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About our fees.
We don't believe in hiding our fees from you like most other financial advice firms. We are transparent in everything we do and you will always know how much you will pay.
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Kyte Financial Plan
£1,950
Before someone becomes a client of Kyte Financial Planning, they embark on a financial planning journey. That financial planning journey is the 'Kyte Financial Plan' and consists of a Cashflow Meeting (Create & Build), the creation of our recommendations and the presentation of our recommendations (Launch).
Initial Transfer Fees
0.50% of investments (capped at £5,000)
If you choose to proceed with any of the recommendations within your Kyte Financial Plan that involve the transfer from another provider, our initial fee is 0.50% of the transfer amount, capped at £5,000. If you are investing cash, whether into an ISA, pension or a General Investment Account, there is no initial charge as we feel this is the right thing to do.
Ongoing Advice Fees
0.90% of investments (up to £1m)
For our ongoing financial planning services we will charge an annual fee of 0.90% on investments we advise on up to £1m and for investments over £1m, we charge 0.45%. Please note, we cap our ongoing fee at £20,000 for each client family.
For those with less than £250,000 invested...
If your investable assets are under £250,000, we charge £99 a month via direct debit in addition to the 0.90% on any advised investments. Once your assets are greater than £250,000, the direct debit will stop and you will pay only the 0.90% ongoing fee.
Other charges...
Alongside our charges above, you may be charged portfolio costs that are usually 0.20% (including a fee for Discretionary Fund Management) and platform costs that are also 0.20%. Before proceeding with any advice, we will always let you know the exact cost for all charges.
This means the normal annual cost for everything is 1.30% per annum on your investments we look after.
Where we recommend non-investment insurance (life insurance, critical illness cover etc), we will receive a commission payment from the product provider. We will disclose this amount to you before you proceed with the plan.
Example 1 - £500,000 Pension Transfer
Following receipt of our recommendations, Mel, who is approaching retirement, decides to transfer her pension of £500,000 and have it managed by Kyte Financial Planning.
Our initial fee on transfers is 0.5%, and therefore our initial fee is £2,500.
Mel would also like to benefit from our ongoing financial planning service. Her annual fee is £500,000 x 0.90% = £4,500 spread over a 12 month period. The ongoing financial planning fee is subject to market fluctuations of the pension.
Example 2 - £500,000 Pension Transfer & £1m to Invest
Following receipt of our recommendations, Harvey, who has just sold his dental practice, decides to transfer his pension of £500,000 and invest £1,000,000 of cash into a General Investment Account, both accounts are to be managed by Kyte Financial Planning.
Our initial fee on transfers is 0.5% and we have no initial fees on cash that is to be invested, therefore our initial fee is £2,500.
Harvey would also like to benefit from our ongoing financial planning service. As any investments over £1,000,000 benefit from a discounted annual fee of 0.45%, Harvey's blended ongoing financial planning fee is 0.75% = £11,250 spread over a 12 month period. The ongoing financial planning fee is subject to market fluctuations of the pension and General Investment Account, and the ongoing fee is reviewed every year.
How do we compare?
In the latest FCA paper analysing fees, they noted that the average charge for an adviser is 2.4% of the amount invested for the initial advice and 0.8% per annum for ongoing advice.
Taking into account both advice and portfolio charges, customers pay, on average, 1.9% in charges each year.
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