The True Cost of Protection

At Resolve Financial Solutions, we pride ourselves on being transparent. We, therefore, wanted to discuss the topic of ‘commission’ and why, where applicable, it is paid to us as advisors.

Many financial advisors do not like talking about the commission and some even refer to it as a ‘dirty subject’.

Why is a commission paid?

The commission we receive for our services covers three main areas:

1. The cost of time spent in discussion and the detailed recommendations we provide to our clients. Our advisors are qualified with a number of years of experience working in this industry and of helping clients with various requirements put in place the right protection plans. We believe this has value and think you will too once we have had the opportunity to conduct an initial meeting with you.

2. The time taken to arrange the insurance once a recommendation is accepted. Ensuring the cover is correct, we discuss, review and arrange the cover so that it is fit for purpose for the client, for example, the amount of cover, term of cover, type of cover, benefits of cover, etc.

3. We offer a post-sale service which is included in the cost of commission. This is in addition to arranging the plans and ensuring the appropriate trusts are put in place where required.

What else is included at Resolve Financial Solutions?

Our post-sale service offers additional support to our clients. When we arrange your protection insurance we make available annual protection reviews free of charge where required. Our recommendation is that a review occurs at least every five years with all protection plans as a minimum.

We also offer support in making claims where appropriate. This is designed to assist you when you are making a claim as this can be a complex and emotional process. Wherever possible, we will provide guidance and assistance to you or your next of kin when making any claims to your provider. We always recommend that a reference to Resolve Financial Solutions as the advising broker of a plan is kept with any policy documentation so that you or your next of kin are aware of who they can contact for this.

How do we charge commission?

In the majority of cases, we do not charge a fee directly to our clients for the advice, arrangement, and service we provide clients in relation to their protection plans however we are only able to do this because of the commission the provider pays which cover the cost of the above.

If you would like to speak to us about protection insurance then please get in touch.

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