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«Client Agreement document for Burton and Fisher Financial Services Introduction This document is aimed at providing you with an overview of Burton ...»

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Client Agreement document

for Burton and Fisher Financial Services

Introduction

This document is aimed at providing you with an overview of Burton and Fisher Financial Services and to introduce

you to the services that we offer. It is also an agreement between you and the firm, setting out the terms and

conditions of our advice and your commitments and obligations. At the start of the process we will issue you with

a copy of this agreement for you to read, and then, if you agree to the terms contained within, to sign a copy when you are ready to commit to the terms of our agreement.

Who are we?

Burton and Fisher Financial Services is a trading style of Fisher and Company (Financial Services) Ltd of 33 Princes Crescent, Bare, Morecambe, LA4 6BY and 76 Church Street Lancaster, LA1 1ET. We can be contacted on 01524 416872 or info@burtonandfisher.co.uk. Burton and Fisher Financial Services is a financial services company which provides independent advice for individuals, businesses and trusts.

We are authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority regulates the retail financial services industry in the UK and their address is 25 The North Colonnade, Canary Wharf, London, E14 5HS. You can check our authorisation on the FCA’s Register by visiting the FCA’s website https://register.fca.org.uk/ or by contacting the FCA on 0800 111 6768. Our FCA No. is 462735. Our permitted business is advising on and arranging savings and investments products, pensions, personal pension transfers, occupational pension transfers, equity release, long term care insurance, mortgages, residential buy-to-let mortgages, home reversion mortgages, and non-investment Insurance contracts.

What service do we offer?

We offer you an initial discussion (without charge) at which we will describe our services more fully and explain the payment options. This initial discussion may be part of a longer meeting that then goes on to explore your financial needs. (This subsequent part of your meeting will then be chargeable as set out below.) We provide independent financial advice on mortgages, life insurance, pensions and investments. What this means is that we will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be based on a comprehensive and fair analysis of the whole of the market.

We provide restricted advice on household insurance (i.e. Buildings and contents). What this means is that we will advise and make a recommendation for you after we have assessed your needs, but we only offer advice on limited types of products, from a limited number of companies.

We take an intermediary role in the provision of services to you. This means that we act between you and the

provider of the investment/ pension product with a view to arranging the product. This process will include:

1) The gathering of information about you;

2) Carrying out research to find suitable investment/ pension options;

3) Providing you with reports, forecasts, etc.

4) Recommending specific investment products to you, including the charges at which these can be arranged;

5) Acting between you and the product provider(s) with a view to arranging the product;

6) Where applicable, (e.g. during an on-going review service), to monitor the product and your circumstances to ensure that the products continue to meet your requirements.

We may explain to you that you have certain needs that we have identified during the process but for which we cannot make recommendations. In this instance we would therefore limit our advice to a specific area of your finances.

Client Agreement document for Burton and Fisher Financial Services What will you have to pay us for our services?

Following our initial discussion there will be a cost for ours services.

Initial costs Investment and pension advice: Our initial costs for providing advice to you will be 3% of the sum being advised upon (minimum £375) if you go ahead with our recommendations. E.g. If we are advising you on an investment of £50,000 then the 3% fee will be £1500. A large fund discount will apply to our initial fee if £100000 or more is invested with the firm.

Not all of our advice involves investing a lump sum. In the case of regular contributions to a savings or pension plan then a fee of £375 will be charged E.g. If we are advising on a regular premium pension/ saving of £300 per month then the fee will be £375.

Occupational pension transfer advice: Our initial costs for providing advice to you for occupational pension transfers will be 4% of the sum being advised upon (minimum £1500), if you go ahead ahead with our recommendations. E.g. If we are advising you on a pension of £50,000 then the fee will be £2,000.

Mortgage advice: We can be paid by fee or a combination of fee and commission. If you choose the fee option we will charge a fee of £349 payable at application plus 0.35% of the loan amount payable on completion of the mortgage offer. If you choose the commission and fee option, we will charge a fee of £349 payable at application and receive commission from the lender.

There could be an additional fee of £100 for each additional mortgage application in addition to the first (if your first mortgage is cancelled for some reason).





Refund of fees on mortgages: When we charge you a fee and your mortgage does not go ahead then you will not receive a refund of the application fees stated above.

Commercial/Self Build mortgage advice: A fee of £499.00 is payable when the application is agreed in principle.

We will also be paid commission from the company that lends you the money.

Equity release advice: A fee of £499 is payable at completion. We will also be paid commission from the company that lends you money.

Long term care advice: Our initial costs for providing advice to you will be 3% of the premium being advised upon (minimum fee of £375) if you go ahead with our recommendations. E.g. If we are advising you on a long term care policy with a premium of £50,000 then the 3% fee will be £1,500. Our initial fee will be reduced to 2% if invested funds are £100000 or above.

Insurance advice: We will not charge a fee for advice on Term Assurance, Income Protection insurance, Whole of Life insurance, Buildings and Contents insurance, Accident Sickness and Unemployment insurance. (You will receive a quotation which will tell you about any other fees relating to a particular insurance policy). We will receive commission from the providers and tell you about the amounts involved prior to your commitment.

General queries: If you do not have an arrangement for us to provide you with ongoing service and advice (detailed below) or if we have provided advice on a one-off basis then you will be charged a standard hourly rate

dependent on the type of work undertaken. Our typical hourly charge rates are as follows:

–  –  –

Our ongoing service options – At Burton & Fisher we recognise that not all clients require the same level of ongoing service. We therefore offer a suite of options to ensure that the ongoing service is tailored to suit your individual requirements.

Service level one – This is our highest level of service offering investment management. The service is designed for investment amounts of £50000 and above. You will benefit from professional investment research and holistic advice. We will deal with day to day administration on your account and be your point of contact for all investment and financial planning queries. It includes the following services Face to face annual portfolio review meeting with your personal adviser to ensure that your portfolio • continues to reflect your aims and objectives Access to our exclusive Burton & Fisher model portfolios tailored to individual objectives and risk profiles • Review of risk level and asset allocation within the portfolio to include a portfolio rebalance including • fund switches to realign investments Regular client email newsletters providing updates on financial matters • Private & secure online access to fund valuations via our firms clients wealth management portfolio • portal available 365 days a year* Telephone/email access to your personal adviser to provide ongoing advice as required throughout the • year** Easy to understand full colour personalised portfolio reports provided on request and at least annually • Ongoing tax planning and trust advice • Help to complete trust paperwork and basic personal tax returns if required • Our annual charge for this level of service is 1% of the value of the assets under management. Discounted terms are available for portfolios in excess of £250,000.

Service level two – This is our intermediate service level offering investment solutions based on a broad evaluation of your risk profile and tolerance of loss. You will benefit from professional investment research and we shall deal with all day to day administration on your policies. It includes the following services– Access to a managed investment solution tailored to suit a variety of risk categories and selected on an • independent ‘whole of market’ basis.

Telephone/email access to your adviser as required throughout the year • Portfolio reports provided on request • Our annual charge for this service is 0.5% of the value of the assets under management.

Service level three – No ongoing review service provided and no ongoing charge. Your adviser shall of course be available on request if required but any additional work would be charged accordingly.

*Service not available on all investment portfolios ** Subject to a fair use policy

–  –  –

Settling your adviser charge by a single payment The providers of the financial products that we recommend may facilitate “adviser charging.” In this case our fees will be deducted from your investment amount and paid to us by the provider. This will be the default means of payment if it is available. Ongoing advice charges will also be collected in this way. We will agree separately the timing and the disinvestment options available for each provider to pay your charges.

If “adviser charging” is not available or you request a service that does may not involve a transaction of a financial product then we will provide you with an invoice. You will be required to settle the payment of your adviser charge on completion of our work in 14 days. We accept same day bank transfers, cash or cheque payments. We do not accept payment by debit or credit card. You will be provided with a receipt upon payment.

According to HMRC guidance, our normal advice process means the charges we make for our services will be exempt of VAT. If you ask us to provide advice outside of these arrangements we will tell you if you have to pay VAT. There may be other fees and taxes due We do not offer any method of settling charges in regular instalments.

Timing of fees and charges The initial fees become due at the conclusion of the advice process. For clarity, this means when we have provided the advice and you have committed to our recommendations by signing the proposal. The ongoing fees are paid at the rate of 1/12th of the annual amount each month and begin at the end of the first month.

Your aims and objectives

Each client is categorised as to identify the level of regulatory protection. We propose to classify you as “Retail Client” for Investment purposes and a “consumer” for non-investment insurance purposes unless we inform you otherwise. This means that you are afforded the highest level of protection under the regulatory system and should have the right (subject to certain statutory limitations) to take any complaint to the Financial Ombudsman Service.

We prefer our clients to give us instructions in writing to avoid possible disputes. If we accept oral instructions from you, we will confirm them in writing to you. We may, at our discretion, refuse to accept instructions although such discretion shall not be exercised unreasonably. We may accept your instructions by electronic means such as email as long as we are able to verify the authenticity of such instructions.

Please be aware that investments can fall as well as rise, and that you may not get back the full amount invested.

The price of investments we may recommend may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. Past performance is not necessarily a guide to future performance.

Specific warnings relevant to the investments, investment strategies or other products we recommend will be confirmed to you in the suitability report.

What does our research of the “whole of market” include?

We research the whole of the financial market which includes UK based savings, insurance, investments and pensions. Any advice or recommendation that we offer to you, will only be given after we have assessed your needs and considered your financial objectives and attitude to any risks that may be involved. We will also take into account any restrictions that you wish to place on the type of products you would be willing to consider.

We may consider non-UK based investments, products that may not be regulated by the Financial Conduct Authority and some specialised investments. We will only recommend such potentially higher risk investments if we obtain your explicit permission. Our normal advisory process may exclude higher risk investments at an early stage in the process when we have assessed your needs. We may also consider certain investments to be suitable for you but may not be able to arrange these for you, in which case we will make an appropriate referral to a third party. (E.g. The buying and selling of stocks and shares, in which case we may refer you to a stockbroker.) 29th July 2016 Client Agreement document for Burton and Fisher Financial Services Some of the services provided by us or the products that we recommend may not be regulated by the Financial Conduct Authority since they are not included within the Financial Services and Markets Act 2000 (e.g. tax advice, certain product types, National Savings products, etc.) Where we intend to provide advice in relation to unregulated activities, we will confirm to you what these services are and the fact that they are not regulated.



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