The new charging structure offers a choice of advise-based fee, commission through product charges or a combination of both; allowing customers to decide their payment terms according to their financial needs and circumstances in advance of advise being given.
With many advisers having to rethink their approach to charges following the Retail Distribution Review, AWD Chase de Vere is taking steps to ensure it meets TCF guidelines and will follow up this initial pilot with another one in October. The company intends to share the results with the FSA before fully implementing its new remuneration structure.
Martyn Laverick, marketing director, AWD Chase de Vere, commented: "In line with the FSA's requirement for greater transparency and treating customers fairly, our client agreement documents are designed to help the customer decide which remuneration package suits their needs and pocket best. This is particularly invaluable at this time when investors have to be prudent with their investment choices.
"We have taken the bull by the horns in implementing CAR and believe that giving customers a choice in how they pay for advice is something the industry needs to forge ahead with."
