We were pleased to read in this weekend’s Independent that a mystery shop exercise identified “independent” financial advice firms – selected by virtue of their advisers’ good client ratings on the VouchedFor website – have embraced new legislation and are being open and transparent about their charges (unfortunately the same was not true of larger “restricted” advice firms).
Moreover, the advisers on VouchedFor had significantly lower fees than the larger firms. In one case, Tower Hill Associates suggested total annual investment charges, including advice, platform and fund costs, should be approximately 1.5% for a portfolio of £250,000. That represents a saving of up to 1.24% compared with the larger firms, or £3,100 p.a. on a portfolio of £250,000.
Delighted with these results, we are bringing forward announcement of a new “Fee Transparency” award.
This award will be provided to any Independent Financial Adviser who is transparent about their fees. If you are an IFA firm, you can qualify in one of two ways. Either -
- Publish fees on your website, then notify us in the comments below
- Or, register with VouchedFor. Once three people who have contacted you through VouchedFor confirm you are sufficiently transparent about your fees, you’ll qualify for the award.
The following firms – who were the ones contacted in the Independent’s study – have been presented with this award
- Steven Williams / Evolve Financial Planning
- Alan Dick / Forty Two Wealth Management
- Ian Green / Green Financial
- Jason Lurie / Holland Hahn Wills
- Luella Keeley / Keeley & Co
- Jeremy Arthur / Oaktree Wealth Management
- John Lang / Tower Hill Associates
Congratulations to all of the above!
Since first awarding the Transparent Charges Award to the recipients above, we are pleased to announce we have also given the award to:
- Mike Pendergast / Zen Financial Services
- Stuart Carnall / Andrew Stuart & Company Ltd
- Carl Melvin / Affluent Financial Planning Ltd
- Gordon Kearney / Fiducia Wealth Management
- Flora Maudsley-Barton /Parsonage Financial
- Ian Smitham / Parsonage Financial
- Michael Jackson /Kelvin FP
- Edwin Snapper / Veracity FP
- Scott Davis / 3D Financial Planning
- Scott Gallacher / Rowley Turton Ltd
- Alistair Mann / Clocktower Fund Management
- Douglas Mcintyre / Loch Fyne Financial Managment
- Tracy Bissett / Nexus Wealth Planning Ltd
- Andrew Holder / JM Glendinning Ltd
- Jonothan McColgan / Combined Financial Strategies
- Nick Evans / One Life Wealth
- Adrian Smith / ASPL
- James Caviel / Capital Wealth Solutions Ltd
- Matthew Walne / Santorini Financial Planning
- Jaskarn Pawar / Investor Profile
Additional notes: Firms who receive this award are free to publish it in their marketing material. Use of the award is conditional on continued adherence to the qualification criteria above, which VouchedFor will periodically review. You must promptly notify VouchedFor of any material changes in relation to your details or status which may affect your eligibility to use this award. It is the responsibility of the client to identify and select an appropriate IFA, to agree the fee arrangements and other terms of engagement with the IFA and to assess the suitability of any available financial products. All other General Terms and Conditions apply.