Our Charges

Disclosure of charges/fees

All charges/fees will be fully disclosed to you. These will be disclosed in summary form before we undertake any work for you. The precise charges relating to any work or recommendations we make will be confirmed in your suitability report or relevant product disclosure information that is provided to you.

Payment for Services

Whichers IFA Ltd offers you an initial meeting to understand in broad terms your needs and objectives and to agree with you that our services are right for you going forward, the cost of which is met by our firm. Thereafter, we charge for our advice by way of customer agreed remuneration. Our firm does not currently charge VAT.

Investments

Our charges

Our charges relating to new work e.g. client take-on, new investments and one-off reviews are as follows;

Required Service

Charges

Focused Advice: The more time we spend on researching & documenting information the more expensive it can become. This can be deemed unsuitable where you are merely seeking advice on a specific area or small investment. You can request focused for example as follows:Typical Fee

Investigate and research to assess viability of the new pension rules

£1000.

Retirement Options £1000.

Annuity Evaluation £1000.

Financial review to include: assessment of your current financial situation and future aspirations. Assessment of your attitude to investment risk. Review of current investments to assess their suitability in relation to your current needs. Written recommendations. Arranging any recommendations taken up.

3% of any monies invested subject to a minimum charge of £750 i.e. if you were to invest £100,000 our charge would be £3,000.

 

Ongoing Service to ensure our recommendations remain suitable for your ongoing needs

1% of the value of your invested assets will be taken for the ongoing service with reviews i.e. if you had £100,000 invested this would be £1,000pa.

Paying your adviser charge

You can pay our fees by cheque, bank transfer or by deduction from a financial product that you might invest in. We do not accept payments by cash. Please note that if you choose to pay by deduction from a financial product this could reduce the amount left for investment.

Our charges will become payable on completion of our work and should be settled within 28 business days. Please note (as referred to in the table above) a minimum charge may be applied even if you choose not to invest in a product.

Regular premium investments

It will always be our policy to provide you with a separate quote for work when considering regular premium investment (excluding phased investment).

It is our company policy to arrange for the Implementation Fee on regular premium investment to be deducted from the total amount collected by the product provider. We will agree this amount and ask you to confirm this, in our Fee Agreement. Alternatively, we may ask for a separate cheque, payable to our firm, dependent on the premium value considered.

Example of our Regular premium implementation fee

Monthly premium

£50

£75

£150

Monthly fee charged at 3%

£1.50

£2.25

£4.50

Total fee paid (over 120 months)

£180

£270

£540

Ongoing services

We offer three levels of ongoing service designed to provide periodic reviews to ensure that recommended products remain relevant to your circumstances. Details of what is included in each of these services are provided in our Client Services Brochure and also under the ‘Our Services’ tab shown above.

Non-investment Insurance

Payment can be made by fee or commission or a combination of both. You will receive a client specific illustration, which will detail any other fees relating to your particular insurance policy.

In respect of any regular premium protection policy which we have arranged for you, should you subsequently cease to pay premiums on the policy and in consequence we are obliged to refund the commission that has been paid to us, we reserve the right to charge you a fee representing the amount we have to repay, for a period of up to four years after commencement of the policy. We will confirm the exact amount that will need to be repaid by you and the timescale over which it will need to be repaid in the suitability report we will send you when a recommendation is made. We will not charge any such fee if you exercise your right to cancel in accordance with any cancellation notice sent to you by the life insurance company.

Where we use or refer to hourly rate fees, the current rates used are as follows;

Financial Adviser              £200 per hour

Administrator                     £75 per hour