02088537160 admin@starkeyfinancialplanning.co.uk

How we are paid

We firmly believe that in order to be truly independent it is important that our advice is not influenced by commissions provided by product providers or the need to "sell a product". As Financial Planners our work includes more than just product advice and usually starts with producing a Financial Plan which will often involve Lifestyle Planning, Financial Planning advice, and then Independent Financial advice.

As a professional firm, we charge fees for our services, the amount of which we will agree before we proceed. However, certain of the transactions which we arrange for our clients may result in our being paid commissions and we will discuss and agree with our clients how these should be treated. We may keep this commission or we may pass on the full value of that commission to you in one or more ways. For example, we could reduce our fee; or reduce your product charges; or increase your investment amount; or refund the commission to you. Commissions may sometimes be paid at the outset of a transaction and may sometimes take the form of on-going payments. For convenience we may accrue such on-going payments, but in all cases we will account to our clients for all sums received.

Fees can be paid directly by the client or any available commission can be used. If this is not sufficient to cover our costs the client can pay the balance directly.  As fee based financial planners our costs are based on the amount of time and the level of service we provide to clients. For example this can be broken down into:-

First and Second Meetings (Lifestyle Planning, Financial Planning)

Implementation of recommendations (Independent Financial Advice)

Ongoing advice (Annual Financial Planning Meetings - Lifestyle Planning, Financial Planning)

Your home may be repossessed if you do not keep up repayments on your mortgage.

2018 Rate Card

 

This Rate Card explains our current fees and should be read in conjunction with our Terms of Service document.

 

Initial Discussion

 

Prior to you becoming a Client(s), we may provide an initial discussion at our expense and with no obligation for you to take up any of our services. Any and all further meetings and discussions, until or unless you become a Retainer Fee Client, will be chargeable on a time basis (or we may agree a fixed cost in advance). No advice can be provided until we are in receipt of a signed agreement to the Terms of Service.

 

Lifetime Financial Plan

 

Once we have established your priorities and objectives, the research, design, preparation and presentation of your Lifetime Financial Plan will be completed for a fixed fee agreed in advance. This fee will be confirmed once we have established the amount of work required.

 

Typically, a Lifetime Financial Plan, including presentation of your Lifetime Cashflow Forecast using VOYANT tm software and a detailed follow up discussion, will range from £840. This fee is based on 2 hours of time at the Paraplanner rate of £140 per hour to compile the plan and 2 hours of time at the Chartered Financial Planner rate of £280 per hour to present and discuss the plan with you. We usually require that 50% of the plan fee be paid in advance.

 

We will be able to discuss a maximum of four Lifetime Cashflow Forecast scenarios at this time. The first scenario will demonstrate your current financial positon and forecasts your lifetime cashflow assuming that no action is taken. A further three alternative scenarios will also be planned which will be based on various objectives relevant to your needs. Subsequent communication or meetings will need to be subject to additional fees.

 

At the end of this meeting we will give you a recommended course of actions(s) which you can either implement through us or you are free to implement yourself elsewhere or not at all if you wish.

 

The Voyant exercise constitutes financial planning. It does not include financial advice which involves specific product/investment recommendations. Financial planning and financial advice are two stages of the process. Our fees apply to each stage separately.

 

A Voyant Lifetime Cashflow Forecast is always required in order for us to give any advice on a Defined Benefit to Defined Contribution transfer.

 

Fees for Implementing Planning Solutions (Initial Fees)

 

Investment Transactions - The initial investment fee is calculated as a percentage of the value of investments made and includes both cash and existing investments that are restructured. The value is cumulative from the time you become a Client. The percentages applicable will be:

 

First £250,000

2.50%

Next £250,000 to £500,000

1.25%

Above £500,000

0.50%

 

As an example implementing investments to the value of £400,000 would give rise to an initial fee of £8,125, equivalent of 2.03%.

 

Implementing Defined Benefit to Defined Contribution transfers will give rise to a minimum fee of £5,000. In addition we will want to be involved in and have oversight of the ongoing investment of the monies transferred.

 

Becoming a Retainer Fee Client and Annual Fees (Ongoing fees)

 

In return for providing an ongoing financial planning service as per our Ongoing Service Matrix we charge an ongoing fee. This annual fee will be calculated with reference to your Investable Assets. Investable Assets include all pensions and investments except cash specifically earmarked for liabilities and liquidity (emergency) purposes. The percentage annual charge applicable will be:

 

Up to £500,000

1.00%

Next £500,000 to £1 million

0.75%

Next to £1 million to £3 million

0.60%

  • £3 million by agreement

 

 

 

On the day the annual charge is due, the provider normally calculates the charge taking account of the total value of all funds. 1/12th of this amount is taken as a monthly instalment. For example, if an investment is valued at £624,000 in a year’s time, based on this value, the annual charge would be 0.95%. This means that the instalment in month 12 would be £494. If the value of the investment increases, the annual fee paid in monetary terms will also increase. If you no longer wish to receive our ongoing service, this can be cancelled by you at any time.

 

Our fees reflect the costs we incur in addressing your financial planning needs. This includes the following:

 

  • the use of our intellectual property

  • the use of our investment philosophy

  • the cost of our software licenses and liaison with outsourced experts

  • the cost of our regulatory fees, e.g. Financial Conduct Authority, Financial Services Compensation Scheme and so on

  • the cost of our Professional Indemnity Insurance

     

    As an alternative, you can choose to pay us directly for our initial and ongoing service rather than the fees being paid from your investment if you prefer.

     

    If there are no Investable Assets we will charge a minimum monthly retainer fee of £75 (£100 for a couple), to keep Voyant up to date and open to you. This will include an annual review meeting in a year’s time. We ask that you agree to a minimum period of one year. 

     

    Fees for Project Work

     

    When we are instructed to work on a particular project, provide advice on a standalone issue, undertake general consultancy work or work in circumstances when a Plan (as mentioned previously) is not appropriate, we will charge a Project Fee accordingly. This fee will be confirmed once we have established the amount of work required and will be based on our published hourly rates.

                       

Administration Services

£100 per hour

Paraplanner Services

£140 per hour

Financial Planner Services

£240 per hour

Chartered Financial Planner Services

£280 per hour

 

 

Where we recommend and arrange transactions such as “one off” investments, insurance, assurance, trusts or other tax mitigation solutions and annuities, we may find that substantially more work is required to research and arrange them. Therefore, we reserve the right to charge additional fees for these transactions reflecting the additional work involved.

 

 

Specific Plans/Advice

 

Should you wish to focus on one area we offer specificplans/advice and thecosts will be:

 

Family and Personal Protection Review

£500

Pension MOT

£750 + depending on complexity

Investment Fund X-Ray

£500 + depending on complexity

Estate Planner review

£500

Trust Report

£750

Later Life Advice

£250

Divorce Planning Review

£500

Business Protection Review

£350

Executive & Employee Benefit Analysis

£475

 

 

The above plans will include recommendations but do not include a discussion meeting. We would be delighted to discuss the content by telephone. Should you wish to have a meeting to discuss the plan this can be done on a time cost basis.       

 

Annuities

1.00% of purchase price (minimum £750)

Life Assurance policies

Adviser remuneration paid to us by the insurer

 

All fees outlined in the Rate Card are subject to an annual review.

 

 

sifa professional logo

Starkey Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. Financial Services Register No: 459336 http://www.fca.org.uk/register.

Starkey Financial Planning Ltd Registered Address: Summit House, 13 High Street, Wanstead, London, E11 2AA. Registered in England & Wales, No. 5485625.

Neither Starkey Financial Planning Ltd nor its representatives can be held responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

The Financial Conduct Authority does not regulate National Savings or some forms of mortgages and loans, tax planning, taxation and trust advice, estate planning, offshore investments or school fees planning.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at http://www.financial-ombudsman.org.uk.

The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK.

Please read our Privacy Statement before completing any enquiry form or before sending an email to us.