01932 830 664

 Compliance

How we charge

Payment for Services

Introduction

To ensure that you are always fully aware of our advice costs and how and when you are going to be asked to pay for this, we will always confirm this verbally and in writing to you.  This will show the exact amount and payment method.

Generally, we will ask you to pay our fee for the work undertaken in preparing and producing a report at the time you receive our financial planning suitability report/letter. The report will document any implementation/ongoing service fees relevant to any recommendations made.

Please note that if you have paid for our advice by way of a cheque, and you subsequently cancel the policy within the statutory cooling off period, we will not refund the fee received.

Implementation Fees - Lump sum investment

Lump Sum Business

It is our company policy to offer you a choice on how we are paid the Implementation Fee on lump sum business. This can be by way of a separate cheque, payable to our firm or for you to agree to a deduction of our fee from the investment amount sent to a fund manager or provider prior to its investment. To facilitate this, the provider will need explicit evidence that you have agreed to this method of payment and we will therefore ask you to confirm this in writing.

Business that is transferred

If we advise you to transfer from one product to another, we may agree with you to pay the implementation fee by way of separate cheque or by deduction from the transferring fund to pay for our advice prior to its investment. To treat our customers fairly there may be times where we voluntarily suggest and agree to delay the deduction of our fees for improved tax efficiency e.g. a Capped Drawdown. In all cases, we will confirm the timing of any deduction/s for our fees.

Payment by Fee (Initial Advice)

You may pay us for our initial advice by way of a percentage of the funds invested, a fixed fee or an hourly rate.

Please note if you pay our fee by way of a separate cheque 100% of the investment amount will be invested. 

Example of our implementation fee as a percentage of the funds invested

Example Investment

Typical charge on the first £100,000 is 3%

Typical charge from £100,001 to £250,000 is 1%

Typical charge from £250,001 to £500,000 is 0.5%

Typical charge from £500,001 is 0.25%

Total Fee

Amount Invested

£100,000

£3,000

 

£3,000

£97,000

£250,000

£3,000

£1,500

 

£4,500

£245,500

£500,000

£3,000

£1,500

£1,250

 

£5,750

£494,250

£750,000

£3,000

£1,500

£1,250

£625

£6,375

£743,625

All figures quoted are purely for example, the actual fee paid will depend on the complexity of the work undertaken and will be confirmed to you in our initial fee letter prior to any work being undertaken.

Hourly Rates

Fees payable will be calculated by taking into account the number of hours required to undertake the work and the hourly rate of the individual carrying out the work.

If work is undertaken purely on an hourly rate basis you may also ask us not to exceed a given amount without checking with you first or we may agree a fixed fee for work undertaken.

Example of our fee charged at an hourly rate for establishing a Personal Pension:

Staff Role

Hourly Rate

Estimated Hours

Total Staff Cost

 

Financial Adviser

£200

2.5

£500

 

Paraplanner

£100

2

£200

Total Charge

Administration

£75

1

£75

£775

All figures quoted are purely for example; the actual fee paid will depend on the complexity of the work undertaken and will be confirmed to you in our initial fee letter prior to any work being undertaken.

Where you elect for hourly rates, these are currently:

  • Financial Adviser (Chartered) - £250 per hour
  • Financial Adviser (fully qualified/Director) - £200 per hour
  • Paraplanner - £100 per hour
  • Administrator - £75 per hour

Focused Advice

The more time we spend researching and documenting information the more expensive it can become. This can be deemed to be unsuitable where you are merely seeking advice on a specific area or a smaller investment.

You can request focused advice where we will obtain limited information from you in order to concentrate on a specific area of financial planning.  You should however be aware that the advice you receive may be different from advice given using the holistic approach.

Example of our focused advice fees

Work undertaken

Typical fee

Protection
(Life Cover, Critical Illness Cover, Income Protection )

£750

Investing for growth or income

£850

Retirement Planning

£1,000

Estate Planning (Wills and Inheritance Tax)

£1,250

Occupational Pension Scheme Transfers or Opt Outs

£2,000

All figures quoted are purely for example, the actual fee paid will depend on the complexity of the work undertaken and will be confirmed to you in our initial fee letter prior to any work being undertaken.

Financial Plan Fees - Full Holistic Review

For a full holistic review, our fee would typically be up to £2,000.  The actual fee will be dependent on the complexity of the work undertaken and will be confirmed to you in our initial fee letter prior to any work being undertaken.

Implementation Fees – Regular premium investment

It will always be our policy to provide you with a separate quote for work when considering regular premium investment (excluding phased investment).

It is our company policy to arrange for the Implementation Fee on regular premium investment to be deducted from the total amount collected by the product provider.  Alternatively, we may ask for a separate cheque, payable to our firm, dependent on the premium value considered.

Example of our Regular premium investment fee:

Monthly premium

£100

£200

Monthly fee charged at 10% would be

£10

£20

Total fee paid (24 months)

£240

£480

Termination of Our Services (Initial Advice)

You or we may terminate our authority to act on your behalf at any time.  You will be liable to pay for any advice or services that you have received prior to the date of termination. This means that where we have agreed the advice and services that we will provide for you and we have agreed to receive payment for these, either by means of a fee for investment business or by receiving commission from a provider for non-investment business you will have to pay us for any work we have completed up to the date of termination.

Non-investment Insurance

Payment can be made by fee, commission or a combination of both. If commission is payable but does not cover our fee, we will agree a method of payment for any shortfall before commencing any chargeable work.  You will receive a Client Specific Illustration which will detail any other fees relating to your particular insurance policy.

Ongoing Service Option

Once you have decided to implement your Financial Plan it is recommended to benefit from on-going monitoring and review. For ongoing services we will agree both the scope and frequency of activities being performed and the amount and basis of our ongoing annual fee.  This would normally be 0.75% of the investment value under our advice.

Example of ongoing advice charges:

Example
Investment Amount

Annual
Service Charge

Example Annual Service Fee

Minimum Fee *

£50,000

0.75%

£325

£600

£100,000

0.75%

£750

£600

£200,000

0.75%

£1,600

£600

*Where ongoing services are to include a face-to-face meeting

The actual amount payable will vary depending upon how the investment performs.  If the investment amount increases you will pay more.

Termination of our services (Ongoing Advice)

You have the right to cancel payment for our on-going services.  It is the Firm’s policy that notice should be a minimum of ten days and we would expect notice to be made in writing.
Where you hold assets within a WRAP, you need to be aware that there will be terms and conditions applicable, such as your agreement with the wrap provider in respect to facilitating our fees, which means you may need to instruct the wrap provider directly and arrange for the removal of assets from the WRAP or appoint another adviser who will be able to access your assets and provide further on-going advice to you. We will be pleased to assist you at this time in cancelling our service to you, making sure that any WRAP provider is informed of this cancellation.

 Our Commitment

‘As a firm, and as individuals, we intend to behave towards our clients in a way that is honest, open and competent and with integrity always acting in the best interests of the client, having ensured that we have an informed understanding of their needs and desires.’