Our service proposition and how we charge

We pride ourselves on charging fair fees that reflect the volume of work required and the value we add to you and your financial situation.

Our services

We offer independent financial advice, recommend investments from all types of retail investment products and we review providers across the whole market.

We offer protection insurance selected from a wide range of providers in respect of life, critical illness or income protection designed to safeguard your financial well-being.

In all cases we will make personal recommendations to meet your needs and objectives based on our professional assessment of your attitude to risk and capacity for loss.

Your experience

We are in business to improve our clients’ wellbeing. That’s an ongoing, living, breathing
process.

Our services are built around getting to know our clients really well and being their financial guides through different stages in their lives.

We do not offer one-off, transactional advice as it would detract away from what we do best (and what our clients really value from us), which is building long-lasting relationships and providing an excellent service.

We will have an initial discovery meeting with you at our own expense. During this meeting, we will:

  • Talk about your current situation, what makes you tick and what you want your money to help you achieve.
  • Discuss our services and make sure they are right for you.
  • Agree whether both parties are happy to work together.

Our charges

We charge two types of fees:

  • An initial fee, which covers the meetings and administration required to find out all about you, your financial arrangements, and to construct your bespoke financial plan.
  • An ongoing fee, payable each year, which covers to cost of the regular meetings and financial reviews we will provide to you, as well as access to us for support and advice as required and the regulatory costs of acting as your advisers.

These fees are explained in more detail below.

Initial fee

Our initial fee for a full financial planning review will normally start from £3,000. We will always agree our fee with you in writing before engaging in any work. The initial fee will depend on: (i) Complexity (ii) Time (iii) Risk

This fee will include:

  • A second meeting, where we’ll explore your financial situation, needs and objectives in more detail.
  • Contacting the various providers of your existing financial arrangements and obtaining all the information we need to review them.
  • Technical analysis of your current arrangements and working out whether they are fit for purpose and aligned with your goals.
  • Research of alternative options that may help you achieve your goals more efficiently.
  • Tax and cost analysis of any proposed alterations to your financial position.
  • We may have a third meeting with you, depending on the complexity of your financial situation, to discuss our initial findings and run through our analysis of your lifetime cash flow.
  • Summarising our analysis and advice in a bespoke financial plan, which will outline everything you need to know and the next steps required to implement the recommended actions.
  • Administration of the steps and paperwork required to implement our advice and recommendations.
  • Ongoing access to us via telephone and email throughout the process, to answer any questions you may have or explain anything in more detail as required.

You can choose to pay our initial financial planning fee either directly from your investments (where possible) or by direct invoice.

If, after completion of our initial financial plan, you don’t feel that you’ve received good value and/or don’t wish to proceed with our services, we will look to discount our initial fee.

In respect of non-investment insurance products (for example, life or sickness insurance) it may be possible for our fees to be settled in whole or in part by commission from the product provider, which is funded through the cost of the premiums you pay for your policy. If you would like our fees to be settled by commissions from these products, we will give you full details of any fees or commissions in writing before you proceed.

Ongoing fees

Our ongoing fee is 0.75% of the assets that we advise you on, subject to a minimum of £2,250 pa. For example, if your investments under our advice were worth £300,000, our ongoing fee would be £2,250 pa.

This fee covers all the work that we will do in looking after your financial arrangements throughout the year, including:

  • At least one face-to-face (or online) review meeting with you, where we’ll talk about your current situation and whether there have been any changes to your needs and goals.
  • Annual tax planning, including using any tax reliefs and allowances available to you that may help improve efficiency within your portfolio and save you money.
  • Review your income, expenditure, assets, liabilities and lifetime cash flow.
  • Reviewing your financial arrangements to make sure they’re still fit for purpose and on track to meet your future needs and goals.
  • Providing a bespoke, written report that will outline any changes that we recommend to your arrangements to improve efficiency, save you money or improve potential returns.
  • Liaising with your other professional advisers (e.g. Accountants and Solicitors) where required to assist with the services they provide to you.
  • Liaising with your Attorneys or family members, where instructed by you, to assist with your needs if you are not able to make or implement any decisions yourself.
  • Having access to us throughout the year by email and telephone for general queries and support with your financial decisions.

Our ongoing services can be cancelled by you in writing at any time.

You can choose to pay our ongoing financial planning fees either directly from your investments (where possible) or by direct invoice.

Where suitable to do so, we may agree a different fee structure for some clients, at our discretion.

VAT

Normally all of our services are undertaken with the intention of arranging and administering regulated investments and, as such, they are exempt from VAT.

This document includes our Terms of Business and provides a good overview of who we are and how we work. Please click here to donwload.

Click here to download our ‘Initial meeting overview & checklist’ document.

Speak to a member of our
team today

01204 365 165

info@taylortaylor.co.uk

Taylor & Taylor Financial Planning, 94 Chorley New Road, Bolton, BL1 4DH