Fees & Charges
As a business we do need to receive payment for our services so this section will set out the general fees associated with the services which our firm may provide to you. At abm financial advisers, we believe in transparency which is why we are happy to share our fees and charges with you. We would be happy to clarify any queries you may have in relation to these fees.
Life Cover, Specified Illness and Income Protection Cover
We receive commission up to a maximum of 130% of the first year’s premium and 3% per annum thereafter from the life company. We provide each of our clients with a document detailing the quotation received from each of the seven providers, and would always recommend the best option for their requirements. We offer the exact same rates as the life insurance companies themselves however we offer a wider choice and the security of knowing that you have secured the most competitive quote.
Personal Pensions
The commission varies on the complexity and speciality of the product. Charges will vary but in general there tends to be lower charges on higher contributions. For example, for a Standard P.R.S.A. we would receive 5% of the monthly contribution however higher contributions would benefit from lower charges of for example 3% which means that 97% of your contributions are then invested. This is known as the allocation rate, i.e. the percentage of your contributions which are allocated to your fund. The fund management charge is the charge applied by the investment manager (for example Eagle Star/Zurich) for providing/managing the fund in which your contributions are invested. The fund management charge is typically 1% of your fund.
Group Pension & Benefits Arrangements
The fees and charges in relation to our group pensions vary in accordance with the pension arrangements in place. A P.R.S.A. arrangement for example will be charged on a commission basis such as 5% Commission basis and 1% Fund management charge.
Defined Contribution schemes depending on the scheme specifics and plan structure are on the basis of either a fund management charge or, a fixed fee basis and fund management charge.
The fee basis for insured arrangements varies according to the pension provider but our fees are on a fixed fee or commission basis. We offer Service Level Agreements on all our corporate schemes.
Deposit Accounts/Regular Saver Accounts
We receive up to a maximum of 0.35%, depending on the amount invested. This is exactly the same rate as offered directly by the financial institutions however we investigate the most competitive arrangement on your behalf and report back to you with our findings. Again, we do not charge for this service but instead receive payment from the financial institution with which you place your business. Our priority is ensuring that you are satisfied with the terms of your account.
Mortgages
We do not charge a fee for our customers for work undertaken on their behalf with the various mortgage providers. We are typically paid up to a maximum of 0.5% of the loan (depending on the lender) subject to a maximum commission of €1,500 which is for arranging finance. This commission is paid by the mortgage lender and as mentioned, you will not be required to pay abm financial advisers for our mortgage services. Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your loan offer. Typically, this situation arises in relation to specialist lending. We are paid different commission rates by each mortgage lender however we can provide you with a document to show you the rates paid to us and the mortgage offered to you, i.e. total transparency. If within 3 years, you are not 100% happy with your mortgage, and decide to move to another provider, commission paid to us is clawed back by the lender.