Employee Benefits
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Savings of Fee-based Advice
Having been poorly advised in the past, and following recent negative press coverage, Mr. W is understandably sceptical of financial advisers. However, he wishes to make a £20,000 pension contribution, and has another £20,000 to invest, and therefore feels he needs to talk to someone. His accountant recommends Ovation.
The financial affairs of Mr. W are investigated, and existing policies reviewed, along with Mr. W’s hopes and aspirations for the future and an assessment of his attitude to risk. Because Ovation is fee based, it would be possible to advise that no action should be taken.
In this instance the pension and one other investment are made, and all initial commission is used to reduce the initial charges. The fee totals £975 plus VAT (which is billed to Mr. W’s business). The commission, paid for by up front charges, could have been as much as c£2,000, and his investments benefit from the saving. Mr. W continues to employ the services of Ovation for the long term to monitor his investments.