Our fees
Different advisers charge for their services in different ways. There has been a great deal of debate recently about the real cost of commission and how this risks incentivising some advisers to recommend an unsuitable product.
We always charge pre-agreed transparent fees for the professional advice, implementation and review services we provide.
If we receive commission from any product provider, we always pass on the full value of that commission by reducing your fees, reducing your product charges or (where permissible) refunding that commission payment to you.
First meeting
The initial meeting is always held without charge or obligation.
Following this first meeting we will write to you with a detailed engagement letter describing the specific services we will provide and the fees for these services. We will never charge you anything until you have agreed how we are to be paid by signing a copy of the engagement letter.
Our fees are charged in three separate areas:
Advice
We charge you a fixed project fee for the acquisition and analysis of data, and the provision of a written report and recommendations, presented to you so you have the opportunity to ask any supplementary questions.
Our advice fees typically range from £495 to £1,250, depending on the complexity of the work involved and the level of expertise required. We will tell you the precise fee for advice in your engagement letter.
Our advice fee is payable on completion of the advice activity, either by invoice or an agreed offset of commission if we go on to implement a financial product. If we do not carry out any implementation activity, this is the only fee you will pay.
Implementation
In addition to the advice fee, we typically charge an implementation fee of 2% of the amount invested, with a minimum charge of £250. This implementation fee is usually paid through an agreed offset of commission when we implement a financial product on your behalf.
For larger investment portfolios, typically those in excess of £1,000,000, we usually reduce our implementation fee.
Whilst we charge fees in respect of the majority of financial products that we implement for our clients, our implementation fee for arranging life assurance is the payment of commission on a ‘non-indemnity’ basis. This is subject to a minimum implementation fee of £250. We will always disclose to you the precise amount of commission to be paid before you make an application.
Review
If you require an ongoing review service, we charge a fee of between 0.5% and 1.0% of the value of investments under management, with a minimum charge of £375 per annum. Our review fee can be paid by monthly or quarterly standing order, invoiced annually or deducted directly from your investment portfolio.
The review fee pays for the ongoing relationship which will include at least one formal annual review report and meeting to discuss any changes you might need to make to your financial plans. Included within this review fee is the cost of any portfolio rebalancing or fund switching recommendations.
Get in touch
Please do call us on 01483 274566 or email hello@icl-ifa.co.uk with any questions you have. We welcome the opportunity to meet with you and discuss your requirements for independent financial advice or planning in greater detail.
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