We believe in setting out our fees in a way that is transparent and easy to understand. Not all financial advisers and planners do this; research shows that only 1 in 20 disclose their fees online.
But we feel it’s important. We know that the work we do adds immeasurable value to our clients. Our clients can attest to that, and you can watch some of them share their stories here.
We want you to feel confident that you will receive the same exceptional advice and service, and the fees you pay are fair and justified for the value added to your situation.
What’s more, research shows the value of financial advice and planning.
A 2019 report by Royal London and the International Longevity Centre found that customers who took financial advice were on average £47k better off over a 10 year period.
The same report also found that those who fostered an ongoing relationship with their adviser were up to 50% better off than those who had only received advice once.
With that in mind, here are the details of the fees you’ll pay should you decide to work with us:
This is an informal meeting where we will listen to you, so that we can understand you and your needs.
We will explore the five elements of financial wellbeing to ensure you’re heading in a direction that’s right for you.
1. A clear path to objectives
2. Control of daily finances
3. The ability to cope with financial shock
4. Financial options in life
5. Security for those we leave behind
This stage will include a review of your existing policies, income and expenditure. Using this information, a financial forecast will be created. We’ll then sit down together to look at the results; this will be in the form of a visual representation of your finances, both now and projected forward.
This often provokes a discussion about what might be possible and will end up with a written plan and action points.
If any action points raised at Stage 1 lead us to make formal recommendations, we charge a fixed implementation fee depending on the complexity.
It is your decision whether to move onto Stage 2 and we will confirm the fee level with you before we start this stage. If you engage in stage 2 with us, this will most likely include stage 3 as well once the work has been done.
Our work might involve setting up a single protection policy, pension or individual savings account (ISA). It is unlikely you would have any existing policies.
You’re likely to have begun saving and have existing policies which might not suit you any longer. Or you could be entering a different phase of life and need advice on the best way to start taking an income from your savings.
You probably have multiple policies, both pensions, investments and life assurance, which need action. You’re also likely to have complex tax needs, such as lifetime allowance or inheritance tax issues.
Financial Planning is an evolving process. Life and what’s important to us change over time, as well as the initial planning assumptions made. Therefore, it’s important to meet at least once a year and ensure your plan remains on track and make any changes required. At your annual review:
- We reassess your objectives and what’s important to you
- We review your plan to make sure you’re still on target to meet those objectives
- If you’re off course, we make a plan to get you back on track
- We review your tax position and make suggestions on how you can make best use of your allowances, e.g. pension contributions, capital gains tax
- As your circumstances change, so do your life assurance and protections needs, so we review them
- We will rebalance your portfolio, switch funds where necessary and move you into the most up-to-date asset allocation model
- Amongst other things, appetite for risk changes over time, we make sure you’re still in the right investments
- If you’re taking an income, we help you reduce the risk of running out of money in later life
- 1% of funds managed by Ovation on the first £1m
- 0.25% of funds over £1m
- We may also charge a direct debit retainer fee to cover the costs required to provide an ongoing service.