Accredited Financial Planner Beaconsfield | Midas Fides Fees & Commissions

Bespoke Fee Agreements

As your own circumstances, objectives and measures of success will be unique to you, I agree a personally negotiated bespoke fee agreement with you to reflect your own situation, rather than offering a "take it or leave it, one size fits all" fee proposition.

The agreement is drafted in advance of any advice being given, within certain parameters, including:

  -  All fees are agreed with and paid for by you - no hidden or fixed product commissions financed from other investors'pooled funds.

  -  No free advice or recommendations. The advice is valuable and the process skilled, so is chargeable.


  -  No provider-discretion or influence over adviser remuneration. You control it.

  -  Your choice of fee basis does not "colour" the nature of the advice. I am not working to a     
      "production target", so don't have quotas of certain "products" to sell, or a greedy sales manager to satisfy, as some advisers do.


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Your adviser, David Gunnersen, trading as Midas fides, is fully independent, which means that:
  • I have access to all available products and services from the whole available market, and am not restricted to just a limited number of providers
  • I am not owned by, or associated with any provider of investments, insurance etc.
  • It is beneficial to you that I am a business owner rather than a disinterested employee of a large organisation, because you know that my interests are very much aligned with yours. I rely upon my clients' continued loyalty and goodwill for my existence, so would be most unlikely to betray the trust placed in me, or act negligently. When surveyed, my clients unanimously agreed that they want my business to remain solvent so that I can continue to deliver service. They are happy with the ongoing fee remuneration basis.
  • I continually research all available providers and products through specialist licensed research software tools, on an individually bespoke basis
  • I have a legal duty to give “suitable” advice drawn from the whole market, tailored to your circumstances
  • I choose to give “best advice”, which means that I am able to demonstrate that in all cases my recommendations are either demonstrably the best, or if this is impossible to prove, that they are at least as good as available alternatives on available evidence
  • I only work on the basis of professional fees, agreed in advance by the client in a written and signed “Letter of Engagement” to remove commission bias and reinforce the impartiality and expertise of the advice.
The Fee choices:

  - Fees invoiced directly to client, payable by cheque, or facilitated through product/portfolio provider.

For investment/pension portfolios and reviews:

Either:


 - Initial fee expressed as percentage of "funds advised on"

or:

  - 
 hourly rate for time spent.

AND:

 -  A regular review and servicing fee for reviews either six monthly or annually, calculated as
    ½% per annum of funds advised upon and/or basis to be agreedClick to testimonial

For Tax Planning/Mitigation and Estate Planning Exercises:

Either:


i) A fee expressed as a percentage of the amount of tax that would be saved if the strategy recommended is adopted and is known to be effective

Or:

ii. A fee expressed as a single agreed flat amount for delivery of the advice

For an Holistic Lifetime Financial Planning Review and ongoing servicing:

  -  A one-off fixed amount initial fee, and an agreed annual review fee. Both of these can be included as part of a portfolio review where appropraite; or can be offered as a separate stand-alone service proposition.

NB: In all cases the fee/commission basis agreed does not influence the nature of the advice.
The “free advice on commission-only” basis is not available, as this is incompatible with impartial expert best advice, and is merely product salesmanship.
Any commissions-to-be-earned are disclosed in advance of the transaction.
All fees are subject to a minimum of £1,000.00 per client per advisory exercise.
A bespoke Letter of Engagement will be prepared and offered to you for agreement after we have agreed on which basis you wish me to advise you, setting out my understanding of your situation, objectives, and my remit.
Fee agreements can be cancelled by either party but liability is not cancelled retrospectively if chargeable work has been done.
Liability for the pre-agreed fee is not contingent upon acceptance or implementation of the advice, and is chargeable on delivery of the recommendations.

It is possible, if you wish, to have more than one “Letter of Engagement”, or for the one “Letter of Engagement” to set different fee bases for different aspects of your financial planning.

For example, for the investment of new funds and/or review/re-arrangement of existing portfolios, you may wish to have the fee quantified as a % of “funds advised on”; but for ongoing lifetime holistic financial planning may prefer the “hourly rate”.

You can also specify different risk/reward tolerances, and therefore have different asset-allocations for different aspects of your financial planning (eg safer, low-risk for pension funds, but more adventurous for ISAs).

I should also point out that fee income is Midas Fides' main income, not the "icing on the cake" or an occasional bonus. It is also not clear profit -  the overheads are significant due to mandatory regulatory levies, fees and subscriptions required by the Regulator, not least to compensate clients of less diligent advisers.


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