission
is based on a percentage of the premiums payable or sums invested.
Where no financial product is sold, but advice has been given, a
fee is chargeable. Fees will usually be based on time spent and
evaluated at a rate per hour calculated to recover our costs. Fees
may attract an additional VAT charge whereas commissions, under
current legislation, do not.
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 and agreement.