WEALTH MANAGEMENT STRATEGIES - TERMS OF BUSINESS

Transcription

1 WEALTH MANAGEMENT STRATEGIES - TERMS OF BUSINESS Ian O Brien Limited (trading as Wealth Management Strategies) are Independent Financial Planners. Wealth Management Strategies is an appointed representative of Mantle & Partners Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). Our permitted business is advising on and arranging pensions, savings and investment products and noninvestment insurance contracts. You can check this on the FCA s register by visiting the FCA s website, or by contacting the FCA on As Independent Financial Planners, we are able to be impartial when giving advice on and arranging life assurance, pensions, savings and protection contracts. We will be happy to act on your behalf in accordance with your financial planning objectives and confirm that we are able to survey the market in order to find the most suitable products (if applicable) for you. OUR FOUR STAGE ADVISORY PROCESS Our advisory service can be broken down into four main sections: 1. Information Gathering The initial meeting is at our expense and involves us in gathering information to establish your goals and objectives. This helps us to determine what you want to achieve and also provides us with details about your existing financial arrangements. If further information is required, we will write to your product providers and obtain this on your behalf. In addition, we will discuss and agree your financial risk profile. 2. Report and Recommendations Your existing plans will be analysed to ensure they are on track to achieve your goals and objectives in the best way, and ensure they are in line with your risk profile. Appropriate recommendations will be made regarding your existing plans, and new plans as well if appropriate. The detailed personalised report will be balanced, to help you make an informed decision as to how to proceed and will look at your overall financial planning picture - with particular emphasis on tax planning. 3. Implementation Once we have agreed a course of action with you, we will arrange to implement this on your behalf, including dealing with existing and new providers where necessary. We will liaise with the providers to ensure the recommendations are implemented as smoothly as possible. 4. On-going Advice Keeping your financial plans under review is a necessity to ensure they continue to match your needs. Our ongoing advice service (details of which will be outlined in our report) includes access to regular financial plan reviews, as well as cash flow forecasting if appropriate. Ian O Brien Limited T/A Wealth Management Strategies, Silver Ley, Blackboys Road, Framfield, East Sussex, TN22 5PN is an appointed representative of Mantle & Partners Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). [1]

2 Corporate Chartered Title In August 2010, Mantle and Partners Ltd was awarded the status of Chartered Financial Planners by the Chartered Insurance Institute (CII). This is the industry's gold standard for firms of financial planners. As well as confirming that they have satisfied rigorous qualification criteria in terms of retaining highly-qualified staff who subscribe to the membership of the CII, it also involves a commitment to continuing professional development and compliance with an industry standard Code of Ethics and Conduct. You can view the Code at Dealing with a Chartered firm means you are dealing with proven professionals. The CII is empowered by the Privy Council to award Chartered status, and the award is only made in deserving cases. While Chartered titles are steeped in history, they remain the benchmark of professional excellence and integrity. To date, few financial planning firms have achieved Chartered status, indicating that this is a highly exclusive award reserved for the leading firms within the financial advice market. Chartered status brings with it several serious obligations. Chartered titles, not awarded lightly, are zealously guarded by professional bodies. A Chartered title is not simply recognition for staff having passed examinations: it is a public declaration that the financial advice given by a firm: is of the highest quality. is based solely on the researched needs of each client. is provided by someone not exceeding his/her level of competency. Our Chartered Status - What Does It Mean For You? There are many firms of independent financial advisers but only a minority can demonstrate their Chartered Financial Planner status. Chartered Financial Planner is awarded to those at the peak of their profession combining vocational skills with technical expertise. You can rest assured that your financial affairs are being dealt with by a firm qualified to the highest professional standards and who also have considerable experience and knowledge on which to draw. Chartered Financial Planners are committed to continuous professional development to ensure that the advice you receive is always up to date and accurate, as well as appropriate for your circumstances. A Chartered title is therefore a commitment to an overall standard of customer excellence and professionalism, which is only awarded to the UK's premier financial planning firms. [2]

3 Who Regulates Us Ian O Brien Ltd trading as Wealth Management Strategies is an appointed representative of Mantle & Partners Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). Our regulated activities comprise advising on and arranging investments and general insurance products. Our FCA register number is The FCA s contact details are: 25 The North Colonnade, Canary Wharf, London, E14 5HS, United Kingdom. Tel: Client Money We are not permitted to handle client money and we cannot accept a cheque made out to us (unless it is in respect of an item for which we have sent you an invoice) or handle cash. Client Categorisation We will treat you as a Retail Client unless we agree with you otherwise. Retail clients have the highest level of protection under the current regime. Client Confidentiality We will hold all information about you in line with the requirements of the Data Protection Act In giving us personal information, you agree to us providing this information to third parties such as product providers and credit reference agencies. This is to allow us to meet with the record-keeping and regulatory requirements of the Financial Services Authority. The aim is to protect you under the Financial Services and Markets Act You and your agents are able to see all information we hold relating to you at any time. Restrictions You have the right to tell us not to make any particular recommendations or to exclude specific companies, products or market areas from our research where, for example, you have had a previous bad experience. You need to let us know about any specific restrictions that you want to place on us. Right to Cancel We will let you know about your right to cancel or withdraw from a contract with a product provider before you complete any application. We will remind you of these rights to cancel or withdraw in writing before any transaction is completed. We will also let you know if this right to cancel does not exist for an application if, by law, the company has to complete the transaction as soon as they receive the application. Your Instructions/Authority Usually we require clients to give us written instructions before we act for them but, at our discretion, oral instructions will be acceptable, provided they are confirmed in writing. You, or we, may terminate our authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing and will take effect immediately upon receipt of the notice. Termination will not prejudice the completion of transactions already initiated on your behalf, nor any rights or obligations already arising, including fees due. Conflicts of Interest We will notify you in writing of any conflict of interest that may exist between the work we are doing for you and any of our other clients or ourselves. We will tell you about the extent of any conflict of interest that exists or that may arise and if necessary make arrangements for another company to act as your agent. [3]

4 Limits of our Advice When we have arranged any investments for which you have given us instructions, either in response to our recommendations or as execution only, we will not normally give you any further advice unless you request it, or we have indicated otherwise in writing to you. However, we will be glad to advise you at any time you ask us to do so. Unless we have agreed otherwise in writing, we will bear legal and regulatory responsibilities only for advice we give when it is transacted with us as the remunerated agent. Title Documents We will register all investments in your name unless you first instruct us otherwise in writing. We will forward all contract notes and documents of title in respect of your investments as soon as practicable after we receive them. Where a number of documents relating to a series of transactions is involved, we will normally hold the documents until the series is complete and then forward them to you. Your Aims We can offer you a full review service with the aim of making you aware of any shortfall that you may have within the areas of our authorisation. We will give you written details of any recommendations that are suitable or appropriate to meet any needs identified. You should let us know about any specific aims that you may have. Please note that any products we have arranged for you will only be kept under review as part of an agreed ongoing service for which you agree to pay. We may contact you in the future by means of an unsolicited promotion (by telephone, or post) should we wish to discuss the relative merits of a particular product or service which we feel may be of interest to you. What do I do if I have a Complaint? If you want to register a complaint, please write to us at the address on page one of this document or telephone us on A summary of our procedures for handling complaints is available on request. If we are unable to settle your complaint to your satisfaction, you may be entitled to refer it to the Financial Ombudsman Service at: South Quay Plaza, 183 Marsh Wall, London E14 9SR The Financial Services Compensation Scheme (FSCS) We are covered by the FSCS. You may be entitled to compensation from this scheme if this firm ceases to trade and as a result of our advice you have suffered a financial loss. This depends on the type of business and the circumstances of the claim. For Investments Most types of business are covered up to a maximum limit of 50,000. For Insurance Insurance advising and arranging is covered for 90% of the claim, without any upper limit. For Mortgages and Equity Release Mortgage and Equity Release advising and arranging is covered up to a maximum limit of 50,000. Further information about compensation scheme arrangements is available from the FSCS. Data Protection The information that we hold about you will be held on computer and/or paper files. This information will be used to administer your application, to deal with queries and to bring to your attention additional services and products that may be of benefit to you. The information that you give us may be disclosed to third parties such as product providers and credit reference agencies for the purpose of processing your application, to our Regulators, the Financial Conduct Authority, and to our Compliance Advisers. [4]

5 Anti-money laundering We are required by the anti-money laundering regulations to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold is up-to-date. For this purpose we may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning. Cessation as Advisers This agreement will stay in force until you or we end it or until you or we ask to change it. If you want to end the agreement, please let us know in writing at any time. If we want to end the agreement, we will write and tell you. Termination will not prejudice the completion of transactions already initiated on your behalf or any rights or obligations already arising. Data Consent and Personal Information Access Rights By signing these terms of business, you will be agreeing that the information we hold about you can be held on computer and/or in paper files. This information is required and will be used solely to administer your applications, to deal with queries, to check the suitability of our advice, and to bring to your attention additional services and products that may be of benefit to you. You may indicate if it is your wish for us not to contact you about additional services and products by ticking the box provided. Under the Data Protection Act 1998, you have access rights to your personal data held in our computerised records upon certain conditions (including possible payment of a fee). Remuneration Following our initial discussion, should you decide to go ahead there is a cost for our services. You can pay for our advised services on the basis of adviser charging, fees or a combination of the two. Our charges relating to new work, new investments and one off reviews are as follows: Initial Service Financial Planning Report (one off) Implementation of report Initial Charges The cost of the written report and presentation of our findings is charged at the fixed rate of 750. Our fees are based on a tiered arrangement with the maximum cost as follows (please note the actual fees that will apply will be outlined in the report): Investment Amount The first 50,000 The next 50,000 up to 100,000 The next 200,000 up to 300,000 The next 200,000 up to 500,000 The next 500,000 up to 1m Over 1m Fee % for implementation 4% 3% 2% 1.5% 1% 0.5% (The implementation fee also includes the cost of the financial report subject to a minimum fee of 750. Please note we will advise you if VAT is applicable although in most cases VAT would not be chargeable). For example, if you were to invest 200,000, our total initial charge would be up to 5,500. [5]

6 Settling your adviser charge in a single payment. You will be required to settle the payment of your adviser charge on completion of our work within 15 days. This may be paid by cheque, but we do not accept payment by cash. Alternatively, if you buy a financial product the adviser charge may be paid through your recommended product. If you choose to have your adviser charge deducted from the product, you do not pay anything up front but that does not mean that our service is free. You still pay us indirectly through the deduction from the amount you pay into your product. This deduction will pay towards settling the adviser charge and could reduce the amount left for investment. It may also affect your tax position, so you should seek appropriate advice. Regular Premium Contracts Paying By Instalments Where you invest in a regular contribution/premium contract, you can elect to pay the adviser charge in instalments. Our normal approach would be for the payment to be spread over a maximum of 24 months and subject to a maximum of 25% of the first year s contribution. However, exact details will be confirmed to you in writing - normally within the report. Where you have opted to pay our adviser charge by instalments, these payments are linked to the on-going payment of agreed regular contributions into your plan (until the agreed adviser charge has been paid in full). In the event that the regular contributions to your plan are not maintained, we reserve the right to request full payment of any outstanding balance of the adviser charge. On-going Services We offer a comprehensive service designed to create real value for our clients in helping build wealth and security. Whilst your adviser, we will also deal with any queries you have about your plans and manage information flows between you and the product providers; so all concerned keep your important records current. Full details about your individual service proposition will be provided in writing, normally within our recommendation report. The cost for this service can be paid directly from the products (where applicable) and is based on a tiered arrangement as follows: Investment Amount First 50, % The next 50,000 up to 100, % The next 200,000 up to 300, % The next 200,000 up to 500, % The next 500,000 up to 1m 0.3% Over 1m 0.1% On-going Fee (as a percentage of new assets under management) For example, if you had invested 200,000, the on-going service fee would be 1,825 per annum. Protection/Insurance Business In relation to non-investment pure protection contracts, if you wish us to work on a fee basis, the fee will be on a fixed fee basis subject to a minimum of 750 (including preparation of the report). Any commission can be used to offset this fee. Mortgages and Equity Release We will not charge you a fee. We will receive commission from the lender. You will receive a Key Facts illustration when considering a particular mortgage, which will tell you about any fees relating to it. [6]

7 Declaration / Client consent This is our standard client agreement upon which we intend to rely upon. For your own benefit and protection you should read these terms carefully before signing them. If you do not understand any point please ask for further information. I have chosen for Wealth Management Strategies to be remunerated by; INVESTMENTS / PENSIONS / SAVINGS Payment of a fee (by cheque or BACS) Payment by a deduction from the product. Combination of the two above. An initial invoiced fee for the advice & implementation followed by a deduction from the product for the payment of the ongoing service. PROTECTION / MORTGAGES Payment of a fee (by cheque or BACS) By Commission from the product provider Client Name(s): Client signature(s): Date of Issue: ~ [7]