How we are paid
Following an enquiry we will arrange a preliminary meeting for you with one of our qualified team members. We will invite you to our offices but if you prefer we could meet at your home or office. The purpose of the meeting is firstly to establish whether we are able to assist with your needs and objectives and secondly to discuss how we would be paid for our services should we be instructed to proceed. There is no charge for this preliminary meeting and no obligation on either side.
PWM offer a fair and transparent charging structure, which is common to every piece of work we undertake and is not dependent on which, if any, financial contract you select. This ensures that the advice we offer is never compromised and is given entirely in your best interests.
We charge fees for the work we undertake for you, and for each part of the financial planning process. We always try and ensure that these fees are more than covered by the added value we bring with the strategy.
Our fees are calculated in one of three ways:
1. Hourly Rate Basis - We can charge for the time spent on your affairs, the hourly rate for an advisor depends upon the complexity of the work required, currently the hourly rate is between £170.00 — £250.00 per hour + VAT if appropriate.
2. Fixed Fee Basis - Alternatively some clients prefer a fixed fee approach, this is split into three sections
(i) Strategy Fee: This is a fixed fee of £250. This charge is a token for the work involved in producing financial strategies and advice. It does not reflect the amount of time and research required to produce a full financial strategy, nor does it reflect the true value of the strategy. If you instruct us to implement the strategy this fee is waived in full.
(ii) Strategy Implementation Fee: This is a 16 part process to ensure that the strategy is implemented correctly and fully protected by PWM's professional indemnity insurance. We recognise that there are a number of fixed costs and therefore the fees are reduced as a percentage of the amounts invested within the strategy. Our Strategy Implementation fee is structured as follows:
First £ 50,000 Invested or under advice up to 4.50%
Next £ 50,000 Invested or under advice up to 4.00%
Next £ 150,000 invested or under advice up to 3.00%
Next £ 250,000 Invested or under advice up to 2.00%
Over £ 500,000 Invested or under advice up to 1.00%
(iii) Annual Management Service Fee – Professional Wealth Management Partner Service: All financial strategies should be constantly reviewed and monitored. In addition we believe we should offer a more proactive service working in partnership with our clients to maximise their wealth. Our fees are tiered based on the total “funds under advice” as follows:
Up to £ 500,000 under advice up to 1.00% pa
Up to £ 1,000,000 under advice up to 0.75% pa
Over £ 1,000,000 under advice up to 0.50% pa
Clients can arrange for fixed fees to be paid from any investment contract arranged which may have VAT and other tax advantages.
3. Monthly Retained Service. For more and more clients who require us to continually review their affairs we have introduced the monthly retained service fee, this is a monthly fee of £485.00 + VAT if appropriate, with a minimum contract term of five years. There will be no other fee payable or initial commis- sion taken and will cover all aspects of our client service. We will retain any fund based commission payable from funds under advice.
Full information can be found within our Key Facts document.