Churchfield Corporate Financial Solutions 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.churchfield.ie. In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below. 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.
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: €300 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:
Advisor fees: €200 – €300 per hour
Support Staff: €70 – €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.
Mortgages
We may receive up to 1% (or whatever maximum is applicable) of the loan for arranging mortgage finance. This commission is paid by the mortgage lender. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you. Information on the variation in levels of commission payable by the different creditors providing credit agreements being offered are available on request. Churchfield Corporate Financial Solutions may charge a fee up to €500 for the preparation, arrangement and administration of a mortgage application. This fee is non-refundable and is not in any way an indication of mortgage/loan approval. This fee is in addition to any commission received from the mortgage lender. Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. You have the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to specialist lending.
Ongoing Remuneration
We wish to inform you that we receive ongoing remuneration from Product Providers in respect of the financial service provided to you. This remuneration is based on a percentage of the value of your investment, annual premiums, etc. and is intended to cover the ongoing service that we provide to you in relation to this product. The nature of the service for which this remuneration is payable includes regular reviews of your product, updates on performance, and continued access to our advice.
Insurance based Investment Products
The firm’s services do not include ongoing suitability assessments. The rationale for this decision will be provided to you, the client, through a separate communication.
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.
Regular Reviews
It is in your best interests that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change which may result in you having insufficient insurance cover and/or inappropriate investments. We would therefore advise that you contact us to ensure that you are provided with up to date advice and products best suited to your needs.
For Medtronic employees we do not charge a fee for our services and all advice is provided on a best price basis or best advice basis. If the best advice is to deal directly with other providers we will refer you to these providers.
