How We Charge

Our Service Levels, Initial Fees and Ongoing Payment for Services

Introduction

To ensure that you are always fully aware of our advice costs and how and when you are going to be asked to pay for this, we will always confirm this verbally and in writing to you, asking for your consent by signing our Client Engagement Letter. This will show the exact amount and payment method.

Generally, we will ask you to pay for our services after we have completed a detailed financial analysis of your current position. This is often once we have prepared and produced and you have received our financial planning suitability report/letter. The report will document any implementation/ongoing service fees relevant to any recommendations made.

Please note that if you have paid for our advice by way of a cheque, and you subsequently cancel the policy within the statutory cooling off period, we will not refund the fee received.

Implementation Fees - Lump sum investment

Lump Sum Business

It is our company policy to offer you a choice on how we are paid the Implementation Fee on lump sum business. You may pay us for our initial advice by way of a percentage of the funds invested, a fixed fee or an hourly rate.

This can be by way of a separate cheque, payable to our firm or for you to agree to a deduction of our fee from the investment amount sent to a fund manager or provider prior to its investment. To facilitate this, the provider will need explicit evidence that you have agreed to this method of payment and we will therefore ask you to confirm this in writing.

Please note that if you pay our fee by way of a separate cheque, 100% of the investment amount will be invested.

Payment by Fee (Initial Advice)

You may pay us for our initial advice by way of a percentage of the funds invested, a fixed fee or an hourly rate.

Please note if you pay our fee by way of a separate cheque 100% of the investment amount will be invested.

Example of our implementation fee as a percentage of the funds invested

Example Investment Typical charge on assets up to £100,000 3% Typical charge on assets up to £250,000 2% Typical charge on assets up to £1,000,000 1% Typical charge on assets above £1,000,001 0.75% Total fee Amount Invested
£100,000 £3,000       £3,000 £97,000
£250,000   £5,000     £5,000 £245,000
£500,000     £5,000   £5,000 £495,000
£1,250,000       £9,375 £9,375 £1,240,625

All figures quoted are purely for example; the actual fee paid will depend on the complexity of the work undertaken and will be confirmed to you in our Client Engagement Letter prior to any work being undertaken.

Hourly Rates

Fees payable will be calculated by taking into account the number of hours required to undertake the work and the hourly rate of the individual carrying out the work.

If work is undertaken purely on an hourly rate basis you may also ask us not to exceed a given amount without checking with you first or we may agree a fixed fee for work undertaken.

Example of our fee charged at an hourly rate.

Staff Role Hourly Rate   Estimated Hours  Total Staff Cost  
Financial Adviser £200 2.5 £500  
Paraplanner £100 2 £200 Total Charge
Administration £75 1 £75 £775


All figures quoted are purely for example, the actual fee paid will depend on the complexity of the work undertaken and will be confirmed to you in our Client Engagement Letter prior to any work being undertaken.

Where you elect for hourly rates, these are currently:

• Financial Adviser (Chartered)                         £250 per hour
• Financial Adviser (fully qualified/Director)     £200 per hour
• Paraplanner                                                    £100 per hour
• Administrator                                                  £75 per hour

Focused Advice

The more time we spend researching & documenting information the more expensive it can become. This can be deemed unsuitable where you are merely seeking advice on a specific area or a smaller investment.

Generally, it is our intention to offer holistic advice on a full information basis. However, there may be some occurrences where we may be prepared to offer advice on a focused basis.

If we do decide that we are prepared to offer focused advice we will obtain all the information we need from you in order to concentrate on a specific area of financial planning. You should, however, be aware that the advice you receive may be different from advice given using the holistic approach.

Example of our focused advice fees:

Work undertaken Typical fee
Long Term Care £1,000
Equity Release £1,000
Investing for growth or income £1,000
Estate Planning (Wills, Power of Attorney, Inheritance Tax, Trusts) £1,000

Implementation Fees – Regular Premium Investment

It will always be our policy to provide you with a separate quote for work when considering regular premium investment (excluding phased investment).

It is our company policy to arrange for the Implementation Fee on regular premium investment to be deducted from the total amount collected by the product provider. We will agree this amount and ask you to confirm this, in our Client Engagement Letter. Alternatively, we may ask for a separate cheque, payable to our firm, dependent on the premium value considered.

Example of our Regular premium investment fee (Delete/ Use as appropriate)

Monthly premium £50.00 £75.00 £150.00
Monthly fee charged at 10% £5.00 £7.50 £15.00
Total fee paid (24 months) £120.00 £180.00 £360.00

Termination of Our Services (Initial Advice)

You or we may terminate our authority to act on your behalf at any time. You will be liable to pay for any advice or services that you have received prior to the date of termination.

This means that where we have agreed the advice and services that we will provide for you and we have agreed to receive payment for these, either by means of a fee for investment business or by receiving commission from a provider for non-investment business you will have to pay us for any work we have completed up to the date of termination.

Non-Investment Insurance

Payment can be made by fee, commission or a combination of both. If commission is payable but does not cover our fee, we will agree a method of payment for any shortfall before commencing any chargeable work. You will receive a Client Specific Illustration which will detail any other fees relating to your particular insurance policy.

Ongoing Service Option

The advice that we give to clients does not stand alone and it is important that a client’s situation is reassessed on an ongoing basis. We charge ongoing adviser fees to cover this ongoing service. In return for our ongoing fees we will provide our clients with a regular financial check-up as detailed in our Client Engagement Letter as follows:

  • Update our files as to your current personal and financial circumstances;
  • Ongoing administration and document processing;
  • Issuing annual statements;
  • Ongoing investment advice & communication;
  • Ongoing phone and/or email support;
  • Offer of a review meeting on a basis appropriate to a client’s advice proposition to cover the following:
    • Portfolio performance;
    • Changes to a client’s personal circumstances;
    • Whether the existing arrangements remain appropriate;
    •  Identify tax changes that may affect a client’s investments;
    • Discuss the investment strategy and a client’s attitude to risk – we will recommend changes where necessary;
    • Estate planning arrangements.

Ward Williams Financial Services Ltd provides clients with four propositions as shown below:

Categorisation Frequency of Review Description
A At least 6-monthly at client’s discretion
  • Full Review Service twice a year at client’s discretion.
  • 6-monthly portfolio updates.
B At least annually at client’s discretion
  • Full Review Service at client’s discretion.
  • Annual portfolio updates.
C Annually at client’s discretion
  • Full Review Service but additional fees may need to be paid at client’s discretion.
  • Annual portfolio updates.
Reactive On request
  • Full Review Service on request but additional fees will need to be paid.
  • Portfolio updates on payment of additional fees.

We will agree the level of ongoing service with a client and, once this is agreed, it will be confirmed to the client in writing.

Whilst our standard ongoing fee is 0.75%, this may be reduced depending on the level of assets Ward Williams Financial Services Ltd holds under management for a client, the particular needs of a client and the service levels required.

Examples of this are shown in the table below:

Categorisation Example Investment Assets Annual Charge
(% of assets per annum)
Example Service Fee
A £500,000 0.50% £2,500
B £300,000  0.75% £2,250
C £100,000 1.00% £1,000
Reactive Variable Variable Variable

Ward Williams Financial Services Ltd considers that it needs to be receiving a minimum monetary income amount of £600 per annum in order to support any ongoing service.

The actual fee charged will vary depending upon how the investment performs. If the investment amount increases, you will pay more.

Termination of Our Services (On-going Advice)

You have the right to cancel payment for our on-going services. It is the policy of Ward Williams Financial Services Ltd that notice should be a minimum of one month’s notice and we would expect notice to be made in writing.

Where you hold assets within a WRAP, you need to be aware that there will be terms and conditions applicable, such as your agreement with the wrap provider in respect to facilitating our fees, which means you may need to instruct the wrap provider directly and arrange for the removal of assets from the WRAP or appoint another adviser who will be able to access your assets and provide further on-going advice to you. We will be pleased to assist you at this time in cancelling our service to you, making sure that any WRAP provider is informed of this cancellation.

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