Our Charges
Midland Financial Solutions Ltd offer completely fee-based Independent Financial Advice. We charge an hourly rate for our services, just like your solicitor or accountant would. Our charge rates are £100 per hour for work carried out by an adviser and £50 per hour for work carried out by our administration staff (plus VAT if applicable).
We can offer fixed-fees for certain types of investment and pension advice on request and will agree these with you prior to commencing any research and formulating our recommendations. We may charge a minimum fee for certain areas of advice, or an additional fixed-fee for complex areas such as certain types of Pension Planning or Trust Investments.
All fees will be agreed with you prior to carrying out any chargeable work. If it is not possible initially to give you an accurate estimate of our final costs due to numerous planning options being available to you, we will agree with you our costs to proceed to the next stage of our advice process. We will also agree with you the level of ongoing service you require (if any), the cost of this service and your options as to how it can be paid for.
The arrangement of some financial transactions will result in advisers being able to take an initial commission payment from the product provider. Any initial commission that is received by us for arranging transactions on your behalf can either be credited against our fees, reinvested to enhance the terms of the contract, or refunded to you (this is option not possible for all products). The important fact to remember with fee-based advice is that you decide how much commission is taken and how it is used.
There is sometimes a perception that commission-based advice is ‘free’, as no explicit charge is made by the adviser, however, commission payments made by product providers are usually met from the contract charges. Therefore the higher the amount of commission that is taken, the higher the overall contract charges. Please use the following link for an example of this and for further details relating to commission payments.
