What do we charge?
- A flat fee for the Lifestyle Financial Planning Meeting of £995
- An ongoing Adviser Fee of 1% per year, based upon the value of the managed assets we run for you (Pensions, ISAs, General Investment Accounts, Bonds, etc.)
- Nothing to invest money for you.
- Nothing to consolidate existing plans for you.
- No hourly rates, no commissions, no transaction fees, no extras.
Understanding the cost of our services
At Lifestyle Wealth Limited, we have a very simple fee structure.
- We charge you nothing for our Initial Meeting
- We charge you £995 to undertake a Lifestyle Financial Review
- We charge you nothing if we feel we want to work together, and you wish to implement the Action Points in our Recommendation Report
- We charge you 1% pa of the assets you invest through us to continue advising and supporting you.
Working with a professional financial planner provides expertise and peace of mind. We build multi-decade trust-based relationships with our clients. We need to understand what really matters most to you and your family, what you are trying to achieve in life and how we can help you to achieve those goals.
We are committed to ensuring that our services represent excellent value for money, and we will always make you aware of any charges and fees before they are incurred.
Our fees are based wholly upon the provision of our qualified and professional expertise, the time taken to analyse your circumstances and devise an appropriate plan and the completion of a report that explains our recommendations. Our fees also consider the broader costs of performing such an important role in your life, such as the provision of a high quality regulatory and compliance framework.
If you agree to proceed, you can choose whether your fees are deducted from your investment amount at the outset so long as the recommended product provider can facilitate this, or you can make your payment to us by cheque or bank transfer. Any cheques should be made payable to Best Practice IFA Group Limited.
If you agree that we should undertake initial research towards your goals, but you subsequently decide not to proceed with our recommendations, you will still need to pay the agreed fee in relation to this service as set out in this Agreement.
Cost of initial services
| Initial consultation (1st meeting) | At no cost to you. |
|---|---|
| Fees for research, analysis and implementing advice. | £995 *Fixed fee |
Full details of costings of our fees structure with supporting examples for transparency are detailed below.
Charges for regular premium contracts
None.
In cases where a recommendation is made for a regular contribution contract – such as a Personal Pension, an ISA, or another investment vehicle into which monthly contributions are made, we do not make any additional charge.
Invoice procedure
An invoice for our Initial Fee of £995 will be issued prior to the Lifestyle Financial Review Meeting. This should be paid prior to the meeting taking place.
What is not included in our fees?
Additional services such as advice on trusts and complex tax advice, are likely to incur separate charges. In addition, we will pass on any third-party costs such as capital gains tax reporting or third-party discretionary management fees. If we do need to charge you for any of these services a fee will be agreed with you in writing in advance.
We do not provide legal or accounting advice and cannot prepare any legal or accounting documents for you. For this, you will need to engage a solicitor or accountant as relevant.
Refunds and cancellation policy
Initial fees become payable before our services have been provided, so a refund is available if you decide not to go ahead with the Lifestyle Financial Review meeting. Fees paid in respect of regular or annual services are not refundable. However, any ongoing services may be cancelled upon request, and fees will be payable up to the date of termination. Please also see the ‘Right to cancel for third party products’ section below, in relation to cancelling individual products or
policies.
If you are dissatisfied with our services, please let us know under our UK complaints procedure. We will try to resolve the issue to your satisfaction, which may include offering a refund at our discretion.
Cost of ongoing review services
We can provide ongoing review services designed to maintain and monitor your portfolio and to ensure your financial plans remain on track to achieve your goals. Your financial arrangements can change over time, including your goals and risk profile, and our ongoing review service helps to ensure your financial plans evolve to reflect such changes.
The availability of some services is dependent upon the type of financial plan we implement for you. Our typical fee is shown below:
Adviser Charge: 1% per annum, based upon the prevailing value of your portfolio. Examples as follows:
| Example 1 Portfolio value of £100k = £1,000 per year |
Example 2 Portfolio value of £250k = £2,500 per year |
Example 3 Portfolio value of £500k = £5,000 per year |
*Please note that the actual amount payable each year will fluctuate as the value of your portfolio changes. Example of first year combined fees:
| Example 1
Portfolio value of £100k initial fee £995 Portfolio value Ongoing fee £1000 per year Total fees for the first year £1995 |
Example 2
Portfolio value of £250k initial fee £995 Portfolio value Ongoing fee £2500 per year Total fees for the first year £3495 |
Example 3
Portfolio value of £500k initial £995 Portfolio value Ongoing fee £5000 per year Total fees for the first year £5995 |
Other charges
Depending on the services we provide, there may be costs and charges (including taxes) related to the financial products and or services we arrange for you that are charged by third parties. These charges may be one-off and payable up front or payable on an ongoing basis. For example:
- Service costs:If your investments are held on a platform (an online investment administration service) or managed by a discretionary fund manager (DFM), the platform provider or DFM will charge for administering and/or managing your investments.
- Investment costs:These are the costs relating to the managing of your investments – for example, fees charged by the investment fund manager or costs relating to investment transactions.
- Travel Costs:If we are asked to travel to your home or to another venue to meet with you or your professional advisers, we reserve the right to charge you a fee to reimburse our travel costs. Travel costs are charged at 50p per mile, so if we have a 60-mile round trip the cost will be £30.
We will always disclose any third-party costs and charges when making our recommendations.
Aggregated costs disclosure
Before we provide you with our advice, we will add together all the costs and charges payable so that you are able to understand the overall cost of our services and recommendations. This is referred to as ‘aggregated costs and charges information’.
Tax efficient pension fee collection
We will advise you about the most tax efficient way of paying our fees.
Value added tax (VAT)
As we act on your behalf as an intermediary and intend to implement financial solutions our fees are currently exempt from VAT, which means we do not usually have to make an additional charge of 20%. If we do have to charge you for a service which is subject to VAT, we will inform you in advance.