Savings of fee based advice

Mr W is self employed and is, for the first time, starting to make some profit.  He wishes to make a pension contribution, as well as other funds to invest, and wants to review his life assurance position and some existing endowments.  He is interested in the benefits of fee based advice.

Having been poorly advised in the past in respect of a pension transfer, and following recent press coverage of poor advice, Mr W is sceptical of financial advisers.  However, he wishes to make a £40,000 pension contribution, and has another £28,000 to invest into ISAs for his wife and children, 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 as 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, plus an additional life assurance policy established and the endowments encashed.  All initial commission is rebated by Ovation, and used to reduce the initial charges.  The fee totals £1500 plus VAT.  The commission, paid for by up front charges and increased premiums, would have been c£4,000.  Mr W continues to employ the services of Ovation for the long term to monitor his investments.

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