How we are paid
There is no charge for the first preliminary meeting - at this meeting we will establish whether we are able to assist in our capacity as IFAs and also to confirm how we are paid for our services should we be instructed to proceed.
Summary
As IFAs, we operate either on a fee paid by the client or commission paid by the provider.
- For investment including pension contracts- either fee or commission
- Protection contracts- commission only
- Mortgage sourcing and processing, non refundable fee from the client and commission from the lender.
- For research and report presentation a non refundable fee commencing at £350.00
- For the C&A WMP- initial commission or fee.
Further details
At the initial meeting, we will confirm that as IFAs we operate either on a fee or commission basis and we will explain that for investment products, including pensions, once research has been completed and as part of the report that we produce, we will obtain from the proposed provider/s, two projection illustrations, one with and one without commission so that you have a clear understanding of the options open to you.
At that point we can the discuss and agree what route our clients would prefer to take, either fees or commissions with any fees charged being commensurate with the commission, which would have been paid to us by the selected provider. 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.
The majority of our clients prefer the commission route, (this is certainly so for protection contracts where there is rarely any investment basis), which is paid by the selected provider, usually an insurance company or an investment house for the successful placing of business. The commission, which is typically calculated on a percentage of the premiums payable, is included within the provider’s normal product charges.
If we are retained by our clients to conduct research, be this on investment or pensions leading on to the preparation of a report specific to your circumstances, we levy a non-refundable fee which will be based on the complexity of your financial affairs, the value we add, depending on the scope and breadth of individual requirements and the anticipated time it will take to provide the initial advice and its subsequent implementation. Our minimum fee is £350 (no VAT as we are not VAT registered at the present time).
As for the Camilleri & Associates Wealth Management Program, this is a bespoke technology based advice process which allows investment across all the main tax wrappers using WHOLE OF MARKET, contained within a single administration and reporting structure, tailored to our client’s individual requirements.
Once our report has been finalised we can then discuss and agree what route our clients would prefer to take, either fees or commissions with any fees charged being commensurate with the commission, which would have been paid to us by the selected provider.
If you ask us to arrange a mortgage for you, which may include lifetime mortgages and home reversion schemes, our non refundable fee for advising and arranging a mortgage is up to 0.5% of the mortgage advance. The selected lender may also pay us commission.
Your home may be repossessed if you do not keep up repayments on your mortgage.