What this costs...
Your level of wealth should not dictate how much you pay...
Our fixed-fee approach is transparent and based entirely on the complexity of your situation.
As a life-first financial planning business we don’t believe in benefiting from your wealth, as unlike many traditional financial advisors we don’t charge a percentage of your investments or present you with confusing and inexplicable fee structures.
We do believe that our relationship and the work that we do should be focused on your life’s values and objectives, not your money. That’s why we operate a simple, fixed fee service that is calculated based on the time and effort it takes us to guide you to make good decisions with your wealth.
We are proud to be part of the financial planning profession and this should not be confused or compared with traditional financial advice. We believe that charging fair transparent fixed fees will ensure we have a lifelong relationship that will enable us to manage your money in a way that improves your life.
This is very different from the norm in the traditional financial advice industry, where charging a percentage of your investments, regardless of performance or the work involved in managing it and your plans is common place. We want to be measured by the impact your money has on your life, not on its relative performance against an index or a benchmark.
A case study...
Meet Tom & Flo Patterson
Traditional Advice Fees (Average)
Fee Type
Initial Fee for Advice & Implementation*
Ongoing Advice & Investment Management**
YEAR 1 TOTAL
TOTAL AFTER 10 YEARS***
Fee (%)
2.4%
2.18%
4.58%
Fee (£)
£24,000
£21,800
£45,800
£310,496
*FCA 2020 Survey Industry Average Initial Charge
**Langcat Market Report 2020 Average Annual Charge
***Assuming 5% growth per annum on £1m investment
Tom & Flo have assets of £1m and are looking for some expert guidance to help them achieve the things they want to do in life.
Our Fixed-Fee Philosophy
Service
Planning
Advice & Implementation
Ongoing Planning & Support
Investment Management*
YEAR 1 TOTAL
TOTAL AFTER 10 YEARS**
Fixed Fee (%)
£2,500
£5,000
£9,000
£5,200
£21,700
£134,222
% Equivalent
0.25%
0.50%
0.90%
0.52%
2.17%
*This charge is for the platform, custody, and investment portfolio. All these charges are not levied by us but by the platform provider and fund managers
**Assuming 5% growth per annum on £1m investment and our fixed fee rising by CPI (assuming 3%) every 2 years
Our fees...
Creation
£2,500 - £5,000
Fixed fee
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The foundation to making wise decisions with your money that is fully aligned with what’s important to you is the creation of your WealthGPS financial plan.
If you need a WealthGPS financial plan, you’ll be charged a fixed fee of £2,500 - £5,000.
Implementation
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If we proceed to give any regulated advice to implement your WealthGPS financial plan then you’ll pay a fixed fee of between £2,500 – £7,500, the exact fee will depend on the complexity of your situation, the work involved and will be agreed by us before any work is undertaken.
If we provide advice on the transfer of Defined Benefit (DB) or Final Salary pensions, you’ll pay a fixed fee of £7,500 per scheme.
The maximum you may pay is £10,000.
£2,500- £7,500
Fixed fee
Ongoing Support
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For ongoing planning, management of your investments and support, we operate a tier system based on the complexity of your needs:
Tier 1:
Tier 2:
Tier 3:
Extremely complex and a portfolio of £2m+*
From £1,250 per month (£15,000 per annum)**
Highly complex and a portfolio of £1m+*
£750 per month (£9,000 per annum)
Low complexity and a portfolio of up to £1m+*
£500 per month (£6,000 per annum)
Once we have determined which tier you’ll require, we’ll charge you an annual fixed fee (paid monthly) to manage your WealthGPS financial plan, investment portfolio and crucially you will have open access to the whole team, so we are here for when things change. It’s as simple and transparent as that.
*The amounts are for illustrative purposes only and whilst they give a good indication of complexity and our fixed fee structure, the tier you fall into will be confirmed once we know you better. For example, if you have an investment portfolio of £1.2m but your needs are more straightforward, we’ll only charge you tier 3 fees.
**The top end of our project fee would be £15,000, but we reserve the right to exceed this cap in circumstances that would warrant a higher fee.
We pride ourselves on transparency...
The key to our fixed-fee structure is you will always know exactly what you are paying for and what you will get in return so you can make the best informed decisions.
Some investments will have fees that are out of our control, such as platform and management fees. If there are costs like these involved in your strategy, we’ll provide you with a clear breakdown before any investment decisions are made so you can see exactly where your money is going.