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How financial advisers in our industry charge for advice

Unividual's focus will always be on ensuring clients receive a variety of benefits over and above the cost of financial advice. From our innovative financial planning model, through to our service or ability to connect people, we work hard to give clients what they need. This is probably one of the reasons we become such a large part of someone's family or business. But before we discuss value you might want to understand how financial advisers charge for their services in our industry.
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How do financial adviser charges work?

In financial services, there are quite a few different ways that businesses charge for the services they provide. There is the hourly rate option; this might vary depending on a financial adviser’s qualifications or their type of business. Some firms also charge a set fee for a piece of work which can vary depending on the size of project. Most financial advisers including Unividual, offer a hybrid between the two to ensure clients get value for money and it is fair for all clients. There is what the industry terms as an “initial charge”, which covers the costs of financial advice or a particular project, and an “ongoing charge” which pays for the continuous servicing of your finances.

How is a financial adviser paid?

Some products pay financial advisers, like insurance protection and mortgages. When it comes to investment advice some financial advisers charge fees directly to the client and some take their fees from the products they advise on. The latter is a charging model first pioneered by Mark Weinberg who opened Abbey Life in 1972. Consumer behaviour has largely played a part in driving this model, as often, consumers don’t want to cover the costs of financial advice directly out of their pocket. Paying through products is easier too, as there is less credit risk and there is no VAT added.

At Unividual, we tailor our advice to each person’s set of circumstances. Unividual offers a free no obligation introductory meeting to all clients. This first meeting introduces Unividual and the types of services we provide. From this, we can also get a good idea of your requirements and confirm the initial and ongoing fees upfront that apply to your circumstances. As part of Unividual culture, we pride ourselves on being honest, open and transparent in all areas, including how we charge for our financial advice. Charges and financial planners cost are easy to understand and simple so you know exactly what you are paying for before you sign up. Additionally, our charging structure focuses on providing the best value to clients who build up a long-standing relationship with Unividual. You can head over to our financial advice case studies and read about our clients who have managed to recoup financial advice charges plus some growth within the first year. This is on top of all of the additional value and benefits you get from financial advice.

If you would like to understand how the first meeting works and what it entails please complete the form below or get in touch with us to find out more.

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Investing during COVID: "My funds rallied and after charges have since grown even with the crisis we have all been living through"

Hear from Sarah who approached Unividual, initially for support with retirement planning because she had a number of pension pots she wanted to consolidate.

“Since we (Sarah and Greg Harris) first met we reached a stage where it was clear that keeping all the pensions was not going to result in the best outcomes for me for my retirement and beyond. Greg explained that some (my teachers pension for example) should be left in place because it was guaranteed whilst others were tiny and as a stand-alone would not yield very much over time. We transferred 10 of my 11 pensions to a single investment portfolio that would pay me an income and allow me to save and leave something to my son.

Greg’s spreadsheets were clear and I was able to understand what he was saying about what could happen and what had happened to my funds. He checked in with me after the funds were transferred and on their performance, regularly. This all happened before COVID and the markets initially collapsed. I could tell that he was concerned, but all the way he stayed in touch and we saw a rapid improvement quite quickly because my money was well distributed across a variety of funds. I could sense that he was worried that I would blame him for any losses that occurred as a result of the crash, but I knew that this was part of the risk when investing, a risk that we had discussed and my tolerance to risk which we had also talked about. My funds rallied and after charges have since grown even with the crisis we have all been living through.”

Continue reading Sarah’s case study

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