Whose Products & What Services Do We Offer?
We offer an ‘Independent’ service. This means that we are not restricted to using any one provider or using any particular products.
We will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be based on a comprehensive and fair analysis of the market.
We do not offer an ‘information only’ service we will always provide personal advice and a recommendation based upon your specific needs and circumstances.
After thoroughly exploring your financial situation, goals and objectives, resources and attitude to risk as well as your capacity for loss and level of risk you need to take we will make an initial recommendation for investment products and investment funds as appropriate.
As part of the initial advice service, we will also implement those recommendations where accepted and to the extent that recommended product providers will allow.
If you elect not to take an ongoing service we will ensure that you are clear on how you can administer your new plans going forward. Where an initial advice service only has been selected we will not check or confirm in that any recommendation remains suitable in future years as your circumstances and the legislative and financial landscape may change. Our obligation to you is discharged when your initial advice and recommendations have been delivered and discharged.
Ongoing Advice and Service
Ongoing advice can only be provided after initial advice and is not available on a ‘stand-alone basis’.
Ongoing Advice and Services include but are not limited to;
- At least one annual meeting in person or remotely to assess your arrangements and make any changes necessary.
- Access to our in house investment portfolios that are managed on an ongoing basis.
- An online portal will be supplied to all clients who require one that will allow access to investment valuations, policy details and documents if supported by the individual products.
- Unlimited communication and administrative assistance during normal office hours.
- For clients with ongoing service, there are no further initial charges for moving money we are already managing for you from one plan to another. For example, moving investment monies to your ISA when your new allowance becomes available each tax year.
What Will You Have To Pay For This Service?
The charge for initial advice service is 1% of the funds invested and advised upon subject to a minimum fee of £850. If your affairs are complex then the minimum fee will be increased to £1,100.
As an example, a complex advice position would be one where the funds to be invested are currently held in another investment or trust and require additional analysis. Alternatively where the funds need to be placed into some form of trust as part of a tax or estate planning strategy. You will be advised before work commences if your situation is considered complex.
There is no obligation to take ongoing advice. Where no ongoing advice is to be taken we will make recommendations for funds and providers that can be administered without professional support is required. For example, we will not recommend a portfolio of investment funds that may change their risk profile over time through ‘drift’, i.e. some funds performing better than others and skewing the risk profile.
Where an ongoing advice service is selected the cost will be 1% per year of funds managed subject to a minimum of £500 per year. Ongoing service fees are paid by monthly instalments equal to 1/12th of 1% of the balance of funds per month.
Initial charges: Where a 1% charge would equal an amount smaller than the minimum fee of £850/£1,100 we will adjust the charge to equal the minimum fee.
If you were investing £50,000 and your situation was not classified as complex then a 1% charge would equal £500 below our minimum so we would effectively increase our charge to 1.7% to make the charge £850. If your situation were classified as complex, then the percentage charge would be increased to 2.2% to make the charge £1,100.
If you were investing £150,000 a 1% charge would equal £1,500 which is more than the minimum fee for standard and complex advice and thus no adjustment to the percentage fee would be necessary.
Ongoing charges: Where the funds being managed are below £50,000 the annual charge levied would not meet our minimum of £500 so a higher % charge will be set at outset to ensure the minimum charge is met. For example, if we were managing investments for you valued at £20,000 the charge would be adjusted to 2.5% per year to meet our minimum annual charge. Where a % increase has been set to meet minimum charging requirements the % will be adjusted at each annual review.
Ongoing service provision – Your right to cancel Should you decide to cancel our agreement to provide ongoing services, please provide written confirmation of your decision and we will cease your payments for these services within thirty business days and after collection of any due proportion of any periods of charges. Any payments already collected are not refundable and are deemed to have been for advice and support services and availability provided to date.
When & How Will You Have To Pay For This Service?
Initial Advice: Where initial advice is not classified as complex payment is due after the advice has been issued, accepted and at the point of implementation. If the advice has been classified as complex an advance non-refundable payment of £250 will be requested before the work begins, the remainder of the fee will become payable after the advice has been issued, accepted and at the point of implementation.
Should you decide not to proceed with the recommendations or cancel the process before the advice is delivered no payments beyond the non-refundable advance payment will be due.
Ongoing Advice: Ongoing advice charges are payable monthly at a rate of 1/12th of the annual total.
Where the investment is a regular sum rather than a lump sum the initial charge can be divided into 11 instalments, and collected by direct debit or deduction from the investment product.