How we are paid
On receiving an enquiry we would invite a prospective client to arrange a preliminary meeting or a convenient time for a further discussion. The purpose of the meeting or discussion 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.
When providing advice and arranging mortgages, we will give you the option of paying either :-
- An initial fee of £100, which is only refundable on completion of the mortgage and its completion produces an income from the lender of at least £750 for WFS Consulting Ltd.
- An initial fee of £500 and a further £750 payable on completion of the mortgage. There will be no refund of the initial £500 if the mortgage does not complete. Any commission paid to us by the lender will be refunded to you.
You will receive a keyfacts illustration when considering a particular mortgage, which will tell you the commission it will generate for WFS Consulting Ltd and any other fees payable to the lender."
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.