HOW
ARE WE PAID- FEE OR COMMISSION - YOU CHOOSE
At Options for Women, we offer two
ways for you to pay for our service. Each has its own advantages and disadvantages,
depending on your circumstances. We will tell you how much this advice will
cost before we carry out any work on your behalf and reach agreement on
which method you prefer and can afford.
Commission – spread
the cost of advice
This method of payment means that you don’t pay
us any money directly, the company we recommend pays us, but only if you
buy a product. The commission paid to us is taken from deductions made from
the contributions to your plan during its term.
Advantages
 |
You don’t actually
have to pay anything as the commission will be deducted as part of
your plan’s normal charges and is spread over the term of the
policy. |
Disadvantages
|
If you arrange a savings
policy and commission is paid, this is likely to reduce the value
of your investment in the early years. |
Payment by Fees
If advice is to be paid for on a fee basis, the initial hour
is completely free. Thereafter, fees are calculated on an hourly basis.
We will always give you an indication of the final cost before you proceed.
Advantages
|
All your money is contributed
to the plan and there are no deductions for commission. The commission
which would have been paid is reinvested to help with the growth of
your savings. |
|
Alternatively, we offer
the facility where we can charge for our time and use any commission
paid by insurers to offset against the fees. You then either receive
a rebate of commission if this is higher than the fees or we ask that
you pay the balance if the fees are more than the commission. |
Disadvantages
|
If you decide not to
accept our advice a charge (which will have been agreed prior to work
starting) will still be made. |
|
Fees are charged for
any ongoing advice, for example, regular reviews of your financial
arrangements. |
Whether you choose fees or commission, our objective
at Options for Women is to ensure you consider that you have received value
for money and fully understand the cost to you of the advice which you have
been given. Contact Options for Women (a trading
style of Morgan Cameron ILP Ltd and Wright & Shadwell Financial Management)
to discuss the arrangement which suits your needs. |
