Approach to Fees
The service we provide is one of quality aimed at meeting our clients’ needs and we expect the fee to be commensurate with that approach as we believe we are relatively unique. We do not compete on price. We do, however, recognise the need for value for money and we are convinced that from a long term perspective our fees provide just that.
Fees are based fundamentally on the time necessarily incurred on a clients’ affairs and this will be the way we will charge when a particular assignment cannot be budgeted. However just as often it will be possible to budget the cost based upon our knowledge of what is involved and in such cases we can provide a fixed or capped quote.
We are committed to providing our clients with a choice as we do appreciate that clients like to to have control over their level and potentially certainty and as a result are usually able to offer the following options:
• A fee based purely on the time incurred – which may be more or less than our estimate
• A fixed fee. This passes all the risks of an overrun to ourselves but the client has the risk of having a higher cost than a time basis should the costs be less.
• A fee based on time but subject to a cap. As we take the risk of the overrun but the client has all the benefits of an “under-run” then the cap needs to be higher than the fixed fee.
We rarely work on a wholly contingent basis believing that such an approach is not conducive to the independence of mind that a client should seek from their advisers. However where there is a clearly definable “contingent event” we may be prepared to consider an element by way of a performance related fee.