How we are Paid
On receiving an enquiry we invite a prospective client to come to our offices for a preliminary meeting. 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.
After the initial free 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 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.
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.
If you ask us to arrange a mortgage for you no fee will be payable at outset – however £95 will be payable when you apply for a mortgage (payable to Virtual Net Europe Ltd) we will also be paid commission from the lender after completion of mortgage. A fee of £295 will be be payable if you are having a mortgage or remortgage arranged which is classed as adverse credit mortgage due to the fact that you have had previous or current payment difficulties. This is payable on completion of the mortgage application in addition to the £95 application fee detailed above. These fees are non refundable under any circumstance. You will receive a key facts illustration when considering a particular mortgage which will tell you about any fees relating to it.
Please read our Privacy Statement before completing any enquiry form or before sending an email to us.
