c1How we work & fees
Analysis first. Products, if needed, after.
Financial planning is broader than selling products. Here is our process, and how we are paid.
The fee schedule is effective from 28 October 2026. The same schedule is displayed at our office and on this website.
01Process
The Financial Needs Analysis
Before any insurance product is offered, we complete a Financial Needs Analysis with you.
It covers your assets, your liabilities, your goals and your attitude to risk. Only once that picture is clear do we recommend a course of action, which may or may not involve a product.
- Listen. Your situation, goals and concerns.
- Analyse. Assets, liabilities, goals and risk.
- Recommend. A plan in plain language, in writing.
- Review. Revisit as your life changes.
02Registration
How we are registered
RFS is registered with NAMFISA as a long-term insurance broker (10/LB/171) and a short-term insurance broker (SB/1094).
03Fees
Our fees, in full.
N$3,000 per hour
Recorded in 15-minute increments, for financial planning and advice that is not centred on the sale or placement of an insurance product.
Advice fee
N$3,000 per hour, recorded in 15-minute increments, for financial planning and advice that is not centred on the sale or placement of an insurance product, including needs analysis, retirement, estate and investment planning, reviews and written advice.
Estimate
Before we start any work, we will tell you in writing what work we will do and how many hours we expect it to take. If the work will take much longer than our estimate, we will tell you before we carry on.
Invoices
RFS may send an invoice at intervals it chooses, but only for time already recorded and work actually done. Each invoice lists the date, the work done and the time spent. RFS will not invoice for time recorded more than one month before the invoice unless it has told you in writing beforehand. You must pay each invoice within 14 days of the invoice date. Amounts not paid by the due date bear interest from the due date until paid at the rate prescribed under the Prescribed Rate of Interest Act 55 of 1975 (currently 20% per year).
Discretion
Kyron Raad / RFS may, in its discretion, waive or reduce the advice fee for any engagement, or decide not to invoice for it. The fee will never exceed the hourly rate and the estimate agreed in writing, unless you agree in writing to a revised estimate.
Insurance advice and commission
Where RFS advises on and places an insurance policy through RFS, RFS is paid only by the commission determined in NAMFISA’s standards, and no hourly advice fee is charged for that service. Separate planning or investment advice work may still be billed at the hourly rate, even if a product (including an insurance policy) is later placed, as long as that work is recorded separately and is not the advice on or placement of the insurance policy itself. Commission on any insurance product is disclosed in the product provider’s quotation or premium breakdown before you buy. For other products, commission pays for placing and administering the product, and RFS will not charge the advice fee for that same work, so you do not pay twice for the same work. For insurance, commission is limited by NAMFISA Standard INS.S.2.9.
If you do not take up a product
You must pay the advice fee for planning and advice already given, even if you decide not to take up any product. If we advise you on insurance and you decide not to take out a policy through RFS, no commission is earned, and the hourly advice fee is payable for the advice already given. This applies only if you agreed to it in writing before the advice was given. If the policy is placed through RFS, no hourly advice fee is charged for that same insurance advice: RFS is paid by commission only.
Other fees
No other fees are charged unless agreed with you in writing beforehand.
Agreement and fee changes
Fees are agreed in writing before we start. You may ask us for a record of the time spent at any time. RFS may change its fees by giving you 30 days’ written notice; a new fee applies only to work done after the notice period ends.
Questions and complaints about fees
If you have a question or complaint about our fees, please contact Kyron Raad at kyron@rfs-namibia.com or +264 61 309 918. We will acknowledge your complaint within 10 working days and give you a written answer with our reasons. If you are still not satisfied after our complaints process, you may complain to NAMFISA (toll-free 0800 290 500).
04Questions
Questions or complaints about fees
Email Kyron Raad at kyron@rfs-namibia.com or call the office on +264 61 309 918.
You may also contact NAMFISA on its toll-free number, 0800 290 500.
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