Research has shown that the average person who uses a professional financial adviser is £40,000 better off than someone who doesn’t. This number is only for the average person. For wealthier clients using above average financial advisers - these numbers will be far larger.
If you have significant assets or your affairs are more complicated (for e.g. in terms of tax - or particularly if you are approaching retirement), you may be interested in a face to face meeting with a professional financial adviser.
Since 2014, we have been introducing people to a select group of trusted financial advisers who can go through your whole financial situation to help you achieve your goals. We believe that our financial advisers provide exceptional value, quality of service and investment philosophy as against much of the UK market.
Our Bespoke service is aimed at those with c.£100,000 or more of investible assets.
This could include cash, equities, funds or pension assets. This number isn't fixed in stone but is broadly what our partners need from a prospective client for the relationship to work economically...
...to explain why this is in more detail:
The key point here is that anyone seeking to give specific, personalised financial advice in the UK, is required by law (by the financial regulator, the FCA) to conduct a detailed 'fact find' process with someone before they are permitted to give such advice. This fact find process is sometimes called a 'know your client' or 'KYC'. The idea is that a financial adviser must ensure they give 'appropriate' advice. This is obviously, quite rightly, aimed at protecting the consumer from bad or inappropriate advice to minimise the chance that people lose money, take on more risk than is appropriate for their circumstances or do something fundamentally silly like make investments whilst they still have significant expensive unsecured debt (such as credit card debt or a bank loan).
Conducting this 'fact find' process involves a fair bit of time and effort to say the least. There will usually be a face to face meeting in someone's home or office, or, at the very least, a long phone call or series of phone calls in order for the financial adviser to get the full understanding of that person's entire financial picture that they are obliged to get by law.
This will include income and expenditure, mortgage, other debts, any current investments, existing pension arrangements, attitude to risk, long term financial goals and so on. The adviser will then spend hours of their time in addition to this call or meeting to prepare appropriate, specific and personally-tailored recommendations on the back of that meeting or phone call.
This reality, however, presents a problem - and one that has attracted increasing press coverage in recent years: Something called 'the advice gap'.
The costs of being a financial adviser are significant - most particularly the costs of regulation and compliance, ongoing compulsory education and training every year, insurance costs, employing staff and travelling around the country to meet with people and learn about their financial situation and lots else besides. To make this work economically and actually make a living, therefore, the cost of this sort of personally tailored investment advice is necessarily quite high - and actually, sadly, prohibitively so for most people.
Many financial advisers in the UK charge significant sums to do the work I explained above UP FRONT (i.e. whether you work with them or not, after they have met with you). £1,000 or even £1,500 is not unusual.
To repeat what we said above: We work with a small number of financial advisers who have sufficient experience to understand and implement an 'own the world' approach to investment, who are willing to conduct an initial meeting and prepare their recommendations on a no obligation basis and who will work for a maximum of 1% per annum.
That is the good news. The bad news is that, because they are willing to do this (work on a no obligation basis) and because of the reasonably large amount of work they will do for someone and the costs involved in doing that work - at their risk - this service is only really appropriate for someone with total assets approaching about £100,000. This is very simply because:
“Using the Plain English Finance Bespoke service was quick and simple. The team are ever professional and most importantly they actually listened to my family’s long-term goals and worked hard to tailor an investment strategy that fits us...”
We have partnered a select group of independent financial advisers who will tailor an ‘own the world’ strategy to fit your exact personal circumstances.
This service is aimed at investors who have circa. £100,000 to invest due to the initial fees involved. Please see above for an explanation.
With a trusted wealth manager at a convenient location for you (UK only).
Top down review of your current financial situation and provision of a bespoke plan to meet your financial goals.
Setting up accounts for transactional services and ongoing service.
Our Bespoke service is aimed at those with at c.£100,000 or more of investible assets. This could include cash, equity, liquid assets and pension assets, for example.
Once a member of the Plain English Finance team has introduced you to a trusted independent financial adviser, you will be entitled to a free, no obligation assessment of whether they can help you or not.
What you pay will be a private agreement between you and the wealth manager, based on the complexity of your financial affairs but never more than 1% of your assets - which we believe is materially better value than much of the UK industry.
Certainly. Please feel free to contact us using the enquiry form above.