Recently you may have heard worrying reports about how much “commission” is being generated from Client fees by some of the financial firms across the country.
Investigations into these claims have rightly caused concern. Would you be happy if you found out that the company managing your money was giving their employees awards and publishing league tables to track how much money they generate through Client fees each year? While on the surface this may seem a generous way to reward employees for their hard work, it causes concern about whether the advice being given to Clients is what the Client actually needs, or if it is the result of the pressure Advisers are under to increase company profits.
After investigating these concerns the FCA has advised: “Firms need to look after the interests of their customers and treat them fairly. This includes ensuring that they do not remunerate staff in a way that conflicts with their responsibilities to act in the best interests of their Clients.”
At Redwood, treating our Clients fairly is at the heart of everything we do, and our Fee Structure is no different.
We always charge Fixed Fees for our services, as we believe it is the only fair and un-bias way to deliver the best advice and service. We do not like to work on a commission basis or charge hourly rates, as we believe you should always know in advance the full and final costs before you make a decision to proceed with any planning. The fees we charge are based on the complexity of your specific requirements and are not variable by the value of the Estate we are helping you with.
Some financial firms have clearly lost sight of the purpose of being a Financial Adviser, which is to keep our Clients at the heart of what we do and to make a real difference in their lives.
Redwood Financial is one of the south’s leading Investments, Pensions,Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning, Lasting Powers of Attorney, Probate, Pensions, Savings & Investments, we can advise on any situation.