Fees and commission

How we charge for our services

At Montgomery Charles we feel that true independent impartial advice is best provided by charging a fee for the work we do. We also believe that it is important to align the way we charge with the best interests of our clients. Where possible we will recommend that fees are taken from product we are recommending as often this is more convenient and can have significant tax advantages. There are some circumstances when an up-front fee will be appropriate and where this is the case we will clearly explain the
reason for our recommendation.

Our view is that by charging a specific fee the temptation to choose one product over another is eliminated and it brings the focus on providing the most appropriate recommendation for the client.

However, while we have been charging fees since Montgomery Charles was set up (over 19 years ago), this has not always been the case with other advisers. The Retail Distribution Review introduced the requirement for all advisers to operate on a fee basis with effect from the beginning of 2013, finally bring all advisers into line.

Before undertaking an agreement with an adviser it is important that you fully understand the service that they are offering. Some will charge you for this, either a one off fee or an hourly fee, but we choose to offer our initial meeting at our own cost. By the end of that meeting we can establish how and where we can add value to your current financial circumstances and the extent to which these improvements relate to our fees. We will not recommend proceeding unless we are assured that the cost of advice will be far outweighed by the benefits and where this is not the case we will recommend not proceeding to the next stage.

Once we have determined we can add significant value to your financial position, the next stage is for us to write a comprehensive report clearly
identifying your current position and detailing our recommendations for improving the situation. The complexity of that report will depend on a number of factors such as the number of different pensions and investments you have and whether that advice extends to a personal situation or will include one or more businesses. The cost of this report can be calculated by your adviser so you know the exact figure before committing to action and we ask you to pay half of that cost up front. Many of our clients find this initial report the single most significant aspect of their financial planning future. The second half of the fee is payable when we present the report to you at our offices.

As and when we take action to implement the recommendations outlined in our report we will explain the charges for each transaction and the ongoing costs of keeping you financial situation under review.

Our sole objective is to ensure that the fees you pay are totally transparent, fair, totally aligned to you achieving your objectives and support
in every way the exceptionally high quality service we deliver to each and every one of our clients.