Advisers charge for what is often not valued; and what is valued is not charged for.
With the upcoming FCA Consumer Duty guidelines coming in on 31st July, the provision of “fair value” for financial advice is now being measured…
Thankfully – Becketts’ focus has always been on value over cost.
Ultimately, good value for clients goes beyond the high level of technical of expertise we provide as part of our comprehensive financial planning. A bonus then that our advising fees often come in under the industry average, taking into account the standard of our advice. There is no limit on our meetings and patience in ensuring clients have access to our resources to aid their decision making.
Analysis suggests that most advisers still lean heavily on tangible activity to justify their fees – administration and time spent on work. This can make sense… it’s more visible and quantifiable… but is it what is providing value for money?
In a recent study, over half (54%) of clients said they use a financial adviser for their peace of mind – a larger percentage than more technical aspects such as “most appropriate investment vehicles” (50%) and “expertise around retirement planning” (47%)
So what fee for having an adviser you can trust? What fee for an adviser providing emotional support? And the financial counselling and education?
These are potentially the most valuable services a financial adviser can provide, although we’re not sure how well that would go down on statements…
Adviser Charges*:
- Peace of Mind = 0.5%
- Trust = 0.3%
- Emotional Support = 0.25%
- All the other financial planning work and technical expertise on top = ???
(*Yes this is just hypothetical fun!)
It turns out it’s much more acceptable to say “adviser charge”! So please consider this next time…
What our fees say:
- Adviser charge
What our fees mean:
- Clarity. We deliver one thing. Simplicity. We thrive on making complex situations simple. No jargon and no smoke and mirrors.
- Confidence. We maintain complete independence so we can offer transparent and unbiased advice at every step.
- Peace of mind. For us, nothing is more valuable than our clients’ happiness and wellbeing. We appreciate the emotions clients feel when planning their financial futures – to feel secure, to be informed, and to be fully in control of their finances. No matter how complex they are.
- Proactivity. We leave no stone unturned to guarantee clients’ satisfaction – therefore nothing will ever be dismissed or overlooked if it can be beneficial to the client. This proactive approach ensures we are always a step ahead – diligently working in the background to produce the best outcomes for our clients.
- Trust. We understand the desire of security for our money and our families. We know that clients want their wealth to be invested wisely, and by people they trust. We know that we can fulfil this role. We form strong, long-lasting relationships with our clients because we know that trust and transparency are key to making successful financial decisions.
Our depth and breadth of knowledge, delivered by our highly-qualified team, backed up by our Chartered status, places Becketts in a position to delight our clients and deliver on our ‘Omotenashi’ approach to service – exceptional and unobtrusive, fitting around our clients’ busy lives.
