We’ve based our charging structure in the same way we hope the adviser firms we work with organise theirs. It is intended to be transparent, value for money and profitable. Our charges are organised so that those who benefit from our work pay for it.
Adviser Firm Charges
The adviser firm pays an initial fee for the induction and integration of the Veracity proposition. This covers the release of the Intellectual Property and any assistance to get you up and running with the proposition. Normally this is a couple of days up front and then ad-hoc assistance when your first cases come through. We book you in for two days at the start in our Leeds office and then on-going support is usually a combination of phone, web and face to face. In practice this often amounts to around 5 or 6 days’ worth of time spent in addition to the IP. This initial fee is normally all that firms pay us but we can provide wider consultancy in certain circumstances if required. The amount depends on a number of factors such as the size of the firm, number of advisers, the investment philosophy being followed, where the firm is on its RDR journey etc. After a short phone conversation to collect this information we will be able to give you a fixed price for your firm.
The clients who benefit from the transformation of their assets pay for the use of the service. Veracity operates on a contingency basis. The client will only pay if you as their adviser recommend that transferring is in their best interests. This will be an informed decision made by the adviser and their client based on the comparative analysis undertaken. The charge is typically 1% of the assets moved and this cost is factored into the comparison analysis.
Therefore, from the client’s point of view, it is a bit of a no brainer to have their existing pensions and investments analysed. They will only have to pay a fee if the adviser recommends it is demonstrably in the clients best interests to move based on the outcome of the analysis.
Adviser recommends 100% transfer Veracity fee = £5,000
Adviser recommends 50% transfer Veracity fee = £2,500
Adviser recommends 0% transfer Veracity fee = £0