Cost of the Initial Advice and Implementation
*The fees quoted above are subject to a minimum fee of £500.
The amount to be charged will be disclosed and agreed with you either at the end of our initial meeting or at our earliest opportunity thereafter once we understand the work required. The charge will always be fully disclosed in both £’s and % in the suitability report you receive at the time the advice is given and always before you commit to taking up our advice.
This payment can either be taken from your investment upon receipt by the policy provider or paid directly by you on commencement of the policy.
MINIMUM ADVICE FEE
There are four circumstances where this fee could be levied.
Should you decide not to take up our advice and no product is implemented.
If our advice is that in actual fact your existing plans are sufficient for your needs and therefore no product is implemented.
If we recommend a regular Contribution Savings or Investment plan.
If the banded fee is below £500 (eg. at a 3% charge you are investing less than £16,667), you will then be invoiced for the additional fee to make up the minimum advice fee.
If we arrange an investment on your behalf for £10,000 our Initial Advice and Implementation fee received would be £300 (3% of £10,000). As this fee is less than the Minimum Advise Fee of £500, we would therefore charge you directly the balance of £200. The total fee payable would be £500.
If we arrange investments on your behalf totalling £300,000 our Initial Advice and Implementation fee would be £6,000. As this fee exceeds the Minimum Advice Fee no other charges would be applied. The total fee payable would be £6,000.
If required, this Minimum Advice Fee is invoiced direct to you.
REGULAR CONTRIBUTION SAVINGS OR INVESTMENTS
Once we have made our recommendations, and if you accept them, our Minimum Advice Fee of £500 is then payable on commencement of the policy.
INVOICE PROCEDURE FOR OUR INITIAL SERVICES
If the fee is to be taken from the product, this is paid direct to Darnells Wealth Management Ltd. Where applicable, if the fee is to be paid by you or we are levying our Minimum Advice Fee, our fees are payable within 30 days of the date of our invoice. When an invoice has been outstanding for more than 30 days, we reserve the right to add interest to the fee due at the then current Bank of England base rate until payment is received. We will only accept payments for amounts due to us and will not accept cash payments in any circumstances.
OUR INSURANCE AND PROTECTION SERVICE COSTS (NON - INVESTMENT INSURANCE SERVICES)
We do not charge a fee for our insurance and protection services as we will normally receive commission from the policy provider. You will not be subject to VAT for this service.
Similar to our investment services above, we will provide you with a personal and financial review prior to making our recommendation(s) to you. Should you accept our recommendation(s) we will arrange the implementation of this/these for you. The reasons for our recommendations will also be provided to you in a written report.
Under current legislation our services are not subject to VAT but should this change in future, and where VAT becomes due, we will notify you before conducting any further work.
PART 3 – ONGOING MANAGEMENT SERVICES (IF APPLICABLE) – CHARGEABLE
Our ongoing services and the costs for these are set out in a separate disclosure document – “Ongoing Service Proposition Agreement”.