If a Client is uncertain whether to attend a Client Meeting or use the IGS Documentation Service, IGS offers a free teleconference (of up to 20 minutes) with the Client to explain the purpose and benefits of a Complete Succession Plan and the "One Page, One Policy Strategy".

Initial Client Meetings and Teleconferences

Click here to read what happens at a Client Meeting or Teleconference.

Note:

IGS is a Commercial Lawyer, not a Licensed Financial Adviser.

As a result, IGS may not give Financial Product Advice with respect to the Insurance Policies or the premium cost of the Policies.

This advice must be obtained from a Licensed Financial Adviser.

Duration of Meeting or Teleconference

Most Meetings or Teleconferences last between 90 minutes and two hours, depending on the number and complexity of issues raised by the Business.

This is sufficient to deal with the requirements of most Businesses.

Information Required at Meeting or Teleconference

The Client and Adviser should bring to the Meeting as much information about the Business Structure and the Liabilities of the Business as possible.

This information would normally include:

details of the Lives Insured and any Related Parties (e.g., spouses, Family Companies and Family Trusts) who own any of the Equity in the Business;
the exact number of shares or units that have to be sold (not just the percentage);
details of the Borrower and Lender with respect to any debts that the Business wishes to insure.

Additional Support After Meeting

IGS makes allowance in the Fee for an additional one hour of telephone or email advice to the Business or the Adviser with respect to the content of the draft Succession Plan, the Statement of Advice, the Questionnaire and the Procedure.

Post-Meeting Procedure

Click here to read what happens at a Client Meeting or Teleconference.

Additional Fact-Finding

It is not always possible to complete all of the details of the Business Structure and Liabilities of the Business in the Client Meeting or Teleconference.

Examples of information that might not be available are:

details of any Family Trusts or other Related Parties that own any of the Equity in the Business;
the exact number of shares or units that have to be sold (not just the percentage);
details of the Borrower and Lender with respect to any debts that the Business wishes to insure.

IGS will identify any additional information not collected in the Meeting in the draft Questionnaire or Worksheets prepared by IGS.

IGS will also identify any information that the parties might not have been certain about.

Additional Fact-Finding Fee

The standard Documentation Fees assume that the Business or Adviser will supply any additional information about the Business Structure and Liabilities of the Business in the completed Questionnaire.

If the information is not supplied in the Questionnaire, there will be an additional Legal Fee of $440 to collect the information from the Business or its Advisers, review it and incorporate it into the Succession Plan and Documentation.

Draft Questionnaire

Clients and Advisers should email the draft completed Questionnaire to IGS before formally submitting it, so that IGS can advise what additional information still needs to be supplied.

This will usually avoid the need for the Fact-Finding Fee.

Initial Client Meeting and Advice Fee (Standard)

The Meeting and Advice Fee is normally:

$880 for a Meeting; or
$440 for a Teleconference .

This Fee must be paid before the Meeting, Teleconference or Advice.

If the Business proceeds with an Agreement, this Fee will be credited against the Fixed Fee for a Business Insurance Trust Agreement.

This Fee is additional to the cost of a Self-Ownership Business Succession Agreement.

Initial Client Meeting and Advice Fee (Concessional)

In some cases, there will be no upfront Client Meeting and Advice Fee payable by the Business.

This will occur if:

the Adviser has a current Marketing Licence which entitles the Adviser to use the IGS Adviser Support System; and
the Meeting is conducted on a scheduled Marketing Trip to the city in which the Business is located.

This is one of the benefits of a Marketing Licence.

It is intended to allow a Business to determine the content of a Succession Plan at no upfront cost to the Business.

Business Does Not Proceed

If the Business does not proceed with a Business Succession Agreement, there is therefore no charge for the initial Client Meeting payable by the Business.

Business Proceeds

If the Business proceeds with a Business Succession Agreement:

the cost of the Client Meeting and Advice Fee is included in the Legal Fee for the Business Insurance Trust Agreement; and
the cost of the Client Meeting and Advice Fee is additional to the Legal Fee for a Self-Ownership Business Succession Agreement.

The reason for the different treatment of the two Agreements is that:

in most cases, a Meeting is not required in order to obtain instructions to prepare a Self-Ownership Business Succession Agreement; and
the standard Fee for a Self-Ownership Business Succession Agreement assumes that no Meeting or Advice was required in order to obtain instructions and prepare the Agreement.

Business Insurance Trust Agreement

Under the Concessional Fee Structure, IGS does not charge a separate upfront Meeting and Advice Fee with respect to a Business Insurance Trust Agreement.

If the Business does not proceed with a Succession Plan, there is therefore no charge for the initial Client Meeting.

If the Business proceeds with a Business Insurance Trust Agreement, the Meeting and Advice Fee is included in the Legal Fee for the Business Insurance Trust Agreement.

Self-Ownership Business Succession Agreement

IGS does not charge a separate upfront Meeting and Advice Fee with respect to a Self-Ownership Business Succession Agreement.

If the Business does not proceed with a Succession Plan, there is therefore no charge for the initial Client Meeting.

If the Business proceeds with a Self-Ownership Business Succession Agreement, IGS will charge a separate Meeting and Advice Fee in addition to the Legal Fee for the preparation of the Agreement.

Concessional Fee for Agreement

Clients of Licensed Advisers also receive a $440 discount with respect to:

A Business might be entitled to these Concessional Fees and arrangements, if its Adviser acquires a Licence before any Client Meetings or Advice are required.

Timeframe for Payment of Concessional Fee for Agreement

If the Business wishes to proceed with an Agreement, the Concessional Fee for the Agreement must be paid within three months of the initial Meeting or Advice.

Alternatively, the Concession may be extended for an additional three months by payment of the appropriate Meeting and Advice Fee (which will be credited against the Documentation Fee for the Agreement, if the Business proceeds).

Initial Client Meeting and Advice Fee (Retirement Strategy)

The above concessional arrangements do not apply to Meetings or Advice with respect to a Retirement Strategy.

The Meeting and Advice Fee is normally $880.

This Fee is credited against the Fee for a Business Succession Agreement.

Initial Client Meeting and Advice Fee (Hybrid or Multiple Policy Owner Strategy)

The above concessional arrangements do not apply to Meetings or Advice with respect to a Hybrid or Multiple Policy Owner Strategy.

The Meeting and Advice Fee is normally $880.

This Fee is credited against the Fee for a Hybrid Agreement.

However, it is not credited against the Fee for any other type of Agreement.

Standard Hourly Rates

The standard rate charged by IGS outside the scope of a standard Fixed Fee is $330 per hour.

This Fee will apply to any additional services (e.g., , Meetings, Advice or Drafting) outside the framework of the Initial Client Meeting and Advice Fee.

IGS will usually quote a Fixed Fee for any services supplied outside the scope of the standard Fixed Fee.

This may include Meetings, Advice and Travel Time.

Travel and Accommodation

IGS may also charge travel and accommodation costs required to meet the needs of the Business.

Adviser Tip

IGS makes allowance in the Fee for an additional one hour of telephone or email advice to the Business or the Adviser with respect to the content of the draft Succession Plan, the Statement of Advice, the Questionnaire and the Procedure.

See more Adviser Tips

Current Marketing Schedule

Ian Gray travels to most capital cities regularly throughout the year and is available for Meetings.

Please click here to see his availability in Brisbane, Sydney, Melbourne, Adelaide and Perth.

Please contact us to arrange an appointment or teleconference.