I received an email from Brewin Dolphin with the title, “Five reasons why you need a financial planner”. It highlighted the 5 as”
Defined goals
Expert knowledge
Skilled implementation
Regular reviews
A cool head
So if you employ a financial planner from Brewins, you expect services related to these needs. However, Brewin charges for services based on how much money you have! What has how much money you have to do with financial planning? They are clearly more interested in investment management, which is totally different. It’s easy for us to see through their marketing but sadly clients may think their approach is acceptable.
This is how they charge.
Financial Planning initial charges
“The first meeting is always at our expense and we will not charge you until we have agreed what work you wish us to carry out.
Initial advice
Portfolio/policy tiers:
First £500,000 2.0%
Next £500,000 1.0%
Next £1 million 0.5%
Next £3 million 0.25%
Balance Fees available on request
I have called out Brewins here; they are not alone. If you want to delegate to investment managers, there are thousands of firms eager to sell their services. If you need a financial plan or holistic planning, you have less choice. Importantly, if you are looking for someone to talk through how you see the future, any fees charged should not be linked to how much money you have. There is no correlation.
Can you see through the spin?