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Harrogate Wealth Management are staunch advocates of fee based advice, rather than relying on an incentive in the form of a commission to promote a product. After a free initial meeting without obligation we will make sure that our fees are transparent, disclosed in advance and agreed before undertaking any work on your behalf.
The following fees could be levied
This is the work involved in analysing and researching your existing investments before identifying a suitable financial strategy for the future. The fee is usually calculated based on an hourly rate for the level of expertise required to complete the work. It is possible to charge on a fixed fee basis which can be agreed with you prior to engagement.
When new monies are invested or funds are transferred into a new arrangement, an implementation fee will be charged on a tiered scale as follows:
|Value of investment||HWM Charge|
|Up to £200,000||1 . 50 %|
|£200,001 to £500,000||0 . 75 %|
|£500,001 to £2,000,000||0 . 50 %|
|£2,000,000 and above||0 . 25 %|
Once the new strategy is in place we will continue to monitor your investments and advise you on a regular basis. We will ensure that your financial plan is up to date relevant and meeting its objectives. For our ongoing service and advice we will charge a percentage of the funds under our management. This would typically be deducted from the investments and will be agreed with you at the outset. These charges are as follows:
|Value of investment||HWM Charge pa|
|Up to £200,000||1 . 00 %|
|£200,001 to £2,000,000||0 . 75 %|
|£2,000,000 and above||0 . 50 %|
The myth of ‘free’ advice
In the past, many individuals received financial advice and were never presented with an invoice for it. This gave rise to a misconception that financial advice could be free. However, financial advice has never been free, from any source. Those advisers who did not appear to charge their customers simply received payment via commission from product providers and it was the customers who paid for this commission, through increased charges. In most cases, customers who preferred not to pay an up-front fee ended up paying considerably more for their advice over the longer term.