You need to know up front whether or not our service is appropriate for you. Here is a summary of the scope of our advice and typically what it costs. We will always confirm in writing before beginning work what we intend to charge including where VAT is applicable. We also explain the ways in which fees can be covered. You may ask us for an estimate of the total cost or ask us not to exceed a given amount without checking with you first.
Our current charges excluding VAT are:
|Initial Meeting||Provided at our expense, in our office.|
|Personal Financial Planning Review||£3,000|
|Wealth Management Implementation||1% of assets above £300,000 being brought into our management up to £1 million and 0.50% thereafter.Our charge on the first £300,000 of assets will be waived.|
|Ongoing Wealth Management and Financial Planning Service||1% pa of the portfolio, minimum £2,500 pa. If the portfolio is below £250,000 a standing order or a combination of the two payment methods can be used to meet our minimum fee. Clients with portfolios in excess of £1m receive our enhanced service above at a reduced annual percentage fee dependent on the complexity of the work involved. This will be individually agreed.N.B. For ongoing clients, there will be no implementation fee charged in respect of future changes to a portfolio once the initial implementation fee is paid.|
|Project Work||Generally we feel a full review is appropriate. However we may undertake one-off pieces of work such as considering options from a scheme at retirement or arranging life cover. A specific fee will be agreed based on our hourly rates, which are available on request.|
Traditionally most folk have gone into their bank or perhaps to a local IFA firm and bought a life policy, a pension, an investment bond or unit trust after seeing the financial adviser. This is very much the “old” model: the financial adviser has sold a product on a one-off basis. The service often appeared to be free and therefore it was painless. Financial advice is likely to have been limited to the sale of the product rather than considering how the new addition linked to what was already in place within the ‘bigger picture’. There generally were no ongoing reviews built into the process. The adviser was remunerated by commission that was not always fully understood or quantified. This was in essence a sales process and is definitely not professional financial planning as we know it.
Financial Planning is an ongoing advisory and support process to help people to make best use of their financial resources throughout life. The cost, stated clearly up front, is for expertise, strategies and solutions from individuals qualified at or beyond honours degree level. It may be that a product is not involved at all, but if it is appropriate it comes at the end of a thorough investigation process. This involves looking into the future and takes into account your aims and objectives as well as what is already in place and how you feel about it all. The jigsaw is firmly put together in an orderly, tax efficient and cost effective way and the picture becomes clear.
We are happy to meet prospective clients who are interested in our service but we feel that we can provide the greatest benefit to those who have over £250,000 investible assets or have complex financial arrangements to consider.