I believe in fee transparency; you should know exactly what you are paying and what value you are getting in return for these fees. I’ve described below my fees for each step of the financial planning journey.
What does it cost?
Our initial meeting
I charge a fee of £295 for our initial meeting, with payment due at the time of the meeting. Due to COVID-19 much of my work is being undertaken remotely via telephone, email and video conference calls. Therefore, instead of the face to face initial meeting may I please ask you to instead schedule a 30 minute Discovery Call (at my expense) using the link at the bottom of this page and we can discuss your situation in a bit more detail.
This fee is then deducted from my advice fee, should you decide to work with me within six months of our first meeting. It may however be the case that I can answer all of your questions at this initial meeting and we don’t need to formally engage for the delivery of regulated financial advice.
I will always tell you if I don’t believe you will receive sufficient value from engaging with me to provide a comprehensive financial planning service.
It’s important to note that no regulated advice is provided at this meeting.
My fee of £295 covers the cost of the meeting, discussing the key things you need to be thinking about including any risks involved and following it up after the meeting with written summary/report of our discussion and actions agreed.
Following this initial meeting, if there is value in working together, I will send you my Client Agreement describing the services I can provide and the costs involved.
Very often, it makes sense to hold our initial meeting via Zoom or Skype video calls, especially when family members from various parts of the country want to be involved. It’s increasingly common for siblings to be geographically spread, so my initial meeting and this fee structure is also applicable to individual or group video calls, when required.
When you engage with me as your Financial Planner, we will work together to construct a comprehensive Financial Plan.
This will cover cashflow modelling, a review of your existing assets and liabilities, protecting your income, reviewing lifetime mortgages, pensions, savings, investments, taxation, trusts, inheritance tax planning, funding for long term care, and specific recommendations for action.
The recommendations within your Financial Plan will be tailored to your specific goals and objectives.
My fee for this Financial Planning exercise ranges from £1,995 to £4,995. This fee includes the implementation of any recommended financial products; I do not charge extra or receive any commissions for putting these plans in place for my clients. Any commission payable by protection providers or on lifetime mortgages is rebated to my clients.
To put my fees in context; a Financial Planning fee of £2,995 represents 0.8% of an investment or care fees annuity purchase of £380,000.
Ongoing Management Service
Where it makes sense to continue working together each year, I offer my clients an ongoing management service. My fee for this service is between £1,800 and £3,375 a year, depending on the complexity and how much time I estimate I will spend looking after your financial affairs in a typical year.
My ongoing management service includes a review of your financial plan to ensure it remains on track, confirming your risk level remains suitable, reviewing the performance of your plans compared to your objectives, rebalancing investments to maintain the correct risk levels, reviewing tax considerations, updating your lifetime cash flow model, and considering important later life planning issues for the future.
Some other things to mention
As a regulated financial adviser, my fees are based on the time it takes to provide the advice, the complexity of your situation and the expertise and responsibility involved.
I operate a very simple transparent charging structure. I do not like percentage charging models!
When I act on your behalf as an intermediary and intend to implement financial solutions, my fees are presently exempt from VAT. This means I do not usually have to make an additional charge of 20%.
If I do have to charge you for a service which is subject to VAT, I will inform you in advance.
I’m happy to visit you in your home, as appropriate.
Everyone is unique in respect of their circumstances, objectives, needs and wishes. It is important to us that we cater for each individual and their family in a personalised way but with a fixed fee structure.
Regardless of whether you choose a product at the end of the process, our clients can be assured of the impartiality of our advice.