How we work...

Your initial consultation with our Financial Adviser will be without charge. The aim of this discovery meeting is to assess your financial needs and objectives and for us to explain the services we can offer, and how much they will cost.

After the initial consultation if you decide to proceed, we will ask you to fill in our fact finding document and complete a risk tolerance questionnaire. This enables us to get a full picture of your personal circumstances and financial situation, find out what’s important to you, determine your appetite for risk and help us to create a tailor-made plan that suits your needs and objectives.

The Financial Plan forms the cornerstone of our service. This document will be reviewed at least annually, and includes some or all of the following:

• Household cashflow analysis and lifetime cashflow projection
• Education saving plan for those with children
• Analysis of your existing life and income insurance
• Investment analysis and recommendations
• Asset allocation
• Retirement plan including analysis of your existing pension(s) and post retirement support
• Helping ensure you qualify for the State contributory pension
• Estate and inheritance tax planning in collaboration with your legal and tax advisers

Once we have discussed our recommendations and agreed details with you, we will provide you with a Statement of Suitability. We will then begin to implement the plan.

We will meet you at least once a year to review your financial situation and send you updates on an ongoing basis as appropriate. This is to ensure that your financial plan is constantly updated as your objectives and circumstances change. We will also monitor your attitude to risk and review investments, making changes when necessary. We will be on hand throughout the year to deal with your queries.

We believe in fee based financial advice as opposed to commission based advice. Fees allow us to offer a fully professional, transparent and completely impartial service without any conflict of interest.

Our comprehensive Financial Plan forms the cornerstone of our service (see above). This is the starting point in our relationship with all new clients.

We charge an investment implementation fee of 0.5% (minimum €500) for advising on, structuring and implementing a new pension or investment plan.

Our ongoing annual advice and servicing fee is 0.5% of the value of funds invested (minimums may apply).  This covers the annual review, updated recommendations, contact throughout the year and updated Financial Plan. Flat fixed fees may apply for larger account sizes.

Although predominantly fee based, Ardbrack Financial will sometimes be paid a commission and other payments from product providers (e.g. for arranging a policy of life insurance). In situations where we receive a commission we will disclose this to you in advance and in writing. This will form part of the remuneration for our services.

Additional fees may apply for particularly complex cases or additional services that you may request. In such circumstances we can quote a fee in advance.

Where applicable VAT will be added to our fees.

Life Insurance Commission Summary Document

We, Ardbrack Financial Limited act as intermediary between you, the consumer, and the product provider with whom we place your business.

The background

Pursuant to provision 4.58A of  the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries, must make available in their public offices, or on their website if they have one, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers.  

What is commission?

For the purpose of this document, commission is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer.   The amount of commission is generally directly related to the quantity or value of the products sold.

There are different types of commission models:

Single commission model: where payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid/amount invested/amount borrowed.

Trail/Renewal commission model:  Further payments at intervals are paid throughout the life span of the product.

Indemnity commission

Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned.

Other forms of indemnity commission are advances of commission for future sales granted to intermediaries in order to assist with set up costs or business development.

Life Assurance/Investments/Pension products

For Life Assurance products commission is divided into initial commission and renewal commission (related to premium), fund based or trail relating to accumulated fund.

Trail commission, bullet commission, fund based or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up though an insurance-based investment product or a pension product, the increments may be based on a percentage of the value of the fund or the annual premium. For a single premium/lump sum product, the increment is generally based on the value of the fund.

Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.

Investments

Investment firms, which fall within the scope of the European Communities (Markets in Financial Instruments) Regulations 2007 (the MiFID Regulations), offer both standard commission and commission models involving initial and trail commission. Increments may be based on a percentage of the investment management fees, or on the value of the fund.

Clawback

Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.

Fees

The primary services provided by Ardbrack Financial are Financial Planning and Investment Advice. In the vast majority of cases, the firm will be remunerated for Investment Advice by means of a fee  rather than commission. This fee will be deducted at source from your investment account by the product provider and paid to Ardbrack Financial. You will be charged an implementation fee of 0.5% (minimum €500) for Investment and Pension arrangements and an ongoing advisory fee of 0.5% per-annum (minimum €500).

Other Fees, Administrative Costs/ Non-Monetary Benefits

The firm may also be in receipt of non-monetary benefits such as:

• Attendance at product provider seminars
• Assistance with Advertising/Branding

Providers

The Investment and Life Insurance providers that our firm deals with, which for ease of reference is in alphabetical order, are:

Aviva
Conexim
Davy
Irish Life
New Ireland
Royal London
Standard Life
Zurich

Summary commission details for our business with Aviva

This document provides summary details of the commission arrangements we have in place for protection business with Aviva. Alternative commission structures may be available which are different from the commission structures shown below.

These details are correct as at 1^st April 2020.

Flexible Protection, Mortgage Protection Plan, Personal and Executive Pension Term Assurance

	Yr1	2 – 10	11+
Max	150%	22%	22%

Commission Clawback period (when policies cancel):

5 years

Personal & Executive Income Protection & Wage Protector

	Yr1	2 – 10	11+
Max	200%	30%	30%

Commission Clawback period (when policies cancel):

5 years

Summary commission details for our business with Irish Life

This document provides summary details of the commission arrangements we have in place for protection business with Irish Life. Alternative commission structures may be available which are different from the commission structures shown below.

These details are correct as at 1^st April 2020.

Protection

	Yr1	2 – 5	6+
Max	100%	50%	6%

Commission Clawback period (when policies cancel):

5 years

Income Protection

	Yr1	3 & 6	7+
Max	120%	30%	6%

Commission Clawback period (when policies cancel):

5 years

 

Summary commission details for our business with New Ireland

This document provides summary details of the commission arrangements we have in place for protection business with New Ireland. Alternative commission structures may be available which are different from the commission structures shown below.

These details are correct as at 1^st April 2020.

Individual Protection

	Yr1	2 – 10	11+
Max	225%	20%	12.5%

Commission Clawback period (when policies cancel):

5 years

 

Summary commission details for our business with Royal London

This document provides summary details of the commission arrangements we have in place for protection business with Royal London. Alternative commission structures may be available which are different from the commission structures shown below.

These details are correct as at 1^st April 2020.

Life, Serious Illness, Mortgage Protection and Income Protection cover

	Yr1	2 – 10	11+
Max	225%	3%	3%

Commission Clawback period (when policies cancel):

5 years

Summary commission details for our business with Zurich Life Assurance plc

This document provides summary details of the commission arrangements we have in place for protection business with Zurich Life Assurance plc. Alternative commission structures may be available which are different from the commission structures shown below.

These details are correct as at 1^st April 2020.

Guaranteed Term Protection & Guaranteed Mortgage Protection

	Yr1	2 – 10	11+
Max	100%	12%	3%

Commission clawback:

Commission paid in year 1 is earned over a 12 month period.

Guaranteed Whole of Life

	Yr1	2 – 5	6+
Max	90%	18%	3%

Commission clawback:

Commission paid in year 1 is earned over a 12 month period.