How we are paid
On receiving an enquiry a preliminary meeting with the client is arranged. The purpose of the meeting is firstly to establish whether we are able to assist with the prospective client’s needs and objectives and secondly to discuss how we would be paid for our services should we be instructed to proceed. This meeting is arranged at our expense, there is no obligation on either side.
After the initial consultation, we will agree with you whether you pay us a direct fee, a portfolio charge 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. We will discuss and provide for you a copy of our Service Standards & Costs Disclosure Document booklet, which outlines the services WestPoint offer and the cost of such services.
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 provider’s 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. Clearly these commissions are a cost to you and we will always ensure that you fully understand the implications of paying through the commission route.
Fees will usually be based on time spent or upon the service which you select form our Service Standards & Costs Disclosure Document as a percentage of the individual investment undertaken or those investments being monitored and reviewed by us as a portfolio. The typical Fee for full Mortgage Advice ranges from £500 to around £1,500, this is dependent upon the amount of work your adviser has to put in to gain the correct mortgage product for you. Fees at present do not attract an additional VAT charge as WestPoint Financial Consultants Ltd is not currently VAT registered. Fees other than those which form a percentage of the portfolio kept under review will be charged at an hourly rate as detailed within our service agreement.
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.