How we are paid
There is no charge for a preliminary meeting and no obligation on either side.
After the initial free consultation, we will agree with you how we are paid, either:
- a fee, or
- a commission (paid out of the cost of any financial product you may buy), or
- a combination of fee and commission
Pension schemes normally have an annual fund based management charge of 1%. The provider will pay JB Wealth Management Ltd a commission out of this. If an employee leaves within a certain time scale, the commission is clawed back from JB Wealth Management and not the employee or the employer. The employer is therefore not involved in any direct expense, other than paying the actual pension premiums themselves. The responsibility for giving the right advice is on the IFA, not the employer.
We will always tell you about any commission we earn, and it will be taken into account in working out any fee. If a fee is to be paid it will be based on time spent and evaluated at a rate per hour calculated to recover our costs.
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.