The following is taken from today’s Financial Times. It is an article in which Schroders appear to be suggesting that their client service offering is materially cheaper than that offered by St James Place (SJP). You will pleased to know that the fees for service charged by Clearwater are substantially less than both of these high profile organisations.
“The joint venture between Schroders and Lloyds appeared to take aim at SJP according to documents seen by the Financial Times.
By William Robins 18 Sep, 2019 at 08:50
Schroders Personal Wealth (SPW) has claimed it will offer fees 50% of rivals such as St James's Place (SJP).
The joint venture between Schroders and Lloyds appeared to take aim at SJP according to documents seen by the Financial Times. SJP is currently under fire for high fees and 'cruise and cufflinks' incentives.
SPW estimates first-year client fees, including account set up costs and administrative and trading charges, come to 7.9% at SJP and 4.7% at Brewin Dolphin.
It believes it can offer an equivalent service for 3.6%.
It estimates ongoing costs to be 2.9% at SJP and 2.7% at Brewin. SPW believes these could be cut to 1.9%.
‘Our pricing is transparent and competitive,’ SPW told the FT.
‘We know from experience and numerous studies have shown that professional financial advice generates value. We can play an important role in helping more people plan for the future and manage their finances with a professional service.’”
For comparison purposes a typical Portfolio managed by Clearwater (circa £500k) would be charged on annual basis, as follows:
Clearwater WM 1.00%
Custody 0.31%
Investments 0.32%
Total 1.63% per annum
I have recently added a document to our website (www.clearwaterwealth.co.uk) in the ‘Useful Documents’ section, entitled ‘What is a Relationship with Clearwater Really Worth?’ In this paper I have attempted to shed some light on where I believe Clearwater is likely to add value for many of our clients, I hope you find it interesting and reassuring.
If you have any concerns or questions about any finance related matter, please do not hesitate to call me at any time.
With best wishes,
Yours sincerely
Graham Ponting CFP Chartered MCSI
Managing Partner
