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Clear Financial Solutions (midlands) Ltd

Costs

What we do & how we charge

 

We are a financial planning business, focused on helping you understand and plan for your financial future. This information is designed to give you an idea of:
• What we do and how we do it (our services)
• What it’s likely to cost and how you can pay us

 

This document provides details about our services to you and how we charge, so it’s important that you read it fully. If there’s something you don’t understand please ask us to explain it.

 

Our services

Whatever financial decisions you have to make, the first step towards making the right decisions is to establish a clear understanding of your financial needs.

 

People seek financial advice for many different reasons so it’s important that we understand exactly who you are and what you want to achieve. At our first meeting we’ll gather information about you to help define your needs and priorities.

 

Our services include:

 

Financial planning: It’s important to identify what you might want to achieve and how you can do this. We can help you to identify your goals and create a plan for your finances to help you achieve them.
Retirement planning: It’s important to know whether the money you are saving towards retirement will provide you with sufficient funds to meet your retirement objectives. We can work with you to proactively plan for your retirement and help you decide on the options available once at retirement.
Protection planning: Most of us want to protect the things that are important to us, our family, business and quality of life. Protection planning can help to provide peace of mind in the event of your income changing due to unexpected events. We can help you plan for the best way to protect you, your family or your business.

 

We’ll only start work once we have agreed our services and charges with you. We’ll give you a copy of our Client Agreement - investment and protection (terms and conditions) which will set out the services we have agreed to provide and confirm how much this will cost.

 

We’ll only start work once we have agreed our services and charges with you. We’ll give you a copy of our Client Agreement - investment and protection (terms and conditions) which will set out the services we have agreed to provide and confirm how much this will cost.

 

Our advice
We offer restricted investment advice. Where we provide protection planning services we are an insurance intermediary and will provide advice which is based on a fair and personal analysis of the market. This means that we consider a wide range of financial strategies and products. We are constantly reviewing the market to ensure that the services and products we offer are appropriate for our clients.

 

Where we recommend particular investment strategies and products to you, these will be selected based on your personal circumstances, financial goals and objectives. We’ll consider a number of factors, including the services you need, the cost of investing, how much risk you are prepared to accept in an investment product and how much of a drop in its value you could withstand.

 

The areas we can advise on include:

 

Open ended investment companies

Enterprise investment scheme

Phased retirement & income drawdown

Unit trusts

Structured products, incl. structured deposits

Term assurance

ISAs

Venture capital trusts

Critical illness cover

Investment bonds

Pensions

Income protection

Exchange traded funds

Annuities

Long term care

Investment trusts

 

 

We don’t provide advice in relation to individual share holdings. If this is something you need assistance with, we can refer you to a stockbroker. We also don’t provide advice on options, futures and other derivative contracts as we believe that these are unlikely to be suitable for our clients.

 

Our charges

 

The way we are paid for our services may depend on the type of advice given. Typically this will be:

• Investment business: fees agreed and paid by you
• Insurance business: fees agreed and paid by you or commission payable by the insurance provider, which is a percentage of the total annual premium

 

More details on these options and how they are paid are found in the following sections on initial and ongoing charges.

 

Our charges fall into three categories:
• Initial charges: these are the upfront costs of our services. We offer several types of initial service depending on your needs.
• Ongoing charges: once your financial plan is in place it’s important to keep it under review so it can be adapted, where necessary, as your circumstances change. Our ongoing services are designed to do this.

 

Our actual charges and fees (in pounds and pence) will be agreed with you before we do any work and we’ll explain your payment options too. We’ll also let you know where any fees are subject to VAT.

 

Our actual charges and fees (in pounds and pence) will be agreed with you before we do any work and we’ll explain your payment options too. We’ll also let you know where any fees are subject to VAT.

 

Initial charges

 

Service description

Charges

Financial planning


This service includes:

• An initial meeting to find out more about you (we don’t charge for this initial meeting)
• Agreeing your financial goals and objectives
• Establishing your attitude to and understanding of risks
• Reviewing your current plans, investment and assets
• Undertaking research to identify appropriate plans and solutions
• Assessing the potential impact of key events on your plans (cash flow modelling)

• Providing a personalised report and recommendations
• A face to face meeting to discuss our recommendations
• Implementation of agreed recommendations

We’ll always present you with a personalised quote before undertaking any work that might be charged for. Our charges are based on the following hourly rates:

 

• Adviser: £155 per hour: Responsible for establishing your circumstances, needs and financial objectives and recommending a suitable financial solution.
• Administrator: £45 per hour: Responsible for sending out paperwork and requests for information.

 

Here’s an example of our average charges in relation to an investment of £200,000:


• Adviser: 5 hours @ £155 per hour = £775
• Administrator: 5 hours @ £45 per hour = £225
• Total cost = £1,000

Retirement planning

 

This service includes:
• As above for the financial planning service, but with a focus on retirement planning

We’ll always present you with a personalised quote before undertaking any work that might be charged for. Our charges are based on the following hourly rates:

 

• Adviser: £155 per hour: Responsible for establishing your circumstances, needs and financial objectives and recommending a suitable financial solution.
• Administrator: £45 per hour: Responsible for sending out paperwork and requests for information.
Here’s an example of our average charges in relation to a defined benefit pension transfer of £750,000:
• Adviser: 20 hours @ £155 per hour = £3,100
• Administrator: 10 hours @ £45 per hour = £450
• Total cost = £3,550

Note: Referral to a discretionary management As part of our financial planning and retirement planning services we may decide it’s appropriate to recommend holding some /all
of your investments with a Discretionary Fund Manager (DFM), a professional manager appointed to monitor your portfolio and make investment decisions on your behalf.

We do not charge you separately for work to establish the relationship between you and the DFM.

Protection planning


This service includes:

• As above for the financial planning service, but with a focus on protection planning

We are paid by commission; we’ll tell you the amount before we carry out any business for you.

   

Payment options

 

Initial charges can be paid in a number of ways:
• Cheque or electronic transfer (unfortunately, we cannot accept payments by cash).
• Payment via deductions from the financial product(s) you invest in or (if relevant) deductions from the amount invested with a discretionary fund manager (DFM). Most product providers
/ DFMs offer this facility but using it will reduce the amount you have left to invest and may, depending on your circumstances, have other consequences (we’ll discuss this with you beforehand).
• For investments held on a platform (an online investment administration service) you may choose to pay our charges out of the funds held in the platform cash account, although it’s important to maintain sufficient funds in the account to cover our charges as they become payable.

Ongoing charges
Our ongoing services are optional. If you agree to purchase an ongoing service, unless otherwise agreed, the service will be provided as a follow up to the initial service.

 

Ongoing service

Ongoing charges

Annual review
This service includes:

• An annual face to face or telephone meeting (your choice) with your adviser
• A review of your financial goals and objectives
• An up to date valuation of your current investments
• A review of how your investments are invested
• Assessing the potential impact of key events on your plans (cash flow modelling)
• Implementation of agreed changes
• A report setting out the results of the review and confirming any changes made
• Half yearly written valuation posted to you
• Half yearly client newsletter
• Telephone support when required

Our annual ongoing charge for this service is 0.65% of funds under management subject to a minimum fee of £650 per annum. For those clients with funds under management of more than £750,000 we apply a discretionary discount to the charge based upon the required level of service. Typically this reduces the ongoing charge to 0.55% per annum of funds under management. If funds under management exceed £1m the typical charge is reduced to 0.4% and to 0.3% for funds over £2m.
• For a fund of £75,000, our fee would be our minimum fee = £650 per annum
• For an fund of £500,000 our fee would be 0.65% of £500,000 = £3,250 per annum
• For a fund of £1.25m our fee would be 0.40% of £1.25m = £5,000 per annum
• Please note that our charges will increase as the value of your investment funds increases.

Discretionary review
Where some of all of your funds are invested with a Discretionary Fund Manager we will help to manage the relationship between you and the DFM.
This includes:
• Reviewing the DFM’s performance on a quarterly basis
• Attending annual review meetings to ensure the DFM service continues to meet your needs, objectives and mandate

• We do not charge any additional fees for those Discretionary reviews conducted not the work associated with this.

Payment options

 

Ongoing charges can be paid in a number of ways:
• A regular fee, paid by standing order
• By deduction from your investment(s) on a monthly, quarterly, six-monthly or annual basis, where the product / platform provider or DFM is able to offer this facility
• For investments held on a platform (an online investment administration service) you may choose to pay our charges out of the funds held in the platform cash account, although it’s important to maintain sufficient funds in the account to cover our charges as they become payable.

 

Other charges
Depending on the services we provide, there may be costs and charges (including taxes), not charged by us, but related to the financial products we arrange for you. These charges may be one- off charges (payable up front) or charges payable on an ongoing basis. For example:


• Service costs: If your investments are held on a platform (an online investment administration service) or held with a DFM, the platform provider / DFM will make a charge for administering / managing your investments.
• Investment costs: These are the costs relating to the manufacturing and managing of your investments – for example, fees charged by the investment fund manager, costs relating to investment transactions.
• We’ll always disclose any third party costs as part of making our recommendations.

 

Aggregated costs and charges
Before we provide you with our advice we will add together all the costs and charges payable so that you are able to understand the overall costs of our services and recommendations. This is referred to as aggregated costs and charges information.

 

Aggregated costs and charges
Before we provide you with our advice we will add together all the costs and charges payable so that you are able to understand the overall costs of our services and recommendations. This is referred to as aggregated costs and charges information.

 

Contact Us

Clear Financial Solutions (Midlands) Ltd

195 Sandbed Lane, Belper,

Derbyshire, DE56 0SL

 

Tel: 01773 828183

Email: info@clearfs.info

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Clear Financial Solutions (Midlands) Ltd 195 Sandbed Lane, Belper, Derbyshire, DE56 0SL Tel: 01773 828183 Email: info@clearfs.info


Clear Financial Solutions (Midlands) Ltd is registered in England and Wales No 07081690 registered office: 195 Sandbed Lane, Belper, Derbyshire, DE56 0SL, and is authorised and regulated by the Financial Conduct Authority No: 708582


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