1. business and industrial

Service & Fee Agreement
Authorised & Regulated by the FCA, Number : 232610
Company Number : 4705400
Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF
Telephone : 01270 530975
Fax : 01270 676075
Website : http://www.jones-sheridan.co.uk
Version: 22 May 2014
Contents
1. Company Background.................................................................................................................2
2. Our Staff ....................................................................................................................................3
3. Advice Process ...........................................................................................................................5
4. Client Service Proposition ...........................................................................................................8
5. How We Charge You ...................................................................................................................9
Initial Fees ............................................................................................................................................. 9
Initial Charges Examples (assuming you are currently paying no regular fees) ................................10
Ongoing Fees ......................................................................................................................................11
Older Contracts...................................................................................................................................11
Retirement Planning Fees...................................................................................................................10
6. Our Obligations ........................................................................................................................12
Best Execution ....................................................................................................................................12
Client classification .............................................................................................................................12
Client Money ......................................................................................................................................12
Cancellation rights – Changing your mind ..........................................................................................13
Conflict of interest ..............................................................................................................................13
7. How You Are Protected ............................................................................................................15
Anti-money laundering .......................................................................................................................15
Termination of agreement .................................................................................................................15
Complaints ..........................................................................................................................................16
8. General Information .................................................................................................................17
Jurisdiction ..........................................................................................................................................17
Legal and accounting advice ...............................................................................................................17
Documentation ...................................................................................................................................17
Investment Performance & Risks .......................................................................................................17
1
2. Company Background
This document is aimed at providing you with an overview of Jones Sheridan and to introduce our
services to you in more detail, from which you may then agree the service and remuneration package
that best suits your needs. We will discuss this with you so that you fully understand what is offered
and how it will benefit you. Should you have any questions on any element of this please do not
hesitate to ask us.
Our business was established in 1983 by John Sheridan and was originally based at Edleston Road in
Crewe. In 2003 the business was purchased by the then directors of Cooper Taylor Financial Services
Limited, based in Nantwich. In 2005 the two companies merged and moved into new premises in
Nantwich.
2008 saw the move of the company to a prestigious building in a prominent position on Electra Way,
Crewe. This move saw the company share premises with its sister company Banks Sheridan Limited.
In 2010 the company started ambitious growth plans with a series of mergers with local IFA firms.
Jones Sheridan are able to act on your behalf in advising you on investments, and non-investment
insurance contracts. We offer products and services as follows:
•
•
We offer investment products from the whole of the market.
We offer non-investment products from the whole of the market.
We are committed to providing the highest possible levels of service. As part of this we wish to
ensure you understand the services we provide and their associated costs. This should allow you to
make an informed decision about the services you wish to purchase. This empowerment forms part
of our ethos and culture.
This ethos carries over into our recommendations where we will provide you with the necessary
information to enable you to make informed decisions as to the approach you take to achieve your
objectives.
We have embraced the Financial Conduct Authorities ‘Treating Customers Fairly’ principle and would
welcome any feedback you have on any element of our service that justifies comment, whether
positive or negative. This will help us to ensure we are providing the services clients require and
improve upon any areas about which you may have a concern. Although we have a complaints
procedure, as detailed on page 18, we would rather that clients are satisfied and raise any concerns
prior to there being a problem.
We are authorised and regulated by the Financial Conduct Authority (‘FCA’), 25 The North Colonnade,
Canary Wharf, London, E14 5HS. Our permitted business is advising on and arranging pensions,
savings and investment products, mortgages and non-investment insurance contracts. You can check
this on the FCA’s Register by visiting the FCA’s website www.FCA.gov.uk/register or by contacting the
FCA on 0845 606 1234.
2
2. Our Staff
Advisers
Name
Job Title
Qualification
Role
Andrew C Beattie
Director
Dip PFS
Independent Financial Adviser
Richard W Griffith
Director
Dip FA
Robin Jackson
IFA
FPFS AIFP
Oliver Bridgman
IFA
Dip FA
CeMAP
Independent Financial Adviser
Steven Pepper
IFA
Dip PFS
Independent Financial Adviser
Jonathan Hall
IFA
APFS
Chartered Financial Planner
Natalie Calderbank
IFA
Dip PFS
Independent Financial Adviser
Independent Financial Adviser
Chartered Financial Planner
Support Staff
Name
Job Title
Qualification
David J Williams
Managing Director
Dip FA
Stuart P Banks
Director
FCA
John
Pemberton
Finance &
Compliance Director
ACA
Kevin Sutton
Compliance &
Investment Manager
Dip FA
Kate Jayden
Senior Paraplanner
Beverley
Hughes
Paraplanner
Cert PFS
Helen Moran
Paraplanner
Cert PFS
Hayley Massie
Trainee Paraplanner
Dip FA
3
Role
Business development and adviser
management.
Strategic development and key introducer
of business.
Compliance Oversight, Systems
development, Accounts, Fees, IT, Personnel
Paraplanner Manager, Head of
Investments, Compliance, Training &
Competence Supervisor.
Technical support, Suitability reports,
Research, Fund analysis, Workflow
management, Supervisory support.
Technical support, Suitability reports,
research, Fund analysis.
Technical support, Suitability reports,
research, Fund analysis.
Marketing, Technical support, Report
writing, Research.
Emma Fulker
Sophie Corbett
Libby Connor
Raj Bhardwa
Tracy Knight
Administrator for
Richard Griffith
Administrator for
Ollie Bridgman
Administrator for
Steven Pepper & Jon
Hall
Administrator for
Rob Jackson &
Natalie Calderbank
Administrator for
Andrew Beattie
Ellise Corbett
Receptionist
David Newman
Business
Development
Book keeping, New business processing,
Client administration, Client reviews
New business processing, Client
administration, Client reviews
Fee & Commission Reconciliation, New
business processing, Client administration,
Client reviews
New business processing, Client
administration, Client reviews
New business processing, Client
administration, Client reviews
Reception, Client administration.
Cert PFS
Business development with professional
connections.
Relationship Managers
Name
Job Title
Qualification
Peter Burgess
Relationship Manager
ACII
Richard Watson
Relationship Manager
Dip PFS
4
Role
Relationship Manager to former Positive
Solutions and Harcourt clients.
Relationship Manager to former Wealth &
Trustee Management clients.
3. Advice Process
Our Advice Process follows six steps as outlined below
Free Initial Meeting
•
•
•
•
The first meeting is at our expense, where we will discuss your requirements
This is an opportunity for you to find out more about Jones Sheridan and for us to see how
we can help you
At the end of the initial meeting if you are happy to proceed we will discuss our client service
proposition and agree how you wish to pay for the advice
We will then discuss the timescale to prepare our recommendations and arrange the next
meeting
Getting to Know You
• We will have a more detailed discussion around your current circumstances and record this
so we can ensure our advice is tailored to your needs
• This may take place immediately after the initial meeting or at a future meeting
• ‘Getting to know you’ is an on-going process as your circumstances and needs will change
over time
• As part of this process, we will complete a personal fact find which will help us to understand
your knowledge and experience in financial services. We will also complete a questionnaire
to help us understand your attitude to investment risk.
• We will not make any recommendations to you until this part of the process has been
completed.
• We may need to ask you to sign a document to authorise Jones Sheridan to be the servicing
adviser on your existing investments.
Research Solutions
•
Your adviser will pass the file over to our paraplanning team along with their initial thoughts
on your requirements.
5
•
•
•
We will undertake detailed research taking into account every possible aspect of your
financial and personal circumstances including; your tax position, what plans you currently
hold and your future needs.
It may be the paraplanner or your adviser will need to contact you again at this stage to
clarify or expand on certain pieces of information.
This process will typically take two weeks but may be shorter for simple cases or considerably
longer when we have to obtain information from life offices on your existing plans.
Prepare and Discuss Recommendations
•
•
•
•
•
Once the paraplanning team have prepared the recommendations your adviser will review
this in detail and tailor the report directly to the discussions you have had.
You will be given the recommendations in writing in a suitability report along with any
illustrations and key features documents.
We will always attempt to give holistic advice so the suitability report will go beyond any
specific product sale that is being recommended.
You will have time to review the recommendations at a further meeting with your adviser
It is important to us that you fully understand and are happy with what is being
recommended so we encourage you to ask questions and discuss the recommendations in
detail with your adviser.
Agree the Way Forward
•
•
•
•
You may decide you wish to proceed with some or all of the recommendations proposed.
In rare cases you may decide not to proceed at all, however by working with you at every step
of the way we hope this will not be the case
If you do decide not to go ahead with the recommendation we will charge you a minimum fee
of £500 or whatever else was agreed in your initial discussion.
Once agreed, your adviser will assist you with the preparation of any paperwork that is
required and submit it on your behalf
Ongoing Advice
•
•
•
•
•
•
We will keep you informed of the progress of any applications you have submitted
Once everything is complete you will receive a confirmation letter along with any documents
that you need to keep
You will receive an on-going service based on our agreed service proposition
You are guaranteed to be offered at least one full financial review each year if our recurring
fee income is greater than £250. If we do not offer you this review, we will refund to you any
recurring fee we have received for that year.
Each year we will review your service level and where appropriate adjust it to be
commensurate with the recurring fee income we have received.
If our recurring fee income is less that £60 per year, your account will be considered to be
dormant, and you will not receive a proactive review from us.
6
The Review Meeting
The agenda for future review meetings may include some or all of the following agenda items:
 Discuss your concerns
• Any issues that are most important to you will be discussed first
 Portfolio Review
• A look back at how things have done since your last review. This can encompass your
investments and pensions.
 Estate Planning Review
• Your adviser will look at your estate planning to ensure your wishes are currently legal,
valid and tax efficient
 Debt Review
• Your adviser will review your rates of interest and debt structure to ensure it is arranged
effectively
 Family Review
• You will be able to discuss any financial issues affecting your wider family which may cover
areas such as life cover or income protection
 Taxation Update
• Your adviser will highlight any opportunities or threats arising from tax changes
 Strategic Planning
• Your adviser will recommend any changes to your portfolio or any other financial planning
that may be required
 Agree actions
• Your adviser will agree which actions you wish to proceed with and put in place some
timescales to deal with these
 General Assistance
• Your adviser will be able to help you organise any paperwork you have and answer any
other outstanding queries
 Professional Update
• If required we are able to provide updates to other professional parties such as your
accountant or solicitor
7
4. Client Service Proposition
Premier
Wealth
Management
Wealth
Management
Financial
Planning
Standard
Contact Point
Adviser
Adviser
Adviser
Administrator
Minimum Annual Recurring
Fee Income
£2,000
£1,000
£250
£60
Review Meeting
By Agreement
6 Monthly
Annual
None
Home/Work visits
Yes
Yes
By Agreement
No
New Business Fee
1.5%
2.5%
4%
4%
Annual Service Fee
0.75%
1%
1%
1%
ISA Top Up
(Shortened Report)
1%
2%
4%
4%
Skandia & Standard Life
Wrap Bed and ISA
Free
1%
1%
2%
Portfolio Report
By Agreement
Quarterly by
agreement
6 monthly by
agreement
Annual
Bespoke Portfolios
Yes
By Agreement
No
No
Fund Switching
Free on request
Free at review
meeting
Free at review
meeting
By Agreement
E-mail newsletters
Yes
Yes
Yes
Yes
Client Portal
Yes
Yes
No
No
Jones Sheridan
Event Invites
Yes
Yes
No
No
Tax Return
Discount per person
£100
£50
No
No
8
5. How We Charge You
We will have an initial discussion without charge during which we will outline the services we can
offer you and explain the costs involved. Should you decide to go ahead there is a cost for our
services and you will be required to sign a copy of our service and fee agreement.
Whether you buy a product or not, you will pay us a fee for our advice and services. Fees are based
on a percentage of the investment that you have made or could be a flat fee for providing advice.
Initial Fees
You will normally be expected to pay the fee yourself. By agreement we can have it deducted from
your plan. There may be tax implications for deducting the fee from some plans which your adviser
will discuss with you.
All charges and fees will be fully disclosed to you. These will be disclosed in summary format before
we undertake any work for you. The precise charges relating to any new business recommendations
we make will be confirmed in your Suitability Report or relevant product disclosure information that
is provided to you.
If we receive an amount direct from the life office which exceeds what has been agreed with you, we
will return any excess to you.
You may ask us for an estimate of how much in total we might charge. You may also ask us not to
exceed a given amount without checking with you first. The rate we will charge you will be in
accordance with our service & fee agreement unless agreed otherwise.
All our new business fees where a paraplanner is involved are subject to a minimum charge of £500
unless agreed differently. This fee becomes chargeable at the point when we provide you with a
suitability report.
Where we undertake complex or significant time consuming work, we will agree with you a specific
fee dependent on type of work. We will agree the fee with you before commencing work.
Fees for regular premiums the fee will be £250 if being undertaken as part of other work and subject
to the overall minimum of £500 if an individual full report is prepared. This can be paid over up to
four instalments.
Where you intend to pay the fee yourself, we will send you an invoice for the amount due. We will
tell you if you need to pay VAT.
Some regular premium life contracts still pay commission. If this option is selected rather than a fee
and should you subsequently cease to pay premiums on the policy, and in consequence, we are
obliged to refund the commission that has been paid to us. We reserve the right to charge you a fee
representing the amount we have to repay, for a period of up to four years after commencement of
the policy. We will confirm the exact amount that will need to be repaid by you and the timescale
over which it will need to be repaid in the Suitability Report we will send you when a
recommendation is made. We will not charge any such fee if you exercise your right to cancel in
accordance with any cancellation notice sent to you by the life insurance company.
9
Initial Charges Examples (assuming you are currently paying no regular fees)
Service Level
Financial Planning Client
Initial fees at 4%
Wealth Management
Client
Initial fees at 2.5%
Initial Charges
If you invested £25,000, our fee would typically be 4% or £1,000
If you invested £50,000 , our fee would typically be 4% or £2,000
If you invested £100,000, you would become a Wealth Management client
If you invested £25,000, our fee would typically be 2.5% or £625
If you invested £50,000 , our fee would typically be 2.5% or £1,250
If you invested £100,000, our fee would typically be 2.5% or £2,500
If you invested £267,000, you would become a Premier Wealth client
If you invested £25,000, our fee would typically be 1.5% or £375
Premier Wealth Client
Initial fees at 1.5% on If you invested £50,000 , our fee would typically be 1.5% or £750
If you invested £100,000, our fee would typically be 1.5% or £1,500
monies above
If you invested £250,000, our fee would typically be 1.5% or £3,750
Retirement Planning Fees
For retirement planning we will complete a full review of your plans and agree what type of contracts
need to be considered. Some examples of how this may work are shown below.
Retirement Options
Annuity and Open Market Option (OMO)
Higher of 1.25% or (£500 plus £200 for each
additional policy)
Enhanced Annuity and OMO
Higher of 1.50% or £750 (Plus £250 for each
additional policy)
Drawdown or 3rd Way, Enhanced and
OMO
Higher of 2% or £1,000 (Plus £250 for each
additional policy)
Retirement Charges
•
•
•
2 Plans valued at £25,000 – £700
2 Plans valued at £50,000 – £700
2 Plans valued at £100,000 – £1,250
•
•
•
2 Plans valued at £25,000 – £1,000
2 Plans valued at £50,000 – £1,000
2 Plans valued at £100,000 – £1,500
•
•
•
2 Plans valued at £50,000 – £1,250
2 Plans valued at £100,000 – £2,000
2 Plans valued at £250,000 – £5,000
10
Ongoing Fees
Any products you have will only be kept under review as part of an agreed ongoing service
for which you agree to pay. We will agree a servicing level with you at our first full meeting,
however this may be subject to change following any work that is undertaken.
We offer three levels of ongoing service as covered on page 8. Below are some examples of how you
will be charged.
Ongoing Service
Ongoing Charges
Financial Planning and Our annual ongoing charge for these service levels is 1% of funds
under management subject to a minimum fee of £250 per annum
Wealth Management
for
Financial Planning and £1,000 per annum for Wealth
1% of funds under
Management.
management
•
•
•
•
Premier Wealth
Management
0.75% of funds under
management
For a portfolio of £25,000, our fee would be £250 per annum
For a portfolio of £50,000, our fee would be £500 per annum
For a portfolio of £100,000, our fee would be £1,000 per annum
For a portfolio of £267,000, you would be a Premier Wealth
client
Our annual ongoing charge for this service level is 0.75% of funds
under management subject to a minimum fee of £2,000 per annum.
•
•
•
For a portfolio of £267,000, our fee would be £2,002 per annum
For a portfolio of £500,000, our fee would be £3,750 per annum
For a portfolio of £750,000, our fee would be £5,625 per annum
Our annual service fee is normally paid directly from your policies. If this is not possible or not tax
efficient, payment will need to be made direct from you and again we will send you an invoice in this
respect.
Certain Life insurance policies such as protection plans pay commission to Jones Sheridan which will
be disclosed to you before the policy becomes live; this will be in lieu of any fees and will fall outside
of our normal service and fee agreement.
Older Contracts
Many older contracts or legacy plans will continue to pay a servicing commission to Jones Sheridan,
this will be factored into your annual recurring income that we receive and will help us to determine
what service level you are eligible for.
Certain changes made to these plans may result in this commission ceasing to be paid and at that
point we will discuss with you the option of arranging for a fee to be paid from the contract or
directly.
11
6. Our Obligations
Best Execution
In executing or transmitting orders on your behalf to third parties, we will take all reasonable steps to
ensure that we obtain the best possible result for you in terms of best execution. This will normally
mean transactions are submitted to providers within 2 working days.
Client classification
Unless we notify you in writing to the contrary, we will be treating you as a “retail client”. This
means that you are afforded the highest level of protection under the regulatory system and should
have the right to take a complaint to the Financial Ombudsman Service. Details of our complaints
procedure are available on request.
Designated Professional Body Regulations
Banks Sheridan Limited is a shareholder of Jones Sheridan Financial Consulting Limited and as such
derives financial benefits from clients introduced to Jones Sheridan Financial Consulting Limited.
Communication
We will issue any documentation, recommendations and any other communication to you in English
(unless agreed otherwise).
Client Money
Jones Sheridan Financial Consulting Limited is 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.
Non-Regulated Products
We may also on occasion, advise on other financial products which are not regulated by the FCA
under the Financial Services and Markets Act 2000 (such as deposit accounts). The Financial Services
Compensation Scheme does not apply to any of these products. Accordingly, you should carefully
consider whether such investments are suitable for you in light of your personal circumstances and the
financial resources available to you.
Advice on cash investments is one such service that Jones Sheridan provides and is not covered by the
FCA.
The Financial Services Compensation Scheme will protect your deposits up to the limit of £85,000 per
person, per authorised bank or building society. It is important to note that if different banks are listed
under the same authorisation the FSCS will only pay out once up to the £85,000.
Risk warnings
With the best will and intention unfortunately not everything is within our control. The financial
markets and world events are notable matters that can impact on the recommended approach to
your achieving your objectives. It should be noted that products are very rarely guaranteed and
12
therefore there is an inherent risk in all products. By “risk”, we mean the possibility that a product
will not achieve the stated objective.
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, or
investment strategies, we recommend will be confirmed to you in your Suitability Report.
Although we will explain the risk of the product as part of our advice process (with the exception of
execution only transactions) you should always ensure you have understood the risk associated with
the product/service. If you are unsure about the way the product or recommendations work, or
require any further clarification please ensure that you raise this with your adviser.
None Readily Realisable Products
Under the terms of this agreement, we may if appropriate advise you on investments which are not
readily realisable. We would draw your attention to the risks associated with these investments as there
is a restricted market for them. In some circumstances it may therefore not be possible to deal in the
investment or obtain reliable information about its value.
Cancellation rights – Changing your mind
You should only proceed with a transaction once you are happy with all elements involved with it. As
highlighted above, please ensure you are aware of the details of the product and that it matches your
objective and attitude to investment risk.
In most cases you can exercise a right to cancel, by withdrawing from the contract recommended to
you. In general terms you will normally have a 30 day cancellation period for a life, pure protection,
payment protection or pension policy and a 14 day cancellation period for all other policies.
The start of the cancellation period will normally begin, for pure protection policies, when you are
informed that the contract has been concluded or, if later, when you have received the contractual
terms and conditions. In other cases, the cancellation period will begin on the day the contract is
concluded or, if later, the day on which you receive the contractual terms and conditions. Instructions
for exercising the right to cancel, if applicable, will be contained in the relevant product disclosure
information which will be issued to you.
If you cancel a single premium contract, we may require you to pay for any loss you might reasonably
incur in cancelling it which is caused by market movements. This means that, in certain
circumstances, you might not get back the full amount you invested if you cancel the policy.
Conflict of interest
We will endeavour always to act in the best interests of our clients. However, circumstances can
arise where we or one of our other customers may have some form of interest in business being
transacted for you. If this happens or we become aware that our interests or those of one of our
other customers conflict with your interests, we will write to you and obtain your consent before we
carry out your instructions, and detail the steps we will take to ensure fair treatment.
13
We obtain professional support services from Threesixty Services LLP, who provide us with regulatory
and business advice. Threesixty are supported by product providers, fund managers and platforms,
through the provision of training resources.
From time to time, we may attend training events funded and /or delivered by product providers,
fund managers and platforms. These events are designed to enhance our knowledge and ultimately
therefore enhance the quality of service we provide to our clients. Further details are available on
request.
14
7. How You Are Protected
Protecting your personal information
Your personal information is very important to us. We will endeavour to take all due to care to
protect this information. We would also like to highlight a few matters relating to your information
that you should be aware of.
Some services are provided to us by third parties such as processing business or obtaining compliance
or regulatory advice, which warrant the disclosure of more than just your basic contact details. You
agree that personal information held by us may be disclosed on a confidential basis, and in
accordance with the Data Protection Act 1998, to any such third parties. You also agree that this
information may be transferred electronically, e.g. email and you agree that ourselves, or any such
third party, may contact you in future by any means of communication which we consider
appropriate at the time.
Product Providers, Lenders and Investment Managers may administer your policy, any existing
policies you may have with them and provide other services, from centres in countries outside Europe
(such as India and the USA) that do not always have the same standard of data Protection laws as the
UK. However, they are required to put a contract in place to ensure that your information is
adequately protected.
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.
Termination of agreement
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 from the date of receipt. Termination is
without prejudice to any transactions already initiated which will be completed according to these
terms unless otherwise agreed in writing. You will be liable to pay for any transactions made prior to
termination and any fees outstanding, if applicable.
Compensation Limits
We are covered by the Financial Services Compensation Scheme (‘FSCS’). You may be entitled to
compensation from the scheme if we cannot meet our obligations. This depends on the type of
business and the circumstances of the claim.
Investment business is covered for 100% up to a maximum of £50,000 per person per firm.
Insurance advising and arranging is covered for 90% of the claim, without any upper limit.
Mortgages are covered for 100% up to a maximum of £50,000.
15
Bank accounts are not regulated by the Financial Conduct Authority however FSCS cover is available
(see page 12).
Further information about compensation scheme arrangements is available from the FSCS website
which is http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/
Complaints
In the event that you are dissatisfied with a recommendation we have made you may be entitles to
make a complaint. We have a complaints procedure that is available on request. If you wish to
register a complaint, please contact us at
The Compliance Officer
Jones Sheridan Financial Consulting Limited
Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF
Telephone
E-Mail
: 01270 530975
: jpemberton@jones-sheridan.co.uk
For your further protection if you cannot settle your complaint with us, you may be entitled to refer it
to the Financial Ombudsman Service (‘FOS’).
16
8. General Information
Jurisdiction
This agreement is governed by and should be interpreted in accordance with English law and you
agree to submit to the non-exclusive jurisdiction of the English Courts.
Legal and accounting advice
Neither our firm nor our employees are qualified to render legal or accounting advice or to prepare
any legal or accounting documents. It is hereby understood and agreed that the onus is on you, the
client, to refer to a solicitor or accountant any point of law or accountancy that may arise during the
course of discussions with us.
Documentation
We will endeavour to make arrangements for all your investments to be registered in your name
unless you first instruct us otherwise in writing. All Policy Documents or Lenders’ Offer Documents
will be forwarded to you as soon as practicable after we receive them. If there are a number of
documents relating to a series of transactions, we will normally hold each document until the series is
complete and then forward them to you. We will scan any significant documents and retain them on
your client file.
Investment Performance & Risks
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 your suitability report. Under the terms of this agreement, we
may, if appropriate, advise you on investments which are not readily realisable. We would draw your
attention to the risks associated with these investments as there is a restricted market for them. In
some circumstances it may therefore not be possible to deal in the investment or obtain reliable
information about its value.
17
Service & Fee Agreement
This agreement is to confirm and formalise our recent conversation regarding the financial planning
services which we provide. The agreement can be broken at any time by either party giving notice in
writing.
Typical Service
Fee Rate
Minimum
Service Income
Initial Fee
Rate
Premier Wealth Management
0.75%
£2,000
1.5%
Wealth Management
1.00%
£1,000
2.5%
Financial Planning
1.00%
£250
4%
Standard
1.00%
£60
4%
Service Level
We will agree a service level with you and this will be confirmed in writing and any advice provided
will be subject to our minimum £500 fee. Your service level will be reviewed internally at least on an
annual basis and adjusted as appropriate. We will discuss this with you at your next review.
Minimum Service Income refers to the annual recurring fee income we receive from you, this does
not include fees for new advice in the period. This can be paid directly from any investments or
pensions you hold with us, through a standing order paid directly from your personal account or a
combination of the two.
Other Fees
Certain aspects of our work are subject to a minimum fee which will become chargeable at the point
we provide a suitability report. We will offset this charge against any income we receive from the
product provider after a policy has been set up.
New client (Once Suitability Report Prepared)
Pension transfer advice – first pension
(Once Suitability Report prepared)
Pension transfer advice – additional pensions
Minimum £500
Minimum £500
Minimum £250
Regular Premium additional fee
£250 subject to £500 minimum
Complex/time consuming work (For example; IHT
planning)
Additional Servicing Fee
Arranging and advising on certain life contracts
Annuity recommendations (see overleaf)
By agreement
By agreement
Dependent on provider
Subject to the minimum £500
18
Higher of 1.25% or (£500 plus £200
for each additional policy)
Higher of 1.50% or £750 (Plus £250
for each additional policy)
Higher of 2% or £1,000 (Plus £250 for
each additional policy)
Annuity and Open Market Option (OMO)
Enhanced Annuity and OMO
Drawdown or 3rd Way, Enhanced and OMO
Your Consent
This is our standard client agreement upon which we intend to rely. For your own benefit and
protection you should read these terms carefully before signing them. Please sign both copies of this
letter, and return one copy to us. If you do not understand any point please ask for further
information.
I/We authorise the transfer of information, on a confidential basis when warranted between any such
third parties.
Please confirm if you are happy to give your express consent to contact you by telephone to discuss
advising on or arranging financial, mortgage or insurance products in future?
Please tick one box only:
YES
NO
Signed by:(for and on behalf of Jones Sheridan)
Print Name
Signed by:( Customer 1)
Print Name
Signed by:( Customer 2)
Print Name
Date issued
You should seek legal advice in respect of your own specific requirements to ensure the validity of this agreement.
19
Service & Fee Agreement (Jones Sheridan Copy)
This agreement is to confirm and formalise our recent conversation regarding the financial planning
services which we provide. The agreement can be broken at any time by either party giving notice in
writing.
Typical Service
Fee Rate
Minimum
Service Income
Initial Fee
Rate
Premier Wealth Management
0.75%
£2,000
1.5%
Wealth Management
1.00%
£1,000
2.5%
Financial Planning
1.00%
£250
4%
Standard
1.00%
£60
4%
Service Level
We will agree a service level with you and this will be confirmed in writing and will be subject to our
minimum £500 fee. Your service level will be reviewed internally at least on an annual basis and
adjusted as appropriate. We will discuss this with you at your next review.
Minimum Service Income refers to the annual recurring fee income we receive from you, this does
not include fees for new advice in the period. This can be paid directly from any investments or
pensions you hold with us, through a standing order paid directly from your personal account or a
combination of the two.
Other Fees
Certain aspects of our work are subject to a minimum fee which will become chargeable at the point
we provide a suitability report. We will offset this charge against any income we receive from the
product provider after a policy has been set up.
New client (Once Suitability Report Prepared)
Pension transfer advice – first pension
(Once Suitability Report prepared)
Pension transfer advice – additional pensions
Minimum £500
Minimum £500
Minimum £250
Regular Premium additional fee
£250 subject to £500 minimum
Complex/time consuming work (For example; IHT
planning)
Additional Servicing Fee
Arranging and advising on certain life contracts
Annuity recommendations (see overleaf)
By agreement
By agreement
Dependent on provider
Subject to the minimum £500
20
Higher of 1.25% or (£500 plus £200
for each additional policy)
Higher of 1.50% or £750 (Plus £250
for each additional policy)
Higher of 2% or £1,000 (Plus £250 for
each additional policy)
Annuity and Open Market Option (OMO)
Enhanced Annuity and OMO
Drawdown or 3rd Way, Enhanced and OMO
Your Consent
This is our standard client agreement upon which we intend to rely. For your own benefit and
protection you should read these terms carefully before signing them. Please sign both copies of this
letter, and return one copy to us. If you do not understand any point please ask for further
information.
I/We authorise the transfer of information, on a confidential basis when warranted between any such
third parties.
Please confirm if you are happy to give your express consent to contact you by telephone to discuss
advising on or arranging financial, mortgage or insurance products in future?
Please tick one box only:
YES
NO
Signed by: (for and on behalf of Jones Sheridan)
Print Name
Signed by: ( Client 1)
Print Name
Signed by: ( Client 2)
Print Name
Date issued
You should seek legal advice in respect of your own specific requirements to ensure the validity of this agreement.
21
Knowledge and Experience - Assessment
Before making a recommendation it is important that I get an accurate picture of your previous
experience and knowledge of regulated investments. This will help me tailor my advice to your
specific needs and ensure I go into the relevant amount of detail to ensure you understand the
recommendations.
Investment Experience and Service
What types of regulated investments have previously owned, currently own or received advice on
and did you actively follow these investments? (Please tick all that apply)
Received
Advice
Type of Regulated Investment
Owned
Now
Owned
Previously
Actively
Followed
Regular savings vehicles including endowments,
friendly society bonds
Lump sum investment bonds
Stocks & Shares ISA
Personal Pension or Stakeholder Pension
SIPP, Income Drawdown
Shares, Gilts, Corporate Bonds
Warrants, derivatives, commodities, spread
betting
Tax planning investments (EIS, VCT)
IHT planning using trusts
Structured investment products
Unregulated collective investment schemes.
What types of service are you familiar with? (Please circle each that applies)
Bank / Building
Society
Independent
Adviser
Online
In past dealings have you received advice
from the following?
Yes ⃝ No ⃝
Yes ⃝ No ⃝
Yes ⃝ No ⃝
Have you ever transacted business on an
execution only basis?
Yes ⃝ No ⃝
Yes ⃝ No ⃝
Yes ⃝ No ⃝
22
Knowledge Statement
Are there any particular issues which we should be aware of in terms of your level of education,
profession or former profession which would be relevant to your knowledge or experience?
YES ⃝
NO ⃝
(If Yes, please provide detail)
Which of the following descriptions best describes your knowledge and experience? (Please Tick).
I have no knowledge of regulated investments whatsoever, and this would be my
first investment.
I have a limited knowledge of regulated investments, having previously held them
and/or I currently hold some plans.
I have a reasonable knowledge of regulated investments having previously held them
and/or I currently hold some plans.
I have a good knowledge of regulated investments, having previously held them
and/or currently hold some plans. I also actively track my plans on a regular basis
and have an interest in the underlying investments.
Name
Name
Signature
Signature
Date
Date
23