How we get paid has changed…
Reforms in the financial services industry in 2012 (the Retail Distribution Review) meant that we needed to change the way that we get paid. No longer can we rely on commission type deals but instead now charge our clients directly for the work we do.
Prior to commencing any aspect of our work we need to agree with you the services you would like us to deliver and how you will pay for them. We won’t charge you a fee until we have agreed it with you. You may ask us for an estimate if you’d like to pay an hourly rate and we won’t exceed the estimate without your authority.
If we charge a fee for Understanding and Analysis, whether you buy a product or not, you will pay us a fee for our advice and services, which will become payable upon completion of our work. You will be sent an invoice on completion of the work for any fees due.
Lump Sum Investments
If you decide to appoint us as your Adviser(s) the fees for Advice and Implementation may be deducted from your investment by the provider, or you may pay us direct.
If you elect to receive an ongoing service, we will charge you a percentage of your investments based upon the level of service you have chosen. This will be deducted from your investments.
Paying by fixed fee
Where we charge a fixed fee amount for initial or ongoing services, this may be deducted from your investment or you may pay us direct.
Paying by hourly rate
If the work required to assess your circumstances and provide you with advice is outside our standard charging structure we reserve the right to apply an hourly rate as stated above.
If this applies we will advise you in writing in advance of undertaking any such work and give you and estimate of the total cost involved. This may be deducted from your investment or you may pay us direct.
Regular Premium Investments
If you decide to appoint us as your Adviser(s) the fees for Advice and Implementation may be deducted from your investment by the provider, or you may pay us direct. As with Lump Sum Investments if you elect for an ongoing service the cost of this will be deducted from your investment on an ongoing basis.
Life and Critical Illness Cover
For whole of life and term pure protection insurance (life and critical illness cover) we are paid by commission from the insurer. This means that if you purchase one of these products we will receive commission in addition to any fee indicated above and in addition to any adviser charges/fees you may have been or will be paying Openwork for investment related services. The amount of commission will be disclosed separately should you purchase one of these protection products.