General conditions

1. Website

The information and services provided on this website, as well as any software useful for its use, are protected by (intellectual) property rights, which belong exclusively to Personal Finance Planners, with registered office at 1730 Asse, Lindendries 29, company number 0759.991.436.

Full or partial reproduction, distribution, sale, publication, adaptation, translation, editing or use for commercial purposes in any manner is expressly prohibited. Exceptions may only be granted with the prior written consent of Personal Finance Planners. Storing information from the website in a database is expressly prohibited, with the exception of the automatic ‘caching’ of the information by the browser. It is, however, permitted to use or reproduce articles published on this website without prior written consent for strictly personal use.

Personal Finance Planners does not guarantee the correctness, completeness and accuracy of the information on its website, whether gathered by itself or supplied by third parties. Consultation and use of the website is the sole responsibility of the visitor. Personal Finance Planners is not liable for any damage, of whatever nature, direct or indirect, suffered by the visitor as a result of actions taken on the basis of information obtained by visiting this website.

By simply consulting or otherwise using this website, each visitor implicitly agrees to the general terms and conditions.

2. Provision of Services

The services of Personal Finance Planners include both preparing a financial plan and formulating appropriate advice to support the client’s various objectives.

The correct methodology of financial planning and applications of legal provisions ensures that Personal Finance Planners should always provide advice on various domains regarding your entire assets. These domains are:

–            Civil law
–            Tax law and taxation
–            Social security and livelihood protection
–            Economic and financial context

The duties can be described as follows:

2.1 Non-recurring assignment:
Preparation of asset planning, risk analysis, pension planning and/or succession planninG   

– Inventory of different asset components in an asset and liability balance sheet

– Balance sheet of income and expenditure

– Overview of the objectives of the plan

– Overview of risk analyses for early death, disability, unemployment and divorce, inflation

– Determination of potential retirement ages and projected assets

– Overview of projected cash flows as a function of objectives

– Optimisation of assets and asset structure as a function of objectives

– Determination of the possible inheritance and/or gift taxes

– Optimisation of the succession situation

– Determination of an action plan for allocation of assets to appropriate allocation classes

– Preparation of an overall review of previous and discussion with the client of the results and proposed actions

2.2 Recurring assignments: Follow-up and update of previous plan  

– Periodic monitoring of the investments according to the objectives and predefined projections

– Updating of the various components (balance sheet, risk analyses, cash flows, optimisations and action plan) and the overall view due to changes in assets, the personal and family situation and/or the applicable legal rules and relevant regulations

3.  Obligations of the client

Regarding the assignment entrusted to Personal Finance Planners, the client strictly commits to cooperation and to the accurate and timely delivery of all necessary documents, data and information for the execution of the assignment.

The client further undertakes to:

– to carry out the work falling under its responsibility, where appropriate, in accordance with the agreement;

– to timely inform Personal Finance Planners of any fact, event or development that could affect the performance of the agreement;

– to provide Personal Finance Planners with correct, accurate and up-to-date information, as well as any subsequent modification thereof associated with any adaptation of the agreement by Personal Finance Planners and in particular, without being exhaustive, as regards significant changes to its financial situation, its cash resources, its beneficial owners, and this at the latest within a period of 2 weeks after the client learns of this information or modification thereof

– if Personal Finance Planners so requests, to confirm in writing to him that the documents, information and explanations provided are correct and complete;

– to check whether the documents drawn up by Personal Finance Planners correspond to his expectations and to the information provided by him and, if this is not the case, to inform Personal Finance Planners as soon as possible.

Moreover, the client must, of course, notify Personal Finance Planners as soon as possible of any change in his coordinates, as well as any changes regarding the beneficial owners.

4.  Obligations of Personal Finance Planners

With the exception of compliance with legal deadlines, the obligation entered into by Personal Finance Planners towards its client is an obligation of effort. Personal Finance Planners performs with due care the assignments entrusted to it in complete independence, pursuant to an obligation of means.

He ensures that the services performed are provided in accordance with the deontological standards and professional standards as defined in the relevant legislation and regulations in force at the time of the execution of the agreement.

Unless otherwise stated in the agreement, Personal Finance Planners is not obliged to verify the accuracy and completeness of the information transmitted to it by the client, nor the reliability of the deeds, contracts, inventories and supporting documents of all kinds, which are entrusted or submitted to it by the client as having evidential value or as documents to serve as such.

If Personal Finance Planners needs to use an external service provider, it must be approved in advance by the client because of the confidential data that may be used in the relationship with an external service provider. For these relationships, Personal Finance Planners has created a framework that defines when and how to use an external service provider

– The construction, even of part of a financial plan, cannot be entrusted to an external service provider because of confidentiality in the relationship between client and Personal Finance Planners.

– The use of an external service provider occurs only when Personal Finance Planners cannot calculate the consequences of an advice. Personal Finance Planners remains responsible for the advice but does not bear the costs.

In no case shall Personal Finance Planners bear the tax or notarial charges associated with the execution of the actions defined in the plan.

Personal Finance Planners, as well as its nominee(s) or appointee(s) and any nominee(s) and appointee(s) of its subcontractor, if any, are bound to professional secrecy, in accordance with valid legislation, subject, however, to the application of the provisions of the laws and regulations preventing the use of the financial system for money laundering and the financing of terrorism. In addition, all the above persons are bound by the conflict of interest prevention policy as documented in Annex 1 of the Convention.

Personal Finance Planners is required by law to make clients aware of the specific rules of conduct in accordance with the Law of 24-4-2014 on the status of independent financial planners:   

the fact that he acts as a party independent from issuers and regulated companies;

– the prohibition on receiving fees, commissions and other pecuniary benefits directly or indirectly from regulated undertakings or issuers;

– the prohibition on receiving and keeping records of monies and financial products from its clients;

– the prohibition to provide its clients with investment advice [as referred to in Article 2, 9°, of the Law of 25 October 2016 on access to investment services business and on the status and supervision of asset management and investment advice companies], and more broadly, the prohibition to provide any advice on transactions in individual financial products

– the prohibition on holding mandates or proxies on accounts of his clients, except on accounts of resident family members and of trading companies of which he is an effective leader.

5.   Liabilities

5.1 Limitation of liability

Personal Finance Planners ensures that the services are provided in accordance with the deontological standards and professional standards as defined in the relevant legislation and regulations in force at the time of the execution of the agreement.

Personal Finance Planners cannot be held responsible for the consequences of any subsequent changes – possibly retroactive – to these legal and regulatory provisions. Moreover, Personal Finance Planners cannot be held liable for the mistakes and professional errors allegedly committed by anyone before the agreement came into force.

Finally, in accordance with common law, Personal Finance Planners’ liability can only be invoked for assignments that were shown to have been accepted by it.

Personal Finance Planners and the client are also asked to mutually, and as far as possible in writing, communicate their objections, comments, recommendations and advice to each other.

5.2 Personal finance planners’ insurance

In accordance with current legislation, Personal Finance Planners has had its professional civil liability covered by an insurance contract according to the standards of the Independent Financial Planner Act.

The cover is limited to the damage suffered and to a maximum of five times the amount of the fees invoiced for the services at the origin of the damage. The insurance includes a deductible of 625 euros (based and indexed on the consumer price index against the base index for the month of December 2013).

These limitations also apply to all claims arising from the execution of the assignment, which would be directed against all persons, partners, directors and/or self-employed employees, who have the capacity of insured within the meaning of the relevant insurance contract.

Should it appear that two or more claims arise from one and the same fault, they shall be regarded as a single liability claim and liability shall therefore be limited to the highest amount of the amounts applicable to the assignments or contracts concerned.

6.  Professional secrecy and anti-money laundering legislation

Personal Finance Planners and its mandataries or employees are expected to observe professional secrecy in the context of the assignments entrusted to them, in accordance with applicable legislation.

Notwithstanding this, Personal Finance Planners is relieved of its professional secrecy under the legislation preventing the use of the financial system for money laundering and terrorist financing.

The client confirms that it is aware of the fact that Personal Finance Planners is subject to the Law on the Prevention of the Use of the Financial System for Money Laundering and Terrorist Financing and undertakes to immediately provide it with any information and/or documents required under this legislation.

7.   Privacy – data processing

The customer confirms that he has accepted the terms of Personal Finance Planners’ privacy statement relating to the processing of personal data and that he has been informed that the privacy statement can be requested at any time through Personal Finance Planners or through Personal Finance Planners’ website. 

8.  Duration and termination of the agreement

8.1 Non-recurring assignments

8.1.1    Determination

Non-recurring assignments mean a non-repeating one-off assignment that ends after its execution.

8.1.2.    Duration and end of the agreement

Subject to proof to the contrary, the agreement relating to a non-recurring assignment shall be deemed to have been concluded for a fixed term. It ends by the execution of the order and, if applicable given the nature of the order, by the delivery of the agreed performance.
In application of art. 1794 BW, and if applicable, in deviation from art 2004 BW, the customer is entitled to terminate the agreement early upon payment to Personal Finance Planners of:      

– the costs and fees corresponding to the work already carried out;

– anything Personal Finance Planners could have gained in the execution of the order.

This compensation shall be calculated on an actual basis, with a minimum of 25% of the fees that would have been due in case of full execution of the order.

8.2 Recurring assignments

8.2.1       Determination

Recurring assignment means all assignments that are repetitive in nature and therefore do not fall under the definition provided in section 8.1.1 of non-recurring assignments.

8.2.2      Duration and end of the agreement

Unless the agreement departs from this, the agreement for recurrent assignment is deemed to have been entered into for an indefinite period. Either party may terminate the agreement at any time, by giving notice by registered letter.
Except for immediate termination for certain reasons (see point 8.3), Personal Finance Planners terminating the agreement must observe a notice period of three months. This notice period may, by mutual agreement between the parties, be replaced by a lump-sum severance payment of 25% of the fees corresponding to the services normally provided by Personal Finance Planners in respect of a full calendar year.
Except in the event of immediate termination for certain reasons (see point 7.3), the client terminating the agreement must pay a lump-sum severance fee of 25% of the fees corresponding to the services usually provided by Personal Finance Planners in respect of a full calendar year. This severance fee can be replaced by mutual agreement between the parties with a notice period of 3 months.
During the notice periods, the provisions of the agreement and these general terms and conditions shall remain in full force and effect.

8.3 Completion

After the termination of the agreement, all documents belonging to the customer will be made available to the customer or his nominee.

8.4 Immediate termination

In all cases, Personal Finance Planners may terminate the agreement at any time, without notice and without compensation, if there are reasons that make the continuation of the professional cooperation impossible, such as:

• • • circumstances that compromise the independence of Personal Finance Planners;
    • circumstances that make it impossible to perform the assignment in accordance with professional and deontological standards
    • the customer’s apparent shortcomings with regard to its own commitments as defined in these general terms and conditions and in the agreement;
    • in case of insolvency proceedings, dissolution, collective debt settlement or manifest insolvency of the customer.

The reasons justifying the immediate termination of the agreement should be communicated to the customer. Depending on the circumstances, Personal Finance Planners may precede its decision with a warning or a reminder to the customer.
When discontinuing the agreement, Personal Finance Planners reminds the customer of the legal actions that must be taken urgently and necessarily to safeguard his rights, and for which he had been instructed.
The client may at any time, without complying with a notice period and without paying damages, terminate the agreement if Personal Finance Planners is manifestly failing to perform its own commitments, as defined in these general terms and conditions and, where applicable, the agreement. This also applies to the situation where the client terminates the agreement due to a conflict of interest in which the client has an identifiable disadvantage. In any case, he will have his decision preceded by a written notice of default to Personal Finance Planners.

8.5 Suspension of the performance of commitments

In case of non-compliance, of non-correct or non-timely execution of the client of his commitment(s), for example in case of non-payment of fees, Personal Finance Planners is entitled to suspend or postpone the execution of its obligations until the client has fulfilled his obligations.

Personal Finance Planners shall inform the client of this in writing. If, after the start of the suspension or postponement of execution, works need to be done urgently and necessarily to safeguard the client’s rights within the three months, and for which Personal Finance Planners had been commissioned, it shall inform the client accordingly.

All costs and charges (including penalties and damages) arising from the suspension or postponement shall be borne by the client.
Personal Finance Planners shall in all circumstances be entitled to payment of the fees and expenses relating to the work already carried out.

9.  Fees and payment modalities

9.1 Non-recurring assignment

As agreed based on the prior quotation, Personal Finance Planners will charge a one-time flat rate. This fee will be communicated to the client before signing the agreement. This amount is based on the current estimated volume of work, the difficulty of the file, the nature of the assets and the estimated time Personal Finance Planners should spend on it. Should any of these factors change in the future, the fees will be adjusted accordingly.

When calculating the aforementioned amount of the lump sum fee, it was taken into account that all information necessary to perform the services will be provided by the client in a timely manner, and that this information is complete, accurate and structured – this in execution of the client’s own commitments. Failure to comply with this condition may result in additional fees.

The flat rate is only applicable to the services mentioned under point 2.1. All additional services are subject to an additional fee.

The fees are payable within 15 calendar days of the invoice being sent, by transfer to the bank account of Personal Finance Planners.

9.2 Recurring assignment

As agreed based on the prior quotation or standard rate, Personal Finance Planners will charge an annual fee for the services rendered. All fees described in section 9.2 are indexable annually.

The fees are payable within 15 calendar days of the invoice being sent and by transfer to the bank account of Personal Finance Planners.

9.3 Disputes

All disputes regarding the claimed fees and/or expenses must be protested in writing to Personal Finance Planners within a period of 15 calendar days from the date of dispatch of the fee note. After that period, the claim is considered final and the amount is due in an indisputable manner.
All overdue and unpaid sums shall, ipso jure and without notice of default, bear interest at 2% gross per month from the due date. In addition, a fixed compensation of EUR 250.00 will be charged ipso jure and without notice of default. This fixed compensation may, ipso jure and without notice of default, be increased with the compensation of the recovery costs incurred, including the legal proceedings determined on the basis of the Judicial Code.
In case of non-payment of amounts due, Personal Finance Planners reserves the right to suspend its services for 15 days following a letter sent by registered mail until the debt is paid in full.

10.    Guarantees

Personal Finance Planners commits:

• • • To keep all information given by the customer strictly confidential.
    • To always comply with the legal rules of conduct governing the provision of financial planning advice. A summary of these rules of conduct can be requested at any time through Personal Finance Planners.
    • To always act in the client’s best interests when providing financial planning advice in accordance with its conflict of interest policy and required by law of independent financial planners.

11.    Durable data carrier

Paper is chosen as the durable data carrier. However, the customer is given the choice to designate another durable data carrier when signing the agreement.

12.    Acceptance

By signing the agreement, the parties expressly agree to the terms and conditions contained in this agreement, as well as the general terms and conditions and the privacy statement, which are attached to this agreement and are deemed to form a single entity with it.

13.    Internal rules of conduct

Personal Finance Planners (hereinafter PFP for short) will at all times respect the rules of conduct below:

• In providing advice on financial planning, PFP is committed to its clients’ interests in a loyal, fair and professional manner.
• All information provided by PFP to clients or potential clients, including publicity communications, must be accurate, clear and not misleading. If external sources are used in the customer report, this will be clearly stated.
• When providing advice on financial planning, PFP must comply with Book VI of the Economic Law Code, acting as if their non-professional clients were all consumers within the meaning of this law.
• Before providing financial planning advice to clients and potential clients, a model agreement will first be drawn up, which will be signed by both the client and PFP.
• Before financial planning advice may be provided, all required information on the client’s personal situation, including information on his financial, family and professional situation, as well as his financial planning objectives and needs, must be collected in writing so that appropriate advice can be provided to him. The information on the client’s asset situation includes data on the nature and extent of his regular income, his assets, including cash, investments and real estate, and his regular or planned financial obligations. The information on the client’s financial planning objectives and needs should be sufficiently accurate for the financial planning advice to meet the requirements imposed. If it proves impossible to collect the required information, no advice on financial planning may be given to that client.
  This information shall be treated in accordance with the Law of 8 December 1992 on the protection of privacy in relation to the processing of personal data. Inducing clients not to provide the information required under the law is prohibited. The person providing advice on financial planning may rely on the information provided by the client unless he knows or should know that this information is manifestly out of date, inaccurate or incomplete.
  Information about the client’s personal situation must be updated throughout the duration of the contractual relationship of providing advice on financial planning.
• The advice on financial planning should meet the following conditions:

1. the advice must be based on a multidisciplinary analysis of the client’s assets, in accordance with Article 29 §1 of the Law

2. the advice is personalised and adequate, taking into account the client’s personal situation, in particular his family, professional and financial situation;

3. the advice meets the client’s needs and objectives;

4. the risks associated with the financial planning strategies recommended to the client should be proportionate to the client’s personal situation, needs and objectives.

• Unless expressly requested by the client, advice on financial planning should be based on a multidisciplinary analysis of the client’s situation covering the following aspects:

1. civil law;

2. tax law and taxation;

3. social security and livelihood security;

4. the economic and financial context;

If a client does not wish to have a multidisciplinary analysis of their situation involving the four dimensions as described here, this must be explicitly stated in the in the model agreement, specifying the dimension(s) that will not be examined.

• Unless expressly requested by the client, the advice on financial planning must relate to the optimisation of the client’s overall wealth. If a client does not want the financial planning advice provided to cover the optimisation of his overall wealth, but only part of it, this must be explicitly stated in the convention, specifying the parts of the patrimonium that will not be considered.
• Financial planning advice should be personalised and appropriate, taking into account the information collected on the client’s personal situation, goals and financial planning needs.
• The following precautions should be taken when providing advice on financial planning:

(a) if the potential benefits of an asset planning strategy are highlighted, a correct and clear indication of the relevant risks should also be given;
(b) the risks inherent in the proposed wealth planning strategies must be clearly indicated, indicating the possible risk-increasing interactions between different strategies;
(c) all necessary explanations must be provided to the client about the possible consequences of the risks referred to in the provision under (b);
(d) all financial and other obligations that the client might incur under the particular strategies must be clearly described;
(e) if guarantees or protections are attached to particular wealth planning strategies, there must be a clear and detailed description of exactly what they entail and under what conditions they take effect
(f) all information provided must be drafted in comprehensible language appropriate to the personal situation of the customer to whom it is addressed;
(g) no important elements or warnings should be concealed, downplayed or obscured;
h) the fiscal impact of the wealth planning strategies should be indicated in the light of the customer’s personal situation;
(i) if different wealth planning strategies can be considered, a comparison of the advantages and disadvantages of those strategies should be provided to the client;
j) if simulations are provided to the client, an explanation must be given of the parameters used in those simulations and the client’s attention must be drawn in particular to the fact that they are mere simulations;
(k) the name of the FSMA must not be used in such a way as to indicate or imply that it endorses or recommends the advice provided.

• A clear and comprehensive written report on the financial planning advice provided must be provided to the client as soon as possible. That report shall demonstrate that the advice provided is appropriate given the client’s personal situation and taking into account the multidisciplinary analysis referred to in point 8.
• PFP must take all reasonable measures to avoid conflicts of interest between themselves, including, where applicable, the persons controlling them, their leaders and their employees, on the one hand, and their clients, on the other, or between their clients, and, if it does not prove possible to avoid a conflict of interest, to identify and manage that conflict so as to prevent it from harming the interests of their clients.
• A file is established for each client, containing a copy of the contract and the report, as well as any other supporting documents.
  That file will be kept for at least 10 years after the termination of the contractual relationship.

14.    Conflicts of interest

In accordance with the rules of conduct stipulated by the Law of 25 April 2014 on Independent Financial Planners, Personal Finance Planners and its employees (abbreviated PFP) is required to establish a written policy for managing conflicts of interest when providing financial planning services. The statutory regulation requires PFP to act in a loyal, fair and professional manner in the best interests of clients when providing financial planning services.

Conflicts of interest policy

For the purpose of our conflict of interest policy, we have first identified the potential conflicts of interest in our firm. Conflicts of interest may arise between (1) PFP and its connected persons and a client or (2) between several clients. The conflict of interest policy takes into account PFP’s own characteristics. In assessing for potential conflicts of interest, PFP has identified the situations where there is a significant risk of harming the client’s interests.

1. Policy on conflicts of interest

PFP is required to develop policies and procedures aimed at preventing conflicts of interest and resolving conflict situations.

The following are the measures and provisions of our conflict of interest policy aimed at protecting the interests of you as a client in case of a conflict of interest in the provision of financial planning services.

A conflict of interest is a situation where, in the performance of its activities, the interests of the financial planner or external service provider and/or of its clients and/or of its employees are in direct or indirect conflict. For example, a conflict of interest may arise in situations where:

– PFP or a relevant person is likely to gain a financial benefit or avoid a financial loss, to the detriment of the customer.

– PFP or a relevant person has an interest in the outcome of a service provided to the customer that differs from the customer’s interest in that outcome.

– PFP or a relevant person has a financial or other incentive to favour another customer’s interest over the customer’s interest.

– PFP or a relevant person has the same business activities as the customer.

PFP takes many measures to ensure that the client’s interest prevails. The means we use to prevent and manage conflicts of interest include organisational measures and administrative procedures for handling and controlling actions. In this context, the following codes of conduct and procedures are relevant:

– The rules of conduct from the legal requirements of the Financial Planner Act of 25 April 2014.

– Develop and maintain an appropriate conflict of interest management policy.

– A policy that ensures that advice provided by PFP is appropriate in nature.

– A policy that reserves PFP’s right, in the absence of a concrete solution to a specific conflict of interest, to refuse the requested service for the sole purpose of protecting the client’s interests.

– The code of conduct on corporate gifts.

– The whistleblowing policy.

2. Measures adopted

We have reviewed all our activities to identify situations that could lead to conflicts of interest and have put in place adequate procedures to manage any conflict situations fairly.

Our procedures and rules of conduct stipulate that our employees must always act independently in their relations with customers. The measures to avoid any form of influence and ensure an independent attitude are described below.

Training and guidance:
We provide appropriate training to our relevant staff so that they are fully aware of their responsibilities and obligations and are able to manage conflicts of interest appropriately.

Gifts:
All our employees must refrain from soliciting or accepting any gifts or benefits that could compromise their impartiality or integrity, whether these gifts or benefits come from customers, suppliers or third parties.

Operations by employees:
Our employees may not use the information on a customer that they have in their professional activity for their own account.

Ability to decline a service:
If we judge that the conflict of interest cannot be resolved, we may refrain from acting for the client to protect her own interests.

Disclosure of conflicts of interest – specific transparency:
If, in a specific situation, our measures could provide insufficient guarantees, you will be informed by the business manager about the general nature, risks and measures taken, so that you can make an informed decision. You can always contact us for more information.