How we are paid
The key points:
- We are a fee based firm - we work for you, not a product provider
- You determine how we get paid, not us, and
- You will be made fully aware of any fees in advance, so there will never be any surprises.
Cavendish Ware is a fee based advisory firm. What does this mean? We firmly believe that for our advice to be clearly recognised as truly independent, which it is, the basis of our remuneration should be agreed betwen ourselves and our clients, as it would also be the case for an accountant or solicitor.
In order for us both to ascertain whether we feel we can, and indeed want to, work together, we would hold a preliminary meeting with a client. The purpose of the meeting is firstly to establish whether we are able to assist with the prospective clients needs and objectives and secondly to discuss how we would be paid for our services should we be instructed to proceed. There is no charge for this preliminary meeting and no obligation on either side.
If we agree that we want to work with each other, the fee structure will depend on the type and nature of the work undertaken. This may be on a fixed fee for an agreed plan of work, time costed , retainer based or assessed on value. At all times, we will ensure that you are fully aware of any costs involved, before a commitment is made.
Where we move on to implement the financial plan by arranging, for instance, a life policy, investment or pension plan, we may be given an option to be paid commission by the provider, usually an insurance company or an investment house for the successful placing of business. We will always tell you about any commission we can earn, and it will be taken into account in working out our fee. Many clients ask us to take the commissions and offset them against the fees due. Whether we take our remuneration by way of commission or fees will be a matter of discussion and agreement with you, and no charges for fees will be made without prior notification in writing.
Our aim is to build long term relationships with our clients, so any remuneration structure has to be perceived as being fair by both sides, and we firmly believe that this has to be an open and honest discussion, and that a fee based approach is the best way of achieving this.