How we are paid
From our initial contact with you we aim to be upfront and transparent about how we are paid.
We will invite you to make a mutually convenient preliminary meeting to establish, firstly, whether we are able to assist with your needs and objectives and, secondly, to discuss how we would be paid for our services, should we be instructed to proceed. There is no obligation on either side at this stage.
At the end of the initial consultation, we will agree with you how you would like us to receive payment for the proposed advice being given. This would be either;
- A fee, based on the work carried out and ongoing service required.
- Commission received from the product provider.
- Combination of both.
Our fees are usually based on the amount of time spent working on your behalf, and are calculated at an hourly rate. For lump-sum investment or pension business an additional fee is payable, calculated as a percentage of the transaction value. Initial commission payable by the product provider will be refunded to you by reducing your product charges or increasing your investment amount. Renewal commission is non-refundable. On a fee only basis our typical fee for arranging a mortgage is 1.5% of the loan amount.
Commission is paid to us by a product provider, usually an insurance company, lender or investment house, for the successful placing of business. This commission is included within the provider's normal product charges, so there is nothing you need to pay us in addition. The amount of commission is based on a percentage of the premiums payable, mortgage amount or sums invested.
Whether we receive a fee or commission, the matter will be discussed and agreed with you. No charges will be made without prior agreement. Your adviser will provide you with an Initial Disclosure Document with Key Facts about our Costs and Services, showing our standard tariff.
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Salus Financial Solutions is authorised and regulated by the Financial Services Authority (http://www.fsa.gov.uk/register/home.do). FSA Registration No: 536575
