Contract Notes- clarification

The following information has been shared in a recent communication:

Contract Notes:

At present, contract notes are not produced for ad-hoc or initial investments when the end client has invested within a DFM model.  Following feedback from our partner firms, it is accepted that end clients may not understand the distinction between investing in an advisory model (where contract notes are produced) and a DFM model (where no contract notes are produced). For this reason, we will now produce contract notes for all initial and ad-hoc investments, irrespective of whether advisory or discretionary.

If a switch or re-balance arises under an advisory agreement, the contract notes will continue to be produced however, contract notes will not be provided for discretionary models.

*Note contract notes are not produced for: regular investments; income re-investments; raises to cover fees.