How we charge
We believe in being transparent about what we charge for our services. We have provided an overview of our pricing structure, with an explanation of the fees associated at each stage, to ensure there are no hidden costs or surprises when it comes to working together.
1 – Initial consultation
We will introduce ourselves and provide information about
our business, how we would like to work with you, the
intermediary services we can provide and the costs of
those services.
A key part of the financial advice process is deciding what
services you would like and to agree how you would like
to pay for them.
At this stage of the process, we will agree with you your
priorities and the appropriate fees prior to commencing
any work.
We cannot charge you a fee for work completed without
your prior agreement.
Please ensure you are clear about the services you want
and how you will pay for them before we proceed with
any work that may incur a charge. We will not exceed a
specified budget limit without first consulting with you and
receiving your written commitment to proceed further.
The cost of this consultation will be covered by us.
2 – Discovery
Once we’ve decided to work together, we’ll gather personal and financial information from you and discuss your goals. This allows us to determine which solutions will be most suited to your needs. We’ll also assess your attitude to risk.
We will confirm with you an agreed fee before you go ahead with any work and a fee agreement will be signed so that you are safe in the knowledge that fee won’t change.
3 – Creating the plan & implementation
Once we’ve gathered all the necessary information, we’ll present your bespoke financial plan complete with tailored recommendations. Together we will agree which ones to implement, including any broader or more complex planning such as trust work.
Fees:
By a percentage %
Where our advice includes a new investment product, our charges can be calculated from the charging structure below.
These fees can be deducted from the product or paid direct to Openwork Ltd
- 4% of the first £100,000
- 2.5% of sums between £100,001 and £250,000
- 1% of sums between £250,001 and £1,000,000
- 0% of £1,000,001 and above
An example of an advice charge
If you invested £100,000 your initial charge would be calculated to be £4,000.
By an hourly £
Where our advice does not result in a product recommendation, or at your choice, we will charge at an hourly rate.
These fees can be deducted from the product or paid direct to Openwork Ltd.
- Hourly charge for advice £500
- Hourly charge for administration
activities £80
An estimation of the work involved will be provided before any work commences.
An example of an advice charge
If the advice process took 6 hours of a financial advisers time and 4 hours of administration, your initial charge would be calculated to be £3,320.
An example of a staged charge
If the understanding and analysis work took 2 hours of a financial adviser’s time and 4 hours of
administration, the charge would be £1,320.
This could be in addition to, or form part of, the advice and implementation fee.
Where our advice results in a recommendation to make regular contributions to a new investment, our fee is calculated on the total expected contributions for the first 60 months using the percentage charge above.
An example of a regular premium charge
If you invested £100 per month, the agreed charge would be 4% of the first 60 months contributions.
An example of a staged charge where the advice does not proceed
You agreed a % charge for the implementation of the advice, but choose not to proceed.
Up to this point the work took 1 hour of a financial adviser’s time and 4 hours of administration, the charge would be £820.
4 – Ongoing service
We will continually review your arrangements to ensure that they continue to meet your needs and objectives. This stage is completely optional, and you can choose to cancel at any time.
Fees – Between 0.85% and 1% of funds under management per annum, depending on the level of service.
