Westminster is a totally independent financial adviser, so we are able to offer you different payment options.
You can either choose to pay us a fee for our advice, or decide that we are paid by commission from the product provider. But remember, levels of commission do not enter into our decision process, and we would never recommend a product because of the amount it pays us. Our decisions are only ever based on what we truly believe is the best for you.
We've outlined the options here, but the best thing to do is have a chat with your adviser and ask any questions you have before making a decision. All fees and commissions are agreed upfront, and no charges are made until everything is clear and finalised.
Paying fees
A fee for our advice is agreed in advance, and is payable whether you decide to take out a product or not.
Paying by commission
Product providers usually pay commission when one of their products is taken out. We can take this as payment, instead of a fee. However, you will still pay product charges, which will be detailed to you in full.
Paying by fees and commission
In some instances, we will also charge a fee as well as receiving commission, but this will be discussed and agreed with you
in advance.
Going direct
You could, of course, avoid fees by going direct to a product provider, instead of through us. However, this won't necessarily save you any money, and might even cost you more. You will still be required to pay product charges, which may well be higher than we quote, as we receive institutional rates, and you might not get the same preferential service and products. You'll also have to undertake your own paperwork and administration, which can take some doing.
Our fee structure
Standard rates of charges
Westminster Financial Planning charges the same rates regardless of the type of product or tax wrapper recommended.
This enables us to provide a truly impartial service to our clients.
Investment Amount | Initial Charge | Annual Charge |
|---|---|---|
| Nil - £150,000 | 4% | 0.85% |
| £150,000 - £500,000 | 3% | 0.85% |
| £500,000 - £1,000,000 | 2% | 0.85% |
| £1,000,000 + | 1% | 0.85% |
For example, if you invest £250,000 our total initial charge would be 3.6% (4% on the first £150,000 plus 3% on the next £100,000).
Fee tariff
The exact fees depend on the individual circumstances and the complexity of the case. We will always agree our fee rates with you at the outset.Our typical charges are listed below:
| Financial healthcheck from | £495 |
| Pension transfer analysis from | £995 |
| Specific review or investigation from | £495 |
Please note that VAT may be charged on fees.
