To give you an example, our service could look like this:
- Complimentary initial meeting, which we refer to as a discovery meeting. This is followed up by a written summary of the main points discussed, plus an outline plan for your finances and a summary of what steps need to be taken to move forward.
- If you would like to proceed further, we will agree a fixed initial fee based on your personal requirements, ranging typically from £2,000 to £4,000. This includes a review of your existing pensions and investments, a Lifetime Cashflow Forecast (if appropriate) and a formal recommendation.
- The initial fee is payable immediately, prior to the completion of our formal recommendation.
If you subsequently wish to proceed with our recommendation, our implementation fees are typically as follows:
- Investment and retirement plans – between 1% and 3% of funds invested. This is typically 3% on the first £100,000, 2% on the next £100,000 and 1% thereafter.
- Therefore, an investment of £250,000 would incur an initial fee of £5,500.
- Regular savings investment and retirement plans; typically £1,250
- Protection plans; typically £1,000
Importantly, the implementation fee takes into account the initial fee. Therefore, if the initial fee is £3,000 and the implementation fee £5,500, the balance due is £2,500.
We believe the most important part of a successful long-term plan is to meet every year and to review progress and adjust the plan as appropriate. Our review service is calculated on the basis of assets under our management, at a rate of up to 1% per annum, with a minimum fee of £2,000 per annum.
For example, an investment portfolio valued at £250,000 would incur an annual service fee of £2,500 per annum. Typically, our fee is deducted from your portfolio and this is something we will discuss at our meetings.
As a small professional financial planning firm, our fees are not subject to VAT because the ‘provision of advice’ is exempt from VAT.