How Are We Paid?
Upon receipt of your enquiry, the first step is for one of our advisers to contact you with a view to arranging a meeting to discuss your requirements and financial objectives. This meeting will also enable us to discuss how we would be paid for our services in the event that you will want us to take control of your financial planning. Our initial meeting is free of charge and there is no obligation on either side.
We are predominately a fee/adviser charging based service, but also have the option to operate on a commission basis with certain products.
We will discuss your payment options with you and answer any questions you have. We will not charge you anything until you have agreed how we are to be paid. You can choose between paying a fee, adviser charging or for us to receive remuneration via the provider. We can offset remuneration received against your fee if you choose a fee basis.
If you choose to pay by fee
We will confirm the rate we will charge in writing before beginning work and we will tell you if you have to pay VAT. You may ask us for an estimate of how much in total we might charge. You may also ask us not to exceed a given amount without checking with you first.
Our typical charges are:
Principal/Director/Partner – £200 per hour
Financial Adviser – £150 per hour
Administration – £50 per hour
We set our own charges for the services we offer, these charging structures are based on the level of service we provide, rather than the particular provider or product we recommend.
This option is not available with all products, but this will be disclosed at your recommendation meeting.
If you choose to pay by commission (non investment products only)
For products that pay commission, i.e. protection or deposit based accounts, if you buy a financial product, we will normally receive commission on the sale from the product provider. Although you pay nothing up front, that does not mean our service is free. You still pay us indirectly through product charges. Product charges pay for the product provider’s own costs and any commission. If you buy direct, the product charges could be the same as when buying through an adviser, or they could be higher or lower. We will tell you how much the commission will be before you conclude a contract, but you may ask for this information earlier.
Not all products now offer a commission option, however this will be discussed with you at your recommendation meeting.
Paying by a combination of Payment Options
Where available, a combination of payment options can be used to pay for our services or used to offset our fees agreed above.
We will discuss the different offsetting routes mentioned above to assess your preferred option as part of the recommendation process. In the event of policy cancellations and where the policy provider has sought repayment of payment amounts previously paid by them, we reserve the right to charge a reasonable fee to cover the cost of repaying these.
Insight Financial Associates is not permitted to handle client money and therefore we cannot accept cash or cheques made out to us (unless it is in respect of an item for which we have sent you an invoice).
Disclosure of charges / fees
All charges/fees will be fully disclosed to you. These will be disclosed in summary form before we undertake any work for you. The precise charges relating to any recommendations we make will be confirmed to you via a report or relevant product disclosure information.