How do I pay for advice?
We get paid for giving advice in one of two ways: fees (for investment business) or for non investment business (Insurance & Protection), commission.
Fees are paid directly by the person receiving the financial advice (you). These fees can be paid directly from you, via cheque for example, or facilitated by the product provider. If facilitated by the product provider, the agreed fee amount would be debited from your initial investment when the funds are received by the provider and the remaining fund then invested.
The recommendation of a product is governed by the suitability to the client, where the product has been sourced from the whole of the market place, acting independently on your behalf; there is no bias in provider recommendations.
Investments, Savings and Pensions
At the first meeting between client and adviser, the adviser, will explain how you will pay for our advice. In all circumstances you will pay us a fee for our advice (rather than a commission from the product provider).
This fee could be a fixed fee depending on the number of hours involved or it could be a percentage of your investment amount. This fee can be paid in a number of ways, such as by cheque, by card or by deduction from your investments. You can agree your preferred payment method with your adviser.
Your adviser will make it very clear what you are paying these fees for (e.g. for a one-off transaction or for an ongoing service). They will also ensure you are happy with the most appropriate method of paying these fees.
You will be told the amount of the fee you will pay. If you decide to go ahead with the recommendation and the policy goes in to force the fees will be incurred at that point, until that time you will not incur any fees payable to our company.
Insurance and Protection
We will normally be paid a commission by a product provider if you choose to take out a product. This commission is based on the premium and term of the policy.
Alternatively, you have the choice of paying a fee to our company, in which case we will refund the amount of commission back to you.
We will not receive this commission until your product is in place.
If you decide to go ahead with the recommendation and the policy goes in to force the commission will be incurred at that point, until that time you will not incur any fees payable to our company.
James Brewster Financial Services Ltd does not charge for mortgage arrangement. There will normally be a commission paid by the mortgage provider.
The commission is paid by the mortgage provider to us when your mortgage completes. We do not receive this fee if your mortgage does not complete.
You will be told the amount of commission we will receive from the mortgage provider.
*Your home may be repossessed if you do not keep up repayments on your mortgage
What does ‘Independent’ mean?
There are two types of financial adviser in the UK: restricted and independent. James Brewster is independent.
Independent Financial Advisers (IFA) provide advice to their clients on savings, investments, pensions and mortgages as well as other financial matters, and recommend suitable financial solutions sourced from across the whole of the market place.
- We work independently on behalf of our clients
- We are professionally qualified
- We are Regulated by the Financial Conduct Authority (FCA)
- We are truly independent and not tied in any way to any company or provider
What happens in the first appointment with us?
The first meeting will be at a time and place that best suits you.
Together we will complete a questionnaire that forms a record of your current financial circumstances and your future goals. We will also explain our terms and conditions of business.
Then we’ll give you a brief outline of how we think we can help you. You will be under no obligation to engage us.
What is risk profiling?
Before we can identify the best investment strategy for you we need to understand your goals and requirements. As a first step we’ll work with you to identify the level of risk you feel comfortable taking when considering the potential for returns.
As individuals we’re all very different so measuring your attitude to risk compared to another person needs to be done in a way which is independent, scientific and robust – but above all in a way that makes it crystal clear to you what the implications would be for your financial plan. That’s why our process produces a risk score from 1 (least risk) to 10 (most risk) which acts as the basis for discussions which will allow you to determine the risk level best suited to your needs.