How We Are Paid
As a commercial organisation we do, of course, have to be paid for the work we do. We have considerable ongoing costs for running the business, not the least being the significant costs imposed by regulators for compliance.
We also have to make some profit so that we can earn some income and live, and stay in business to continue helping our clients.
As independent advisers we offer our clients the choice of paying by fee or commission, or sometimes a combination of both. If we are arranging a product such as a new investment, pension or insurance contract the product provider usually pays us an introductory commission, which is fully disclosed to you. If you prefer, this commission can be rebated into the contract and you can pay us by fee instead, which is usually around the same as the commission amount. Some people don’t want to pay us from their own pocket and prefer the idea of paying by commission, which is effectively taken in charges within the contract.
We are flexible and will be happy to discuss the options with you. If you pay by fee we prefer to charge a fixed amount, so that you know the bottom line and we know how much we will receive. Some type of work will need to be charged on an hourly rate and we will agree a maximum number of hours with you, which we will not exceed without your agreement, so that you know how much you’re in for. Reports, such as retirement planning and inheritance tax planning have to be paid for by fee.
There is no charge for you to give us a call and to discuss your situation and requirements. If we can help you we’ll agree how we will be paid and if you’re happy we’ll get on with things. If we can’t help you, or you’re not happy with the amount/method of payment, you’re free to go elsewhere, no hard feelings.
"There is hardly anything in this world which some man cannot make a little worse and sell a little cheaper, and the people who consider price alone are this man's lawful prey, as it is as unwise to pay too much as it is to pay too little.
When you pay too much you lose a little money, that is all.
When you pay too little you sometimes lose everything, because the thing you bought was incapable of doing the job it was supposed to do.
The common law of business balance prohibits paying too little and getting a lot - it cannot be done. If you deal with the lowest bidder it is as well to add something extra for the risk you run, and if you do that then you will have enough to pay for something better."
John Ruskin, 1819-1900
Ruskin was the greatest British art critic and social commentator of the Victorian Age. His ideas inspired the Arts and Crafts Movement and the founding of the National Trust, the Society for the Protection of Ancient Buildings, and the Labour Movement. He fiercely attacked the worst aspects of industrialisation and actively promoted art education and museum access for the working classes. His prophetic statements on environmental issues speak to our generation as well as to his own.