Adding Your Fees to VouchedFor
You can add your fees to your VouchedFor profile, to provide prospective clients with an idea of how much you typically charge and build their confidence in becoming a client.
To do this, login to your account and go to "Fees" on the left hand navigation.
There are three types of fees you can add:
- Financial Planning + Implementation & Ongoing Service
- Investments & Pensions only (without Financial Planning)
- Mortgages
You should choose “Financial Planning + Implementation & Ongoing Service” if you typically combine the charges for these services as one package.
Adding Investments & Pensions only (without Financial Planning):
Step 1: Click “Add Fees”
Step 2: Select “Investments & Pensions only (without Financial Planning)"
Step 3: Choose the fee model you typically use the most (for example, percentage of assets)
Step 4: If you’ve selected percentage of assets as your fee model, select how you tier your charges. “Tiered” means you charge (for example), 1% on the first 50k, 0.75% on the next 50k, 0.5% on the next...and so on. “Wealth Based” means you charge (for example), 1% on full amounts up to £50k, 0.75% on full amounts up to £100k, and so on.
Step 5: You’ll now see that fee type added. Next, add your first fee level. Fee levels allow you define different fees for different asset levels.
Step 6: Add your first fee level, selecting the various options available, and click save.
Step 7: Add as many fee levels as you want, ensuring you have covered a full range using the ‘up to’, ‘between’ and ‘over’ options.
And that’s it! You can also add notes here. See what your fees look like on your profile by clicking “VIEW PROFILE” at the top.
Adding Financial Planning + Implementation & Ongoing Service:
1. Follow the steps above; then when you select “Financial Planning + Implementation & Ongoing Service”, you will be prompted to choose a fee model for both Financial Planning AND Implementation.
This is to allow you to, for example, use a percentage of assets model for Implementation, but a fixed fee model for Financial Planning.
This is designed for those advisers who charge for these services as one package, with a combination of fee models.
2. You will then need to add 'Fee Levels' (again, as per the steps above) for Investments & Pensions, and separately for Financial Planning. Note that these costs will all be added together to calculate your total cost.
Adding Mortgages:
Step 1: Click “Add Fees”
Step 2: Select ‘Mortgages’
Step 3: Click ‘Save’.
Step 4: You’ll then see Mortgage Fees appear, without detail of the fee levels yet. Click on “Add Fee Level”
Step 5: Add your first fee level, choosing the mortgage value, fee, and at what point you charge a fee, then click save.
Step 6: Add as many fee levels as you want, ensuring you have covered a full range using the ‘up to’, ‘between’ and ‘over’ options.
And that’s it! You can also add notes, and a minimum fee. See what your fees look like on your profile by clicking “VIEW PROFILE” at the top.
