You’ll find that we are open and candid as an advice firm, as we know that’s what client’s want, and it’s how we build two-way trust and loyalty, which is the best way to be when dealing with the important and emotive subject of your money!
There are those that are well suited to what we do, and those that are not. If you’ve read through the ‘Who we help’ section of this website and recognise yourself in there somewhere then read on. Part of our approach to being open and candid is to offer a 3-tiered service called Level 1, 2 and 3, to be up front with you about how much we charge at each Level, and to advise you when you first meet with us as to which of those three Levels we think you should aspire too.
Before signing up you will be provided with two specific documents, one called ‘All About Us’ and another which is your ‘Client Agreement’. These include a lot more information about the services we offer as well as a number of clearly worded case studies showing which different Levels each example client may be suited to, and what fees they would expect to pay in relation to this. Once we talk to you about your own affairs, we will update the Client Agreement with actual fee details that relate specifically to you. If you would like us to send you blank copies to look through before going any further just ask.
Level 1: Initial Advice
£4,000 Fixed Fee
For all new clients, we undertake a thorough assessment of your financial affairs and goals, and from there create a detailed plan of what we recommend you do. This is a one-off, bespoke financial exercise that takes place over two or three meetings. We’ll delve deep into the details, ask you lots of questions, gauge your opinions, answer your queries, and complete research and analysis.
We’ll gather further information between meetings on your behalf and come up with solutions that meet your ambitions, as well as tell you things you didn’t realise you needed to know. We’ll present our recommendations in an ordered, jargon-free way.
Of course, it goes without saying that we will account for your ethical preferences as part of this advice.
For most people it make sense to move on to Level 2 or 3, but it may be better for you to stop at Level 1 if, for example:
- You have a one-off need such as assessing your affairs in the light of a pending divorce
- You are happy to implement and manage any potential investments yourself once you’ve paid for some initial advice
- It turns out that what you already have in place is perfect for your needs and paying for further advice would only be of marginal benefit
Level 2: Implementation
1% of the invested sum
Once we’ve completed your Detailed Financial Plan, you have the option of either taking it away and acting on it yourself (for no charge), or we can take it forward and act upon the recommendations we make for you. Assuming you ask us to deal with the implementation, we would charge 1% of the invested or re-invested assets.
For example, if we recommend you invest £400,000 of the cash you have available, we’d charge 1% x £400,000 = £4,000. This service includes researching the whole investment market, accounting for your risk profile, dealing with all administration, online access to view your investments and monitoring as things progress.
Many people move on to Level 3, but it may be better for you to stop at Level 2 if:
- You came to us with an investable or re-investable sum of less than £400,000, but nevertheless you were really keen to kickstart your financial tidy up with some one-off guidance. Once your investment portfolio grows to £400,000 or more, it may well make sense to return to us for ongoing Level 3 advice then, but for now you’ll let it run following implementation and save the Level 3 fees.
- You are happy manage any potential investments yourself once you’ve paid for some initial advice and we’ve implemented them for you.
Level 3: Annual Review
0.75% p.a. of the investments within our care, subject to £4,000 annual minimum
If you stay with us, once a year you will receive a detailed annual review meeting and financial planning report, as well as have us on hand to answer any queries and be there to help you at any time of the year if you’ve a need that can’t wait until review time.
As an example of what this service costs, if, say, the value of assets within our care comes to £600,000, the Level 3 annual charge would be 0.75% x £600,000 = £4,500.
Level 3 clients stay with us for many years, often right through to death, but there is no commitment to do so. If you choose to end our relationship, you are free to do so without any repercussions (other than if there are third party charges or tax implications of selling down your investments).
All fees are inclusive of VAT where applicable.
This fee structure relates to the advice given to clients with investment and pension needs. Where we provide advice on protection policies, fees work differently. Typically, a provider pays out a commission that roughly tallies to the size of the premium you pay. The larger the premium, the larger the commission. It can also differ from provider to provider.