Our Remuneration
At Power Wealth Advisors, we pride ourselves on being a fee-based advisory firm with a transparent remuneration structure and the avoidance of commissions.
Remuneration Structure
1. Our Approach to Remuneration
As a financial planning firm, we provide transparent and fair remuneration arrangements that align with the services offered to our clients. Our remuneration structure may be derived from one or a combination of the following:
• Fee-Based: Fees charged for financial planning advice, portfolio reviews, or ongoing management services. These fees may be structured as:
– A fixed fee was agreed upon prior to engagement.
– A percentage of the assets under management (AUM).
• Commission-Based: A commission paid by third party product providers (e.g., insurance companies and investment platforms in relation to the financial products recommended and implemented on your behalf).
• Combination Approach: In certain cases, our remuneration may include both fees and commissions, depending on the services provided and products recommended.
2. Disclosure of Fees and Commissions
We are committed to full transparency regarding our remuneration and will provide clear disclosures in line with industry regulations and professional standards
3. Invoicing and Payment Terms
• Fee Invoices: Our fees will include clear descriptions of the services provided and the applicable charges.
• Ongoing Services: For ongoing financial advice or portfolio management, fees may be deducted from your pension/ investment plans or charged directly to you or your company.
4. Third-Party Payments
If we receive commissions or other payments from third parties in connection with the products or services provided to you, we confirm that these arrangements will always comply with our obligation to act in your best interest.
5. Changes to Remuneration
Any proposed changes to our remuneration structure will be communicated to you in writing and will require your agreement before implementation.
Lifestyle Financial Planning Service Fees
Our fee structure is designed to provide comprehensive, ongoing financial planning tailored to your unique lifestyle and goals:
• Annual Fee: 1% per annum of the pension or investment funds we advise on.
• Minimum Fee: A minimum annual fee of €4,000 per family ensures access to our personalised financial planning expertise.
1st Example: We advise a client with a pension/investment portfolio of €650,000.
Our annual fee is €6,500. This equates to 1% of the entire portfolio.
2nd Example: We advise a client with a pension/investment portfolio of €1,500,000. Our annual fee is €12,500. This equates to 0.83% approximately of the entire portfolio.
3rd Example: We advise a client with no pension/investment portfolio. This client may have other investment assets, such as property. They want an independent Financial Planner to help them with their overall financial picture. Our annual fee will be a minimum of €4,000.
Our fees are typically deducted directly from your pension or investment fund.
Life Insurance, Serious Illness, and Income protection plans
The cost of providing advice and implementing these plans is covered through commissions paid by the life insurance companies.
As a result of the Consultation Paper 116, the Central Bank have made it mandatory that all regulated firms make available to customers all commission structures available to them by product providers, even if the regulated firm does not accept or use the commission structures. We provide a link here to this information. If you have any queries on this information, please don’t hesitate to drop us a line.