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Term fees

Just a short note to disgruntled IFA Julian Stevens, who complained bitterly his client would not pay him an admin fee of £50.

Without wishing to tell grandpa how to suck eggs, if he has terms of business which he goes through with clients, explaining how the firm obtains its income, the subject of fees comes up in the initial conversation, whereby he can explain how his firm is paid and what choices are available.

That way, the cost of advice is clear and the client understands we are not a registered charity and do not offer “free advice”.

The only “cost-free” session that any IFA should offer a client is the initial fact-find and interview and then explore with the client the costs of doing what he wants to do.

Ned Naylor

Ned Naylor & Co, Chorley



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