Customer Classification. The type of client category will determine the levels of protection afforded to you under the Financial Services and ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇. Unless we notify you in writing to the contrary, we will be treating you as a “retail client”. This means that you are afforded the highest level of protection under the regulatory system and should have the right to take any complaint to the Financial Ombudsman Service. This agreement is personal to you and not assignable. Any advice or recommendation that we offer to you, will only be given after we have assessed your needs and considered your financial objectives and attitude to any risks that may be involved. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider. We require our clients to give us instructions in writing, or we may confirm our understanding in writing (by post or by email) in order to avoid possible disputes. This will usually be in the form of a proposal or application form. We will, however, accept oral instructions in certain instances provided they are subsequently confirmed in writing. We will issue any documentation/recommendations and any other communication to you in English (unless agreed otherwise). Full details of the products we recommend to you including, for example, the minimum duration of the product, information on your right to cancel or whether no right to cancel exists, and any other early termination rights and penalties, will be covered in the relevant product disclosure information you will receive before conclusion of any contract. In the event of the firm assisting you in the completion of any investment or insurance application or policy proposal forms you will bear full responsibility for the accuracy and completeness of the information entered on such forms. Therefore you must understand that inclusion of incorrect information or omission of any material facts may result in the insurance, investment or policy to which the application or proposal relates to being adversely adjusted, made void and/or any claim(s) made against it being refused. The advice we give you will be based on the information you have given us and your stated investment objectives including the degree of risk you will accept. It is your responsibility to advise us on any changes. We may accept instructions from and give information to third parties or your other advisers on your behalf where you have confirmed in writing we may do so. We cannot accept any responsibility for errors in information supplied by such persons. Where you are a trustee, director or officer of any trust, corporation or LLP requiring advice you warrant to us that you have full authority to act on behalf of the same and there are no restrictions on the limits of our advice of which we have not been made aware. We will not be responsible for advising on compliance with your trust, trustee, director or officer obligations. Please note that any products we have arranged for you will only be kept under review as part of an agreed ongoing service for which you agree to pay. Please be aware that investments can fall as well as rise, and that you may not get back the full amount invested. The price of investments we may recommend may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. Past performance is not necessarily a guide to future performance. Specific warnings relevant to the investments, investment strategies or other products we recommend will be confirmed to you in your suitability report. The Cost of Our Services For the provision of our professional wealth management and advice services, you will pay for our services by either a fee or a combination of fee and/or fee by payment facilitation through product charging. We will discuss your payment options with you and answer any questions you have. Prior to commencing any aspect of our work we need to agree with you the services you would like us to deliver and how you will pay for them. No charge will be made until it has been agreed with you. The payment options available to you vary according to the different product types (please see table below). Value added tax may be payable on some or all of the work we do. We will inform you if you have to pay VAT and, if payable, you will be sent an invoice on completion of the work done for any charges due. Investment Advice – Our Payment Options For annual review clients’ an additional monthly fee may be payable £50 Our Hourly Rates Financial Adviser £160/hour Specialist Technical Advice (e.g. Pension Transfers, Pension Income Drawdown, Inheritance Tax Planning) £250/hour Technical Administration £120/hour Administration £80/hour Our Fixed Fees Initial Meeting Free Pensions Review £750 Pensions Switching Report £1,250 Investment Report – Generic £750 Investment Report – Specific £1,250 Inheritance Tax Report £1,250 Retirement Options Report – Generic £750 Retirement Options Report – Specific £1,250 Amount Invested Percentage Fee Up to £200,000 3.0% £200,001- £500,000 2.5% £500,001- £1,000,000 2.00% Above £1,000,000 1% Ongoing Services There will be an ongoing service fee applicable, which is charged at a percent of your investment and will be no greater than 1% per annum. Payments are made by your investment provider and could be made monthly, quarterly or annually. But will always total the agreed percentage per annum. Example: For a Fund Value of £100,000 and a fee of 1%. A payment of £1,000 would be due per annum. Pure Protection Products Commission will vary dependant, upon several factors. (Please see page 8.) Alternatively you can opt to be charged at the above hourly rates. If you were to pay £20 per month towards a Critical Illness policy we may receive a commission of 3% of the sum assured (£100,000) and 0.5% of the sum assured (roughly £500 every year) Example of Our Fees Based on a Percentage of Funds Invested These fees are indicative only and in any event are subject to review annually on 1st January. In cases that we deem to be complex in nature, our fees may be higher than our stated rates. However we will always provide you with a breakdown of our estimated fee and agree this with you prior to undertaking any work. You may wish to set a fixed amount of fees that cannot be exceeded without further reference to you, in which case please speak with your Adviser. Where charging a fixed fee we will provide you with a fee agreement showing the actual fee that will be payable for the agreed service being provided. Where charging an hourly rate we will provide a letter of engagement to indicate how much we might charge in total. Aggregated Charges & Costs We will add together all the costs and charges payable in relation to the service we are providing you with (initial and/or ongoing) so that you are able to understand the overall costs of our services and recommendations. This is referred to as aggregated costs and charges information. Our advice charges will be agreed with you in our letter of engagement and aggregated costs and charges will be confirmed to you in our suitability report before any transaction is completed. Settling Your Adviser Charge
Appears in 2 contracts
Sources: Client Agreement, Client Agreement
Customer Classification. The type of client category will determine the levels of protection afforded to you under the Financial Services and ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇. Unless we notify The firm proposes to classify you in writing accordance with FCA rules as a Retail Client and the regulatory protection available to the contrary, we you will be treating you as a “retail client”. This means that you are afforded the highest level of protection under the regulatory system and should have the right to take any complaint to the Financial Ombudsman Serviceavailable. This agreement is personal to you and not assignable. Any advice or recommendation that we offer to you, will only be given after we have assessed your needs and considered your financial objectives and attitude to any risks that may be involved. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider. We require our clients to give us instructions in writing, or we may confirm our understanding in writing (by post or by email) in order to avoid possible disputes. This will usually be in the form of a proposal or application form. We will, however, accept oral instructions in certain instances provided they are subsequently confirmed in writing. We will issue any documentation/recommendations and any other communication to you in English (unless agreed otherwise). Full details of the products we recommend to you including, for example, the minimum duration of the product, information on your right to cancel or whether no right to cancel exists, and any other early termination rights and penalties, will be covered in the relevant product disclosure information you will receive before conclusion of any contract. In the event of the firm assisting you in the completion of any investment or insurance application or policy proposal forms you will bear full responsibility for the accuracy and completeness of the information entered on such forms. Therefore you must understand that inclusion of incorrect information or omission of any material facts may result in the insurance, investment or policy to which the application or proposal relates to being adversely adjusted, made void and/or any claim(s) made against it being refused. The advice we give you will be based on the information you have given us and your stated investment objectives including the degree of risk you will accept. It is your responsibility to advise us on any changes. We may accept instructions from and give information to third parties or your other advisers on your behalf where you have confirmed in writing we may do so. We cannot accept any responsibility for errors in information supplied by such persons. Where you are a trustee, director or officer of any trust, corporation or LLP requiring advice you warrant to us that you have full authority to act on behalf of the same and there are no restrictions on the limits of our advice of which we have not been made aware. We will not be responsible for advising on compliance with your trust, trustee, director or officer obligations. Please note that any products we have arranged for you will only be kept under review as part of an agreed ongoing service for which you agree to pay. Please be aware that investments can fall as well as rise, and that you may not get back the full amount invested. The price of investments we may recommend may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. Past performance is not necessarily a guide to future performance. Specific warnings relevant to the investments, investment strategies or other products we recommend will be confirmed to you in your suitability report. The Cost of Our Services For the provision of our professional wealth management and advice services, you You will pay for our services by either a fee or a combination of fee and/or fee by payment facilitation through product charging. We will discuss your payment options with you and answer any questions you have. Prior to commencing any aspect of our work We will not charge you until we need to agree have agreed with you the services you would like us how we are to deliver and how you will pay for thembe paid. No charge will be made until it has been agreed with you. The For payment options available relating to you vary according investment advice, please refer to the different product types (paragraph 13. For payment options relating to insurance advice, please see table below)refer to paragraph 14. Value added tax may be payable on some or all of the work we do. We will inform you if you have to pay VAT and, if payableis applicable. When paying by fee, you will be sent pay us for our advice and services (whether you buy a product or not) at an invoice on completion of the work done for any charges due. Investment Advice – Our Payment Options For annual review clients’ an additional monthly fee may be payable £50 Our Hourly Rates Financial Adviser £160/hour Specialist Technical Advice (e.g. Pension Transfers, Pension Income Drawdown, Inheritance Tax Planning) £250/hour Technical Administration £120/hour Administration £80/hour Our Fixed Fees Initial Meeting Free Pensions Review £750 Pensions Switching Report £1,250 Investment Report – Generic £750 Investment Report – Specific £1,250 Inheritance Tax Report £1,250 Retirement Options Report – Generic £750 Retirement Options Report – Specific £1,250 Amount Invested Percentage Fee Up to £200,000 3.0% £200,001- £500,000 2.5% £500,001- £1,000,000 2.00% Above £1,000,000 1% Ongoing Services There will be an ongoing service fee applicable, which is charged at amount or a percent of your investment and will be no greater than 1% per annum. Payments are made by your investment provider and could be made monthly, quarterly or annually. But will always total the rate agreed percentage per annum. Example: For a Fund Value of £100,000 and a fee of 1%. A payment of £1,000 would be due per annum. Pure Protection Products Commission will vary dependant, upon several factors. (Please see page 8.) Alternatively you can opt to be charged at the above hourly rates. If you were to pay £20 per month towards a Critical Illness policy before we may receive a commission of 3% of the sum assured (£100,000) and 0.5% of the sum assured (roughly £500 every year) Example of Our Fees Based on a Percentage of Funds Invested These fees are indicative only and in any event are subject to review annually on 1st January. In cases that we deem to be complex in nature, our fees may be higher than our stated rates. However we will always provide you with a breakdown of our estimated fee and agree this with you prior to undertaking commence any work. You Our fees may include VAT. Where this is the case you will be informed and invoiced accordingly. Our standard charges are broken down as follows: Initial meeting to explain what it is we do and to obtain information about you that will allow us to establish if we can assist you and indeed that you want our assistance. No charge At the end of the meeting we will agree how you wish to set a fixed amount of fees that cannot be exceeded without further reference to you, in which case please speak with your Adviser. Where charging a fixed fee we will provide you with a fee agreement showing the actual fee that will be payable for the agreed service being provided. Where charging an hourly rate we will provide a letter of engagement to indicate how much we might charge in total. Aggregated Charges & Costs We will add together all the costs and charges payable in relation to the service we are providing you with (initial and/or ongoing) so that you are able to understand the overall costs of our services and recommendations. This is referred to as aggregated costs and charges information. Our advice charges will be agreed with you in our letter of engagement and aggregated costs and charges will be confirmed to you in our suitability report before any transaction is completed. Settling Your Adviser Chargeproceed.
Appears in 1 contract
Sources: Client Agreement