There is usually no charge for the first preliminary meeting.

Essentially, at the first meeting you will be given clear information about the type of advice and level of service being provided by the adviser and how much it will cost. You will be given details on how firms are regulated by the FSA, the range of products they are authorised to advise on and sell and any information your IFA is required to give you. The details outline the type of products the firm offers advice on e.g. pensions, investments, protection, mortgages and insurance and the documents explain whether the firm offers products from the whole of the market, a limited number of companies in the market or just one company or group of companies

There will always be a cost for your adviser’s service, as like any other business arrangement, you are benefitting from their expertise. Customers pay for advice in three main ways:

• Fees

By paying the adviser a fee, either at an hourly rate or through a fee for the whole process.. This is known as ‘fees only’ advice. Fees vary, typically from £100 to £350 an hour depending on where you are in the country and the qualification level of the financial adviser and the service provided. A fee for mortgage advice, application and administration is typically £395.

• Commission

We will always tell you about any commission we earn and the cost of this commission paid out by the provider will normally be factored into the price or your product – or in the case of mortgages, into the rate you pay. These commissions vary with different products and providers but will be documented on the Key Facts Illustration (KFI) you receive from the adviser.

• Fees and Commission   

By paying a combination of fees and commission. The adviser will rebate back into the financial products or hand to you some or all of the commission or offset it against the fee.

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.