OUR REMUNERATION

OUR PHILOSOPHY

Our single biggest and most fundamental business proposition is to remove any conflicts of interests between what we do and how we as professional get paid. In our personal view, the financial planning and consulting industry have by way of design been built on a remuneration model that puts the integrity of the professional advisor into question because of one simple fact. Commissions. The reality is that it is understandable (be it true or not) that clients may feel somewhat conflicted if products are recommended by advisors whose sole source of income is commissions.

Now, the reality is that this commission model is under significant pressure from the authorities and much is being discussed to change this position. Clearly, the impact of such a change is significant in the industry as a whole and will take some time to force participants to evolve to the point where these conflicts are mitigated.

Many practices have notwithstanding the slow pace of change taken it upon themselves to evolve and follow a different remuneration policy that more effectively combats conflicts of interests.

WE are NOT a ROBO advice service (a clever way to use technology and algorithms to supply generic or specific projections, outcomes or suggestions). Each of our clients is served by a dedicated Consultant and we use technology that enables and ensures that our Consultant and client are perfectly aligned enabling our clients to activate their consultant anytime and from anywhere!

To this end, Pfire has established a more focused fee driven remuneration policy that serves the interests of our clients to mitigate against any conflict of interests in a manner that makes our services available to the vast majority of clients who need financial or business services. The combination of our remuneration model and disclosures have been designed to ensure transparency, promotes trust and fairness and most importantly, drives long term sustainable relationships.
Driving relationships – not products!

OUR FEES

(All reference to fees excludes VAT)

Since our establishment in 2007 we have continued to evolve our fee model to meet both our client expectations and business efficiencies. Through our investment into collaborative and client centric technology we have been in a position to set our fees at rates that are unequalled. Our fees are structured into two distinct fee models:-

Advisory or Consulting Services
Our advisory and consulting services fees are based upon a RETAINER fee model. Very simply, you choose what services you want from the bundles on offer – and how often – we then agree to a monthly retainer fee in return for those services that are pro-actively delivered. From as little as R 29 per month our clients can connect with and establish a long-term relationship with a professionally qualified consultant for life.

Product implementation and administration services
As an independent Financial Services provider, we have access to over 15 different financial and life product providers – locally and offshore. This places us in a position where we are not tied to any one or more suppliers enabling us to provide you with a selection of options that best suit your needs and objectives. Should our clients seek a product, whether recommended by us or not, we can place our clients in the investment product in return for a “commission” of fee. Our clients have an OPTION to elect to fund this service via a traditional commission/advisor commission or an agreed fee – depending on each of their personal needs. It is about flexibility, transparency and full disclosure!

IMPORTANT
DISCLOSURES

In the new dispensation, all of our clients pay. How much depends on them. The following is important to know when conducting businesses with Pfire:-

  • Everyone pays!
  • Every arrangement is concluded with a Retainer Agreement.
  • Registering on In Touch is FREE and mandatory! This cost effective practice enables us to help you deal with the routines, communications and information efficiently enabling us to manage costs downwards for your benefit.
  • All of our contracts are for a minimum period of 1 year. After that, one months-notice to vary, terminate or enhance your contract
  • If single appointments or single planning opportunities are required, we have an Ad Hoc service. This is a once off service offering that can be engaged at a fixed price or hourly rate! Again, you choose!
  • Variation of fees is reviewed annually WITH our clients. Variations are NOT arbitrary and are agreed with our clients beforehand on an individual basis.
  • There are certain services that are NOT included in any Retainer fee. This may include the drafting and registration of a Trust, a Will (under specific circumstances), legal agreements, acting as a trustee or executor and the like. This will all be disclosed in the agreements.
  • We manage all fee debit orders which is mandatory. Clients can pay by EFT’s BUT this will be at an additional cost to our clients. Remember, we seek the best efficiencies to keep costs down!
  • If anything is uncertain, simply ask!