We are remunerated via discounted commissions, or in certain limited circumstances,
via a direct fee, in lieu of commission, whilst always delivering exceptional value.
Our Payments
For all enquires, we offer a free 30 minute consultation, to allow you assess our solution offerings.
When do fees occur?
(A) Where you choose to engage our protection (life) services, by way of application return, where we are not remunerated by way of commission, we will charge you a direct fee, towards covering our costs.
We love to provide you fantastic discounts on the leading market policies, but we simply can’t work for free! Where you choose to apply and return your completed application our work begins, and includes application input, email and or telephone correspondence, and commencing the underwriting process.
(B) Direct fees may also apply on a case by case basis, where execution only investment advisory services are provided.
Our fee basis:
1. Insurance & Mortgage Protection – Not Taken Up
Where you make an application to engage your services as described above, but choose not to proceed at anytime prior to policy release, your application will be cancelled and you will be invoiced directly a flat charge of €150.00.
In the unlikely event that your policy is released based on your instruction, but it is then cancelled, within the first 24 months (for any reason), so that we get paid in lieu of the commission claw-back, we will charge you by direct invoiced amount of: €200.00
2. Personal Advisory Consultations
One hour personal consultations are charges at a rate of €200.00 per hour.
3. Self-directed – Master Trust – Executive Pensions
Suited only to high-net-worth individuals with significant investment market knowledge.
Our clients pay a once-off setup fee amounting to €6,000 and an annual support charge of €500.00. This secures AMC’s as low as 0.40% PA, subject to minimum execution only trades of €50,000.
4. Master Trust – Occupational Pension Schemes & Group Risk
100% Allocation + AMC: 0.75%
We charge a flat annual fee, which may reduce as the assets under management grow in size. All charges are outlined below:
Initial Consultation & Quotations: €500.00
Flat Management fee: €10,000
Built in to the annual fee:
Note: Minimum scheme membership is 20 employees.
One Quote Financial Brokers Ltd, act as an intermediary between you the consumer and the solution provider with whom we place your business.
One Quote Financial Brokers operates a “real value” ethos always ensuring full cost transparency. We conduct unbiased full insurer market comparison, offering the lowest fixed discount protection premium and the most competitive investment charges in the Irish Financial Broker space.
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 on their website, a summary of the details of all arrangements for any commission provided to the intermediary to which it has agreed with its product providers, together with details of any direct fees which may be charged by the intermediary to the consumer.
One Quote Financial Brokers are not tied to any solution provider, nor do we have any provider allegiances, our purpose is to compare the market and to only recommend the most suited financial solutions at the most competitive cost, whilst always ensuring absolute transparency.
Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is directly related to the value of the products provided, which may may be way of commission, or where no commission is taken, via direct advisory fees.
Commission is a payment that may be earned by an intermediary for work undertaken. It is paid by the product provider to the intermediary, with higher commission options increasing client costs and vice versa. We never choose maximum but opt for minimum commission levels, so as to maximise client value.
Maximum Market Commission
The financial regulator, makes it compulsory for all financial intermediaries to display the maximum product by product commissions levels, that a financial intermediary could possible take, if they imposed maximum charges on pension, or investment related recommendations, or if they do not choose to discount insurer protection premiums.
Intermediary commission options, that a financial intermediary may choose from, will therefore directly influence the cost imposed on you the client.
This means, that where you are offered low investment management charges, or discounted protection premiums, your chosen advisor is choosing to take much lower commission rates, than their competitors may seek to receive.
Here you can find displayed the maximum commission rates that can be paid to other financial intermediaries, including financial brokers, should they seek to impose maximum costs.
Again, these commission levels do not apply to One Quote Financial Brokers might may in the case of alternative brokers operating on the Irish market.
It is very important to understand, that the ethos of One Quote Financial brokers, is to grant “real value” to each and every client, which includes receiving the minimum feasible commission rates, where commission applies.
Again, unlike the majority of our competitors, One Quote Financial brokers always limit commission in our client’s favour.
Types of Commission
There are different types of commission models, with protection based products (life insurance plans) paying both initial and renewal commission and investment based products offering, initial, renewal and trail commission.
With different commission terms defined below, its important to note that One Quote Financial brokers, will never take renewal commission on any investment or pension product, and always reduce both initial and trail commissions, to typically half of that made available to all financial intermediaries.
1. Initial commission/once off payment: 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. Initial commission is typically payable on all protection and investment products.
2. Renewal/service commission: where further annual payments are paid throughout the life span of protection products, as well as regular premium pension and savings plans. We do not take renewal commission on any investment related products always granting 100% investment allocation.
3. Trail/ongoing advice: Annual flat rate commission added to the annual management charge on investment-based products including pension plans.
Earned Commission Model
Indemnity Commission: This 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 claw-back (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned. The typical earning period to avoid commission claw back is 5 years from policy inception.
Our remuneration policies are consistent with the integration of sustainability risks, as all our partnered investment product providers integrate sustainability into their investment processes and consider the adverse impacts of their investments on sustainability factors.
We take due care so that our internal remuneration policy with respect to investment or insurance advice on insurance-based investment products (‘IBIPs’) promotes sound and effective risk management in relation to sustainability risks and does not encourage excessive risk-taking in this regard.
When assessing products, we will consider the different approach taken by product providers in terms of them integrating sustainability risks into their product offering. This will form part of our analysis for choosing a product provider.
For insurer protection and investment products, the commission is divided into initial commission and renewal commission (related to premium), fund-based, or trail commission (relating to accumulated fund).
Trail commission, bullet commission, fund-based, flat commission, or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up through 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.
Life Assurance products fall into either individual or group protection policies and Investment/Pension products would be either single or regular contribution policies. Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.
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.
All discounted mortgage protection premiums quoted, are subject to health underwriting, and may be subject to change due to the occurrence of a birthday between quote date and policy release date.
However, the discounted premium quoted will stand, where there are no chronic underlying health issues and policy release is not required within 48 hrs of application return.
Where we are experiencing high volumes and you require an urgent service, we reserve the right to slightly reduce the level of discount applied, although you are free to walk away without charge if any slightly revised premium quoted does not meet your requirements.
Claw-back is an obligation on the intermediary to repay unearned commissions. A 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 the commission to the product producer. Please see Our Fess section below for further detail.
Get in touch
Schedule your free consultation now.
OneQuote Financial Brokers,
11 James’s Terrace, Malahide,
Co. Dublin, K36 CV08
One Quote Financial Brokers is regulated by the Central Bank of Ireland no: 459006.
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