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 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 consultation, we will agree with you how we will be paid for the services you instruct us to provide, both in terms of the amount or hourly rate and the timing of the payment, which could be upfront, when you transact business, over time to provide a service to you, or a combination of these.
Previously, independent financial advisers could also be paid by way of commission based on a percentage of the premiums payable or sums invested. This is no longer allowed for investment related products (i.e. investments/pensions) under regulatory changes introduced as part of the Retail Distribution Review, which took effect on 31st December 2012. We will now explain to you exactly how much our advice will cost and reach an agreement over how you will pay for it.
Fees will usually be calculated and based on time spent doing the work and the complexity of the work. Fees maybe subject to VAT at the prevailing rate, depending upon the type of work undertaken.
The fees which we charge will be a matter of discussion and agreement and no charges will be made without prior notification in writing.
On mortgage and insurance products, you may choose whether we are paid by commission or fees. Whether we take our remuneration by way of commission or fees for mortgage and insurance products will be a matter of discussion and agreement. No charges or fees will be made without prior notification in writing.