We have always been strong advocates of fee-based financial advice. Any situation where the fee can vary according to which product is recommended cannot be in the best interests of the client. That standpoint has now been adopted by the industry as a whole and encouraged by the FCA’s ban on commission payments.
We only charge for the services you want
However, the debate about fees has now moved on, centering around when fees should be payable and at what level. Many firms have now introduced fees for meetings even if you don’t follow through with their advice. There has also been a trend to increase fees despite more work being outsourced to third parties.
Our view is meetings should be free and you should only pay a fee for those services you actually use. That’s why our initial meeting, using Skype, email or telephone, is free with no obligation to do anything further. Beyond that meeting, we only charge a fee for those parts of our service you want. In addition, you will have the choice of how you pay those fees – directly to us or through the product (assuming that option is available).
To protect smaller investors we have introduced a Price Promise. This caps the total charge, thus avoiding the disproportionate effect of fixed fees on smaller pensions. For details, see Step Four in the above links.
Finally, we have kept our fees at the same level for many years and intend to continue doing so.