I. For qualified and regulated advisers with limited EU exposure
Who is it most appropriate for: Individuals who do not have their own agencies in Europe and have only a few clients
An OpesFidelio Limited Network Member (LNM)
When asked, advisers want to be part of something that they feel they can be “owners” of. This level is designed for LNMs with funds under OpesFidelio management less than £2,000,000 or less than 8 clients.
You will need to pay an upfront fee per person (fees plus VAT) to join the network, which will be used to pay for joining costs and an induction meeting. This fee is not refundable. We also organise further optional meetings, in the EU, for you to attend.
There is an on-going monthly payment required of £300 + VAT, and you must meet our stated Qualification Level, assessed annually.
- £300 monthly fee per member (plus VAT) - ideal for a non-EU adviser who has a few EU based clients (or several advisers working together under one umbrella with a few clients each)
- Trove - our digital online assistant is available for adviser, administration and client log-in. Designed to make your life easier.
- Network fees are inclusive of standard regulatory costs (where agreed at outset) excluding MiFID Warranty fund (Currently 2-3%, Subject to review and regulatory change, e.g. FSCS)
- Return to UK service for clients returning to the UK
- Specialist pension advice and access to UK advisers who will be able to assist all members (G60 signature).
- Where none available then specialist USA advice and access to US advisers who will be able to assist all members (SEC registered and US platforms).
- 100% commissions on life business and direct client fees are retained by you minus unavoidable direct charges (e.g. bank costs)
- 97% fees on investment business (MiFID) are retained by you minus unavoidable direct charges (e.g. regulatory costs)
- Previous business written before joining remains 100% your business and in your name
- Commission tracking is not provided and remains your responsibility with commissions paid once monthly per currency (minimum values apply) and any bank / transfer fees are yours
- Your relationship with local representatives of providers is encouraged, but you are unable to represent your views or requests as though they are those of the network
- Investments utilised have to be linked to The Network recommendation and cannot be adviser's own
- Professional Indemnity (PI) cover is provided for regulated products linked to the network only, but is not provided for advice conducted in the Guest State of the AR where dedicated PI must be obtained
- PI excess will be due on complaints
- Compliance & virtual assistance is available through Trove with one compliance visit per year
- Suitability letters must be provided within 14 days of any business in order to have compliance and PI support
- Technical support is available for an extra charge linked to requirements
- Stationery and websites are your own but any use of our regulated statements must be pre-approved
- No advertising may be conducted in the name of OpesFidelio at any time
Regular savings plans and Indemnified earnings
You will have your own agencies set-up with providers in your / your company's name and be paid directly. OpesFidelio will not accept any indemnified business and offers only explicit charged contracts.
Any marketing budget is at the networks discretion.
Minimum qualification in financial services required, and references will be required from 2 professional connections. The group, collectively and individually, will not have any pending or existing criminal convictions, nor any clawbacks outstanding and not be subject to any “actions” from life companies or financial firms, or be cited by any action group for mis-selling.
The location of the NM will dictate the regulatory requirements in that location, and the NM is wholly responsible for ensuring that they operate within their local regulators rules and notify them accordingly and you will be asked to confirm this.
- Regulatory requirements in the EU are handled by the network entirely
- Can you advise in the UK and the USA? Not through ourselves, but we are happy to work with other authorised firms where you meet their minimum requirements
- No minimum earnings (commission or fees) and no minimum capital adequacy
- OpesFidelio Wealth Management service is provided quarterly to all your clients at a charge by the network - you would agree a split with us at outset based on our own minimum earnings model
- CPD & T&C are supported within the network outside of the UK and the USA. In the UK or USA an additional charge will apply if required
- Your clients are hosted under our agencies but you can transfer them away from the network
- MiFID investment advice requires recognised and current Level 4 quaifications or an EU investment qualification
- Exiting the network is possible at any time with 3 months notice but the full initial upfront payment will be retained. Client earnings from the date you leave will be retained until transferred to another regualted agency.
PRICE PROMISE GUARANTEED