How we are paid
On receiving an enquiry we invite a prospective client to come to our offices for a preliminary meeting. The purpose of the meeting is firstly to establish whether we are able to assist with the prospective clients needs and objectives and secondly to discuss how we would be paid for our services should we be instructed to proceed. There is no charge for this preliminary meeting and no obligation on either side.
After the initial free consultation, we will agree with you whether you pay us a fee, or we are paid out of the cost of any financial product you buy (adviser charge). We will always tell you about any fees and charges we make.
Commission is paid no longer to an IFA firm by a provider, usually an insurance company or an investment house for the successful placing of business. Adviser charges are included within the providers normal product charges, so there is nothing you need to pay us in addition. The amount of charges are based on a percentage of the premiums payable or sums invested.
Fees will usually be based on time spent and evaluated at a rate per hour calculated to recover our costs, currently £180 per hour. Fees can attract an additional VAT charge whereas commissions, under current legislation, do not; however we are currently not VAT-registered so no VAT is payable. We will always tell you about any charges we make and agree these with you.
N J Leeson & Co charges a minimum of £500 for taking on a new client or arranging a mortgage. This is usually offset by the commission payable on the product we arrange for you. Should you withdraw from a mortgage arrangement after we a successfully obtained a viable mortgage offer that suits your stated needs, then a withdrawal fee of £200.00 is payable.
Whether we take our remuneration by way of adviser charges or fees will be a matter of discussion and agreement, and no charges for fees will be made without prior notification in writing