Deciding whether to buy financial advice can be daunting. So, this page explains the services being offered and how you will pay for them.
Roseum Financial Planning is a trading style of Peregrine & Black Investment Management Ltd (PBIM) which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA is the regulator for financial advisers in the UK. It is mainly here to make sure we treat you fairly, and that we have enough money to continue operating.
We’re authorised and regulated to give you advice on most mainstream financial products and services. This includes (but is not limited to) savings, investments, pensions, and life insurance. However, we won’t be able to advise you on things like derivatives or cryptocurrencies.
You can check that we’re authorised and regulated by visiting the FCA Register at www.fca.org.uk/register or by contacting the FCA directly on 0800 111 6768.
We provide independent financial advice. This means that we’re not restricted in terms of the financial products and providers we can recommend to you.
We’ll always base our recommendations on a thorough understanding of your personal and financial circumstances, and a fair analysis of the available products and services across the whole of the market. We’ll also liaise with product providers and implement any recommendations on your behalf, should you choose to proceed with them.
Remember that investments carry varying degrees of risk.
They can fall as well as rise, and you may not get back the full amount invested.
Full details of the products and services we recommend will be confirmed in writing before anything goes ahead. And, we’ll inform you if any investment we recommend restricts future access to your capital.
Our advice process is in 4 stages.
This is a structured, agenda-driven two-hour discussion. The purpose is two-fold:
The Fact-Find Meeting is provided at our expense. This means that there is no charge for you. However, we will not proceed to Step 2 without a signed agreement to pay our fees.
Back at the office, we analyse and evaluate your personal and financial circumstances. With a thorough understanding of your personal and financial circumstances, we can now start to build your plan – what do we need to change to meet your objectives?
We will write your advice into a document called a Suitability Report, which explains the advice, the reasons why you should take the advice, and any disadvantages. It is written in plain English for humans.
Before your Suitability Report is posted to you, it undergoes an external review from an external consultancy firm called Apricity. This is a quality sense-check to ensure the advice is right for you. Your Suitability Report is then dispatched in the post, with a digital copy also provided via e-mail.
We'll get back together for another meeting. This lasts around an hour. It enables us to present your advice, answer any questions, and ask if you want to take the advice. If you do, we can complete the paperwork and implement the plan.
Please note that our advice fee is due regardless of whether you proceed with our recommendations. You're paying us for advice, not financial products.
We'll meet with you at least once a year to complete a review of your financial circumstances and plan. We will issue new advice in a fresh suitability report. It will either advise:
This is an ongoing process of continual analysis, evaluation, and review.
You can "turn off" the ongoing advice at any time, without charge. However, if you subsequently require a review, an initial advice fee will be payable.
Before we start any work, we must agree the services you’d like us to deliver and how you’ll pay for them. No charge will be made until it has been agreed with you.
The cost of the service will vary depending on:
• Whether you are looking for one-off advice or you opt for our ongoing service.
• The value of the money/portfolio on which we provide investment advice.
For investment and pension advice, there’s an initial charge of 2% of the first £500,000 of the value of the portfolio on which we’re providing financial advice, and 0.5% on any amount above this. This is subject to a minimum fee of £1,500 and a maximum fee of £30,000 (or 5% of your total investment, whichever is lower).
Example Initial Advice Fees:
• For an investment of £60,000, the minimum initial charge of £1,500 would apply.
• For an investment of £250,000, the initial charge would be 2% (£5,000).
• For an investment of £600,000, the initial charge would be 2% of the first £500,000 (£10,000) plus 0.5% of the remaining £100,000 (£500) for a total of £10,500.
The Initial Advice Fee can be either paid to us directly by you, or be facilitated by the product provider we recommend at the start of your investment.
Fixed Fees and Hourly Rates
Occasionally, percentage-based fees don’t work for the kind of services required. For example, if the initial advice relates to Estate Planning. Where this happens, we may agree to complete the work for a fixed fee.
Alternatively, we may charge via an hourly rate of £250 per hour, plus any applicable VAT. Based on our experience and the anticipated complexity of your circumstances, we will give you an estimate of the cost in advance, and will not exceed this estimate without your clear agreement.
Either way, you’ll need to be in full agreement before we proceed.
Our Initial Advice Fee is payable regardless of whether you proceed with our recommendations, within thirty (30) days of the date of your Suitability Report.
It’s one thing to have an initial financial plan, but another to keep it up-to-date as the years go by. This is why we offer ongoing advice. If you opt into our Ongoing Advice Service, either when you take out the product or at a later date, you will pay a fee called the Ongoing Advice Fee. We use a charging structure based on a percentage of your investments, which means the charge will increase as the fund grows. The fees are calculated based on the service level selected and the value of your investments annually, and are spread over the twelve months, deducted either monthly or quarterly in arrears.
Essential - 0.50%
Our Essential Service is for clients whose financial planning requirements are relatively straightforward. Provides:
• Telephone and email access to your adviser.
• Online access to investment valuations.
• Access to discretionary portfolios.
• Advice on other areas of financial planning for which we will charge a fee.
• Introductions to professional contacts.
• An annual on-line financial review and written review of investment performance.
Proactive - 0.75%
Our Proactive Service is designed for clients who either need a more complicated financial strategy or prefer more regular contact with their adviser. Provides everything in the essential service plus an annual comprehensive financial review face to face to discuss your circumstances and needs to ensure that your financial planning strategy remains relevant.
Bespoke - 1%
Our Bespoke Service is our most comprehensive financial planning service, designed for clients with complex needs and circumstances or for those who require a holistic approach to their planning. Provides everything in the Essential and Proactive services plus access to your adviser anytime and up to two comprehensive financial reviews face to face to reevaluate your circumstances and needs, ensure that your financial planning strategy remains relevant and recommend amendments to your investments, where appropriate.
Example Ongoing Advice Fee
For an end of year value of £300,000, on the Proactive Service charged at 0.75%, for an end of year value of £300,000, the ongoing advice fee equates to £2,250 per annum (£187.50 per month). This is automatically deducted from the investment portfolio.
Should you wish to proceed with any protection product recommendation (such as term assurance, income protection, or critical illness cover) we may receive our fees by way of commission paid by the insurance company providing the protection product. Commission is paid to financial advisers from the premiums of policyholders, but there’s no feasible way to calculate exactly how much of your premium will be used to pay our commission. However, we’ll always confirm the amount of commission to you in the product literature when we present your advice.
Because investments can fall as well as rise in value, you may not get back the full amount invested. Past performance is not necessarily a reliable guide to future performance. Other key risks will be included within your suitability report and in product provider literature.
It’s very important you understand the risks of investing before you proceed with any of our recommendations. Please ask us if you need any more information or clarification. Don’t be shy – investment can be complicated, and there are no stupid questions.
We categorised our clients as “retail client”. This affords you the maximum protection under current regulations. This is as opposed to a “professional client” or “eligible counterparty” which may receive a lower level of consumer protection, such as reduced rights to refer complaints to the Financial Ombudsman Service and to receive specific information about any investments we recommend or arrange on your behalf.
Clients who wish to act against our advice are known as “insistent clients”. We will not facilitate any transactions on your behalf against our advice. If you disagree with some or all of our advice, we will endevour to work with you to reach a compromise, and re-issue our advice based on this compromise at no further charge. Where no compromise can be reached, we will provide a written confirmation that you are acting against our advice, confirming that we will not carry out the transaction.
As a reminder, our Initial Advice Fee is payable regardless of whether you proceed with our recommendations, within thirty (30) days of the date of your Suitability Report.
We will always act honestly, fairly, and in your best interests. However, occasions may arise we or one of our other clients may have some form of interest in business transacted for you. If this happens, or we become aware that our interest or those of one of our other clients conflict with your interest, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.
You can cancel initial advice at any time without notice or penalty, but you will be charged for any work we’ve already done based on our rate of £250 per hour. This charge is payable directly to us no later than 30 days from the date of cancellation.
You can cancel ongoing advice at any time without notice or penalty by giving seven (7) days notice. Any transactions effected before cancellation and a due proportion of any period charges for services shall be settled to that date. If you cancel ongoing advice, and then subsequently require a review, you would be treated as a new client and the higher 2.5% Initial Advice Fee would apply.
To cancel, please e-mail michaela@roseumfinancialplanning.co.uk.
We only accept instructions in writing (paper or email) to aid clarification and avoid any misunderstandings. We will not act solely on oral instructions.
We are not authorised to handle client money. This means that when you make investments or purchase products, you give your money directly to the recommended product provider or investment manager.
The only circumstance that we’ll accept direct payments to us is for our fees in accordance with a signed fee agreement.
We hope you never have cause to complain. However, if you do wish to register a complaint, you can contact us in the following ways:
In writing: Peregrine & Black, 8 St James’s Square, SW1Y 4JU
By telephone: 020 3750 1801
By e-mail: contactus@peregrineblack.com
If you cannot setle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS). Further information about the FOS is on their website www.financialombudsman.org.uk.
Our advice is protected by the FSCS. You may be entitled to compensation if became insolvent and were to owe you money. The amount of compensation you’re entitled to depends on the type of business and the circumstances of the claim.
Most types of investment business are covered up to a maximum limit of £85,000.
Insurance advising and arranging is covered for 100% of the claim, without any upper limit.
Further information about compensation scheme arrangements is available from the FSCS. https://www.fscs.org.uk/
To meet our legal and regulatory obligations for anti-money laundering, we will verify your identity before we provide you with advice. We also need to understand the source and purpose of any money on which you require financial advice. And, to make sure everything is up-to-date.
We use an online identity verification service to check your identity. It checks things like the electoral register to make sure you are who you say you are. And, we may conduct such checks from time to time throughout our relationship to ensure everything is up to date.
Where we’re unable to complete an online check, we may require sight of documentation such as your passport, driving licence, and/or a recent utility bill.
Roseum Financial Planning is a trading style of Peregrine & Black Investment Management Limited,
which is authorised and regulated by the Financial Conduct Authority (FRN 757727).