RICHARDSON FINANCIAL SERVICES
REMUNERATION AND FEES – EFFECTIVE DATE 1ST OCTOBER 2024
John Richardson, trading as Richardson Financial Services, Main Street, Ennistymon, Clare.
TEL: 065 707 2714 MOB: 087 907 7260
EMAIL: jrichardsonfs@hotmail.com. WEB: www.richardsonfinance.ie.
COMPANY REGISTRATION NUMBER: 265285
John Richardson, trading as Richardson Financial Services may earn our remuneration on the basis of fee, commission and any other type of remuneration, including a non-monetary benefit or on the basis of a combination of these methods. A non-monetary benefit will only be accepted if it enhances the quality of the service to our clients. You may choose to pay in full for our services by means of a fee. Where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee. Where we receive recurring commission, this forms part of the remuneration for initial advice provided. We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 2 hours. A summary of the details of all arrangements for any fee, commission other reward or remuneration paid or provided to us which have agreed with product providers is available in our office or on our website www.richardsonfinance.ie. In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for life, non-life business and Standard PRSAs. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below. If we receive commission from a product provider, this will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission will become the amount payable to the firm unless an arrangement to the contrary is made. When assessing products, we will consider the different approach taken by product providers in terms of them integrating sustainability risks into their product offering. This will form part of our analysis for choosing a product provider.
Advisory Fees
You may elect to deal with us on a fee basis. Fees are charged on an hourly basis for services rendered and will reflect the seniority of the individual employee providing the advice or service. The current charge out rates is as follows:
Senior Advisers: €200 per hour
Support Staff: €100 per hour
These rates will be reviewed from time to time and you will be notified of any changes implemented to the above scale. Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services. If we receive commission from a product provider, this will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission will become the amount payable to the intermediary unless an arrangement to the contrary is made.
Pensions
Group Schemes, Executive Pensions, Personal Pensions, PRSAs
Level model: Up to 5% on annual contribution.
Initial and Renewal model: Up to 25% of initial contribution.
Annual renewal fee may also apply.
Where advice is requested for PRSAs, the following hourly fees will apply:
Senior Advisers: €200 per hour
Support Staff: €100 per hour
Buy out Bond
Single Contributions: Up to 5% of contribution.
Annual renewal fee may also apply. Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.
Annuities
2% – 5% of the amount Invested.
ARF/AMRF
2% – 5% of amount invested and renewal fee may apply.
Protection
Term Assurance, Mortgage Protection, Specified Illness and Income Protection: Up to 180% of initial year premium and renewal fee may apply.
Investment Bonds
2% – 5% of investment amount and renewal fee may apply.
Regular Savings
Up to 25% of initial year contribution and renewal fee may apply.
Clawback
If we receive commission from a product provider [and off-set the commission against the fee which we would otherwise have charged you] but the commission is subsequently clawed-back by the provider because of early encashment by you or because of the transferring of the assets or business to another provider or in any circumstances consequent on your actions or omissions, we will charge a fee to you that is equal to [100% of] the clawed-back commission. That fee will be owing in simple contract upon the claw-back of the commission.
