How we are paid
On receiving an enquiry we invite a prospective client to come to either come to our office for a preliminary meeting or we can usually arrange to visit you in your home or place of work . 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 (Please note that if you require a home visit to an address which is in excess of 10 miles from our office, there may be a travel expense fee payable ).
After the initial 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 sometimes 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.
If you ask us to arrange a mortgage for you we can be paid by commission and/or a fee. If you choose to pay us a fee, this will usually be 0.5% of the loan amount. We will usually charge an administration fee of £150 for loans up to £ 125,000, and £100 for loans between £125,001 and £199,999. For loans of £200,000 and above, no fee is payable. For Equity Release mortgage loans or Home Reversion plans, our administration fee is £ 400.
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.
