Frequently Asked Questions
FAQ’s
Your Questions Answered
What is a Chartered Financial Planner?
Chartered Financial Planner is a title awarded to those individuals qualified to degree level in terms of financial planning qualifications recognised by the Personal Finance Society.
It is an indication that the professional you’re working with is qualified well beyond minimum standards and further demonstrates that an individual has at least 5 years of relevant experience in the profession.
As far as we’re concerned, it signals our dedication to meeting the highest standards and – in line with our independent status – obtaining the best outcomes for our clients.
More information can be found here.
Who are Sense and what’s an Appointed Representative?
An Appointed Representative essentially delivers advice under the responsibility of an authorised firm, known as ‘the principal’. Our principal is Sense network who provide us with compliance and business support.
Not only does this help us manage time-consuming regulatory and administrative processes, it should assure our clients that there is a professional outfit ensuring our planning/advice is first rate.
For more information see here.
Can I pay a fixed ongoing charge rather than a percentage fee?
Absolutely.
A number of our clients prefer to pay a fixed annual charge to retain us.
This is calculated based on our 0.65% charge or a rate we feel fair relative to the work being asked of us.
Can I pay by the hour?
We expect our fixed initial fees to offer better value for clients who approach us but we may charge hourly rates where:
- We are requested to produce one off pieces of work
- For additional review meetings or additional non-inclusive services.
You can ask us for an estimate of how much in total we might charge and you may also ask us not to exceed a given amount without checking with you first.
Our fee structure on a time costed basis is as follows:
Chartered Financial Planner: £250 per hour
Technical Analysis: £150 per hour
Administration: £75 per hour
What if I don’t agree with the advice?
Advisory charges for the work we do are payable whether you opt to take our advice or not; we do not operate on a contingent basis that depends on the sale of a financial product for us to be remunerated.
We consider it unlikely you will disagree with us as we spend a lot of time working collaboratively with our clients to the extent there are no surprises at the end of the process.
Is there a cancellation period?
Recommended financial products will have cancellation periods.
These are typically for pensions and for investment accounts. All cancellation rights will be explained to you prior to asking you to implement a given solution.
For any ongoing services we provide to you our clients can cancel their agreement by providing us written notice; we reserve the right to charge any fees outstanding up until the point of cancellation.
What if your advice turned out to be incorrect?
Under the UK regulatory protections you are protected if our advice turns out to be incorrect.
If you are unhappy with the advice you have been given, the first step is to complain to us. If you are unhappy with the response we give, you can take your complaint to the Financial Ombudsman Service (FOS).
The FOS can award compensation up to £375,000.
What if Cygnus goes bust?
We are not permitted to hold client money and so if we go bust it has no bearing on any assets upon which we have advised.
What if any of the providers you recommend go bust?
The providers we use all operate in accordance with regulations as set out by the Financial Conduct Authority; this means no client money is on the balance sheet of the companies with whom we place investment, pension and or protection business (inter alia).
In the event a provider were to go bust it is unlikely to have any major impact on your capital.
Other protection limits apply if it turns out a provider was directly holding client money and these limits are set out by the Financial Services Compensation Scheme.
