On Monday the FCA (Financial Conduct Authority) published a ‘thematic review’ paper on ‘being clear about adviser charges and services’. The paper made for interesting reading, with the rather shocking finding that 73% of the 113 firms it investigated failed to provide the required information about the cost of their advice and the services that they provide.
I would like to discuss three of the findings in particular:
– 58% of firms failed to give clients clear upfront generic information on how much their advice might cost.
– 50% of firms failed to give clients clear confirmation on how much advice would cost them as individuals.
– 34% of firms failed to give clients a clear explanation of the service they offer in return for an ongoing fee and/or their right to cancel this service.
At Buckingham Gate we believe in being completely upfront and open about our charges and services. You can view our service packages, along with ‘generic information on how much our advice might cost’ on our services and fees page.
Following an initial discovery meeting, which we provide at our expense and with no obligation on the part of the client, we will write to each client individually to detail the scope of the advice and service to be provided as well as the specific fee required to engage our services. This gives clients ‘clear confirmation of how much advice will cost them as individuals’.
Finally, we offer a range of ongoing service packages, designed to suit different types of clients, who each have unique needs. You can see the details of our service packages here.
We believe that our fees offer clients genuine value for money, which is why we send out a ‘value of advice’ statement each year. This shows, in pounds and pence terms, the tangible value that clients receive in return for their financial planning fee. In addition, many clients tell us that the intangible benefits of our service, such as increased financial security and peace of mind, far outweigh the monetary gains.
If you would like to find out how we could help you with your financial planning, as well as the fees for our services, you can get in touch here.
