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Flexible adviser fees

Date: 26 October 2022

Ways to facilitate fees

We offer a wide variety of ways to facilitate fees. You can now:

  • verify fees online without having to send us a paper form – saving you time
  • spread an initial fee over a set period of time and illustrate for it – helping you meet compliance requirements.

Please note: Adviser fees are available for all businesses held on Charge Bases 2 and 3. For details of commission payable under Charge Basis 1, read our remuneration guide.

View remuneration guide

100% online

You can now confirm online that your clients have agreed to your fees, without having to send us a signed Quilter Adviser Fee form. You will need to keep the completed form on your records. To fulfil our FCA obligation to obtain and validate clients' instructions, we will request samples of these forms from you from time to time.

Adviser fees

How fees are deducted from the CRA

The CRA gives you additional flexibility to manage crystallised and uncrystallised assets in separate sub accounts.

If you request a servicing fee and your client holds both crystallised and uncrystallised assets, we will fund the fee from the largest crystallised sub account. If your client does not hold crystallised assets, the fee will be funded from their uncrystallised account.

 

Contingent charging and the CRA

There are three ‘Personal recommendation’ questions within the new business process which you will see when inputting a transfer. The last of these questions is to identify whether contingent charging was used for this transfer advice.

If there are no safeguarded benefits being transferred or the only safeguarded benefits are guaranteed annuity rates you should always answer ‘No’ to the contingent charging question. In line with FCA rules introduced on 1 October 2020, in nearly all cases we will not accept the transfer of safeguarded benefits being transferred where contingent charging applies. The exemptions are where the transfer is from a pensions product offering guaranteed annuity rates or whether either serious ill health or serious financial hardship applies.

Safeguarded benefits involve some form of guarantee or promise about the pension income someone will receive. Examples of safeguarded benefits include defined benefit (sometimes called final salary) pensions, deferred annuities, guaranteed annuity rates and guaranteed minimum pensions.

 

Charging VAT on adviser fees

If you need to add VAT to your fee, you will need to specify the servicing fee percentage inclusive of VAT. If you used the option on our previous platform to add VAT to your servicing fee, then at migration the fee amount was ‘grossed up’ to ensure you continued receiving the same level of fee.

Please note that if VAT changes in the future we will not make any adjustments to fees that were previously agreed, inclusive of VAT. If you wish to adjust your fee to include changes to VAT, you will have to get your client to sign a new Quilter fee form before making any adjustment to the fee online.

 

Removal of initial commission on non-advised business on Charge Basis 1

Since the Retail Distribution Review we have continued to facilitate initial commission on non-advised top-ups to Collective Retirement Accounts and Collective Investment Bonds on Charge Basis 1. You will now no longer be able to receive this commission. If you have existing trail commission arrangements, these will continue and will be unaffected.

 

Fee statements

When adviser fees are due to be paid to you, you will  receive two statements:

  1. For ISAs and Collective Investment Accounts.
  2. For Collective Investment Bonds and Collective Retirement Accounts.

Further support

Step-by-step training

View our ‘how do I’ video guides on how to use the platform, manage your clients’ investments and create reports.

Watch training videos

Platform support

Get instant access to online resources such as training videos and Q&As that will help with your daily tasks.

View platform support