Revolutionary Fee Based Practice
Imagine this scenario. You are new in town and so go to the local doctor with an ailment – let us use asthma for our example. You are concerned about medical costs so you ask him how he charges for his consultations. His answer surprises you. His consultation is free, as he is reimbursed by the drug company whose product he has prescribed for you.
Which drug company does he favour – the one who offers the most money? How unbiased is his advice? Is it in your or his best interest? How comfortable would you be with his advice?
Should financial planning be any different?
Our practice works on a time and transactional based billing system.
You may have experienced similar billing from your lawyer or accountant.
A lawyer will charge you an hourly rate for legal advice and services.An accountant might have a set transactional fee for completing your tax return – irrespective of time taken, or take a doctor who charges a set fee for a tonsillectomy regardless of whether it took one or two hours.
There is also the service by which you may have a lawyer on a retainer which allows you to have access to their expertise as and when you need it.
All of these professional business billing models are widely accepted and result in unbiased advice and service.
Our professional practise incorporates elements of the above billing methods.
Commission orientated financial advisors start on the wrong footing. It is virtually impossible to give unbiased advice when you rely on the sale of a product to make ends meet at the end of the month. Salesmen have sales targets to meet and are therefore perversely incentivised to reach these targets.
As the doctor in the illustration above would make you question in whose best interest he is acting, so you should question the integrity of a financial advisor who relies on commission to make a living.
Tel: 0860 103816 Fax: 088 033 345 8366
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