Tel: 01234 270074
How We Are Paid
How We Are Paid For Mortgages
In normal circumstances King Associates would charge an arrangement fee of £295 which covers the placing, arranging and production of the mortgage offer. Thereafter we will be paid a procreation fee by the lender on completion.
How We Are Paid For Financial Planning Advice
Our first meeting with a prospective client is to establish whether we are able to meet their financial planning needs and objectives, and to discuss how we may be paid for our services should be asked to undertake any further work. There is no charge for this initial meeting, and no obligation on either side.
We have already adopted a policy of Customer Agreed Remuneration which will become mandatory in financial services on 1 January 2013. This means that we will agree upon the fee payable for financial advice and implementation, whether it is to be a fixed price or a percentage of an investment, and this can be paid separately or deducted from the amount invested in a product.
Occasionally we may be asked to work on an hourly fee basis, the rates for different levels of advisers and administration staff will be notified before proceeding.
If we are required to implement any financial plans on behalf of a client, our current understanding is that VAT is not payable on fees charged. Where we simply provide a planning report VAT could be charged at 20%.
Non investment products i.e. protection can see a combination of fees and commission which may be agreed if the amount of commission is insufficient to pay for the work carried out on behalf of the client.
Group personal pensions will be a matter of discussion and agreement, no charges will be made without prior notification in writing. Consultancy charges normally apply.