How we are paid
On receiving an enquiry we offer a home or office visit to a prospective client or you can visit us at our office 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 if we are to be paid a commission from the cost of any financial product you buy, or a combination of the two. We will always tell you about any commission we earn before you are asked to enter into any agrement, 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. The amount of commission is generally based upon 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 at present do not attract an additional VAT charge and commissions, under current legislation, also do not.
Whether we take our remuneration by way of commission or fees or a combination of both, this will be a matter of discussion and agreement and no charges for fees will be made without prior agreement.
An hourly rate of £75.00 will be charged for the Advice and Services provide. For example, on a Mortgage of £100,000 we would anticipate that we would charge a minimum fee of £900.00, (approx. 12 hours work) and any amount we receive from the lender will be offset against this amount. We will discuss our fee with you before we commence work on your behalf.
Your home may be repossessed if you do not keep up repayments on your mortgage.