Initial service and fees
At the outset and at points throughout our relationship there are likely to be needs to set up new accounts, review policies, effect life cover and add to existing plans.
The time spent setting up of an investment account, pension, ISA etc is not affected by the amount being invested therefore we see no justification for charging more for larger sums. We simply charge a fixed fee for each transaction, regardless of the amount.
These initial fees are based upon the average time spent in transacting a piece of business and are reviewed each year.
Initial fees are payable for ad-hoc packages of work requested by clients. This may include a full review of one’s existing plans, setting up an investment account or pension or perhaps sorting out an ISA.
We also typically charge fixed initial fees for the setting up of life policies. By rebating the commission payable by the provider, the premium is reduced.
We charge a small fixed initial fee for researching mortgages and a Procuration Fee for arranging the mortgage. The Procuration Fee is paid by the mortgage provider and its payment in no way affects the mortgage rate or related charges.
Ongoing service and fees
Fleet Street Wealth is independent. This allows us to recommend products from across the entire market, rather than being tied to a particular family of funds or single investment product. However in such a highly fluid marketplace, no single product will remain best for long. An ongoing process of whole of market reviews helps to ensure that we keep track of changes and that we continue to have access to the best possible solutions.
Our due diligence means that you can have confidence that your investments will always remain in the most cost competitive and best performing funds. Should we identify that changes in the market mean that it is in your best interests to move your investments to another investment house, we will arrange this at no additional cost to you.
At outset we will put a comprehensive strategic financial plan in place that caters for your objectives, goals and a wide array of possible outcomes. To ensure that your plan remains on track we formally review this each year. This full review focuses on ensuring that you are always in the best situation possible, that risks are mitigated, that your hard-earned assets are made to grow and the strategy is adhered to.
We will liaise with investment managers on your behalf and ensure that they adhere to their mandates, that no unnecessary risks are being taken, that money is actively managed, costs are being suppressed and ensure that they perform to recognised, relevant and independent benchmarks, while at the same time making good use of current tax legislation.This ongoing interrogation of data and investment manager alike has resulted in consistent outperformance of client portfolios to ARC, the most trusted independent benchmark, year on year.
Our Administration, Research and Technical Teams will deal with the ongoing investment and product providers communications on your behalf thereby removing the burden of administration and providing peace of mind.
Throughout the year we will identify opportunities and help utilise valuable tax allowances such as your ISA allowance and your Capital Gains Tax allowance.
It is important to know whether the money you are saving will provide you with sufficient funds to meet your objectives. For many clients we therefore also conduct sophisticated cash flow modelling to help identify shortfalls and help ensure that we are going to meet these goals. In order to do this we will regularly review the amounts you are investing, the risk you are taking, the likely future expenses and capital outflows and changes in tax legislation.
We provide an up to date policy schedule at least once a year, which comprehensively details all the policies you hold in one place, whether they were established by us or by a third party. For most of our clients, we prepare tax packs to assist your accountants too.
We charge an ongoing fee based upon the amount of monies invested. This is quite simply because the more one invests the more companies we are likely to have to deal with, the more administration there is likely to be, the more meetings we are likely to have, the more tax considerations one typically has and the more complex the financial strategy needs to be to mitigate the same.
A client with a modest amount of money may start out with an ISA, the management of which is reasonably straight forward. As this same client accumulates more capital he or she may wish to set up a pension and perhaps some life cover. As surplus income increases, available cash may exceed the pension and ISA allowances and, in order to benefit from additional tax breaks, they may be best advised to set up an investment account, a Venture Capital Trust or perhaps an Enterprise Investment Scheme. Perhaps alongside they may wish to set up plans for a spouse or children and wish us to chart progress through cashflow modelling.
Whilst there is a real correlation between the amount of time spent managing a portfolio and the funds under management, we recognise that there is a maximum amount of time that we would expect to spend upon any account. We have therefore bought in a cap to our ongoing charges for accounts in excess of £1.2M under our management and this represents an increasingly competitive remuneration structure.
We will always account to you honestly, transparently and fully on costs. We adhere to a fee schedule that plainly and clearly details the cost of our services from outset. When we make recommendations we provide a detailed breakdown of all the costs and charges you are projected to incur. We then subsequently provide a statement summarising all costs and charges actually paid on an annual basis.