TERMS OF BUSINESS
These Terms of Business are effective as and from the 13th of July 2024.
The Terms of Business set out the general terms under which our firm will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries, we will be happy to clarify them. If any material changes are made to these terms, we will notify you.
Authorisation and Codes of Conduct
PFS Financial Planning Ltd t/a Power Wealth Advisors is regulated by the Central Bank of Ireland.
Our authorization can be checked on the Central Bank of Ireland registers website at www.centralbank.ie or by calling them on 01-224 4000 to verify our credentials. Our reference code is C163621. We are also subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can also be found on the Central Bank’s website.
Our Services
We are an Insurance and Investment Intermediary. Our principal business is to provide advice and arrange transactions on behalf of our clients in relation to life, pensions & investments. We are not under a contractual obligation to conduct Insurance distribution business exclusively with one or more Insurance Undertakings and do not give advice based on a fair and personal analysis, we do however provide advice from the selection of products provided by the Companies we have agencies with. We recommend the product which, in our professional opinion, is best suited to your needs and objectives from this selection of products.
As part of the process when giving our clients advice on Investments we will need to gather information with regards your investment knowledge and experience, if this information is not provided, we will not be able to determine whether the product is appropriate for you. Any advice or recommendations that we offer will be based on clients’ stated objectives and circumstances and we will consider any restrictions that clients wish to place. We will confirm to clients in writing the basis of our reasons for recommending any financial products.
Pensions & Investments
Below are agencies we use for pensions and investments:
J & E Davy (Davy Select Platform)
Conexim Advisors Ltd (Platform)
Independent Trustee Company Ltd (ITC Platform)
Quilter Cheviot
Bespoke Investments Ltd (For property only)
Standard Life, Zurich Life Assurance plc, Irish Life Assurance plc,
Aviva Life & Pensions Ireland Dac and New Ireland Assurance plc.
Royal London
Sustainable Investing
We will consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice.
We will gather your preferences on Sustainable Investing and build them into our Statement of Suitability for you. Ultimately, it is the Product Producers we have agencies with that build the Investment Products we advise on, and it will be their documentation we are relying on when advising you on Sustainable investments.
All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.
If by investing in sustainable investment products there are any differences in charges etc., we will advise you of this in advance of advising you on your investment.
Disclosure of Information
We act as your representative to the companies we have agencies with, and we will provide assistance to you for any queries you may have in relation to the policies or in the event of a claim during the life of the policies and we will explain to you the various restrictions, conditions and exclusions attached to your policy. However, it is your responsibility to read the policy documents, literature, and brochures to ensure you understand the nature of the policy cover. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative all information you provide to the insurer is accurate and complete.
You are under a duty to answer all questions posed by the insurer or us on your behalf, honestly and with reasonable care. It is presumed, unless the contrary is shown, that you would know all questions in an application or at renewal are material to the risk undertaken by the insurer or the calculation of the premium by that insurer, or both. Any failure to disclose material information may invalidate a claim and render your policy void.
You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time you pay the first premium.
To assist us in providing you with a comprehensive service and to keep our records up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g., name change, change of address, etc.
A summary of the details of all arrangements for any fee, commission, other reward, or remuneration paid or provided to us by the product producers” is available on our website or in our offices. If you need further explanation of this information, please do not hesitate to call us.
Regular Reviews
It is in your best interests that you review, on a regular basis, the advice, and products which we have arranged for you. As your circumstances change, your needs will change. Please advise us of these changes and request a review of the relevant policy so we can ensure you are provided with up-to-date advice and products best suited to your needs.
Conflicts of interest
It is our policy to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises, we will advise you of this in writing before providing you with any service. As per the above we receive commission from the companies we have agencies with for the business you transact.
Default on payments by clients
Our firm will exercise its legal rights to receive payments due to it from clients (fees) for services provided. Without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.
Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.
Complaints
We have a complaints procedure in place which is available on request. Your complaint can be in writing, email, telephone, or face to face. If your complaint is face to face or by phone, we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint within 5 business days, advising you of the name of the person dealing with your complaint on behalf of the company. Please address any complaint to Power Wealth Advisors. If in the event a complainant is dissatisfied with the outcome of our investigation, you are entitled to refer the matter to the Financial Services & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 email info@fspo.ie.
Data Protection
Power Wealth Advisors complies with the requirements of the Data Protection Regulation. The data will be processed only in ways compatible with the purposes for which it was given. We will provide you with a separate Data Privacy Notice which will outline exactly how, what and where we use your data. To fulfil these objectives, we may share information with other affiliated professionals. Written consent will be sought in this instance.
Investor Compensation Scheme
We are members of the Investor Compensation Scheme which provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in the Act. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered, or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so.
A right to compensation will arise only:
If the client is an eligible investor as defined in the Act; and
If it transpires that the firm is not able to return client money or investment
instruments owned or belonging to the clients of the firm; and
To the extent that the client’s loss is recognised for the purposes of the Act.
Where an entitlement to compensation is established, the compensation payable will be the lesser of:
90% of the amount of the client’s loss which is recognised for the purposes of the
Investor Compensation Act, 1998; or Compensation of up to €20,000.
For further information, contact the Investor Compensation Company Ltd at (01) 224 4955
Remuneration
In all circumstances, you will be informed of all costs before consenting to any regulated advice work being undertaken.
Initial advice & Implementation fees:
Between 0% – 4% to implement any Pension / Investment product that is needed to help your Financial Plan.
Note: Power Wealth Advisors is remunerated by commission from product providers. If we receive commission from a product provider this may be offset against our fee.
Ongoing Advice Fee:
We charge 1% per annum of your pension / investment funds that we advise on up to € 2million.
Any funds above € 2million will be charged at a reduced ongoing fee of 0.5% per annum.
Our minimum annual fee is €5,000 per family.
What is included in your ongoing fee:
Access
Phone calls & emails returned within 24 hours without fail
Annual Financial Planning Meeting
This meeting will provide you with a clear picture of your current position and if you are on track to reach your goals. If you are not on track, we will provide you with a solution to help you get there.
Investment advice and education
We show our clients how to be an Investor, not a Speculator.
Mid-Year Catch up Meeting
Quick update on your progress (Microsoft Teams meeting). This meeting is usually 4 – 6 months after your Annual Financial Planning Meeting
Company Year-End:
We will call you usually six weeks before your Company’s year-end to discuss a contribution to your pension from your company.
Estate Planning Advice:
We will help you pass on your wealth to the next generation as efficiently as possible.
Retirement Strategies:
Discussion around your exit strategy from your business using certain business reliefs such as Retirement Relief or Entrepreneurial Relief.
The fees are generally deducted directly from your pension / investment funds.
If for some reason our fees cannot be deducted from your pension or investment funds, we can invoice you or your company directly.
Remuneration – continued
Life Insurance, Serious Illness, and Income protection plans:
The cost of this advice and implementation work is covered by commissions from the Life insurance companies.
Professional Fees
You may elect to deal with us on a fee basis e.g.
Director: €500 per hour.
Senior adviser: €300 per hour.
Support Staff: €120 per hour.