Our Wealth Management Services
Our commitment is to provide an excellent service and value for money tailored to the needs of each individual client. You will find therefore that we are very flexible in our efforts to provide a service exactly suited to your needs. As such, we offer a choice of options that begin with the initial process of discovery and advice and lead to services of future financial management. This section covers:
- Becoming a Client of PYIFA
- (A summary of the Discovery Process)
- Continuing as Client of PYIFA
(Details our Services, designed to help you make a selection that best suits your future financial needs)
The First Meeting
To begin with we offer an initial meeting at our expense to discuss your situation and how we might work together.
- During this first meeting your adviser will introduce the Company, its independent status and those features which make it unique. He (she) will make clear his qualifications and background and cover what rights and protection you will enjoy as a client.
This meeting is without obligation.
Analysis and Recommendations
If you decide to work with us, your Adviser will review the effectiveness of your current arrangements, establish the shortfalls and consider the financial benefits of any change.
His research of the market will identify solutions that address your aims and take account of such factors as existing arrangements, tax status and risk tolerance.
In most cases your adviser will prepare a written report material for the second meeting detailing his reasons for the recommendations. In general, this includes recommendation of specific products and providers, together with an appropriate Platform service for arranging, safeguarding and administering your investments.
We will recommend from the universe of investment products from cash on deposit at the low risk scale through to Venture Capital Trusts at high risk and all that lies between, but only if at some level they are suited to your situation.
The Second Meeting
The second meeting draws the threads together. In part, it is a playback of information provided at the first meeting beginning with a description of your overall situation, progressing to the detail of recommendations and their effect.
Apart from the report, the adviser will have available the various documents where appropriate, for recommended products giving the benefits, the Provider costs and product specification. He will then describe again the various service options available and invite you to select one that suits your situation. In establishing your service, he will always tell you what it costs and the payment method in advance of any work being carried out.
Business can be concluded at this stage, but, to put in place a comprehensive financial strategy a further meeting may be needed to complete the programme of action, including applications, Client Agreements and the Service Options Agreement.
Most clients prefer a continuity of service that includes a regular review. However, we recognise that some clients may wish to conclude matters at this point.
Most advice results in a programme of transactions.
Behind the scenes, the office staff will negotiate the very best terms and discounts for you and generally keep product providers on their toes so that the business is completed within the shortest possible time.
You can expect us to keep you in touch with progress.
The programme of action is usually completed some four to six weeks later when we despatch to you the various documents of title and a transaction summary.
We will always agree the cost of service with you in advance of any work being carried out, both the amount and the method of payment. (There is no charge for the first meeting)
Apart from our fees, there are other costs to consider associated with service and transactions, such as those of the Product Provider. These we will also identify during the process of advice.
Continuing as a Client of PYIFA
One of the certainties in life is that change happens. Dealing with financial change, both with things you control and those you do not, is a critical part of lifetime planning. Our future services are designed to help clients keep their financial plan on track and so achieve future goals.
In the page that follows we describe our two most popular, for our pension and investment clients.
- The Quarterly Portfolio Review Service
- The Bespoke Service
- Who they are suitable for
- What the main features are
- What they cost
The Quarterly Performance Review Service
This service is suitable for private clients with capital to invest for the longer term but willing to follow an active investment strategy that reports on and recommends change on a quarterly basis - a minimum investment of £50,000
The investment review service is built around a methodology of asset and risk analysis followed by a process which includes selecting the best fund managers to deliver performance. There are five model portfolios from low risk to high risk, each one designed to suit the needs of different clients. Typically, there are twenty funds in each portfolio.
At the end of each quarter we review the funds in the portfolios before contacting clients with a report on performance and a strategy for the next quarter. If there are no recommended changes, the portfolios are simply rebalanced to the fund percentages at the start of the period.
Any changes must have client approval (generally by email). If not, a client's portfolio remains unchanged until the next quarter.
Your personal adviser will oversee the delivery of service through his administration team. An annual meeting is offered for review of progress and holistic financial planning.
Our cost for this service is 1/12th of 1% of your fund value per month. Clients are automatically invited to a review with an adviser each year, covering all aspects of Wealth & financial planning. PYIFA may receive additional income for separate advice or transactions in addition to the quarterly performance review service.
The Bespoke Service
The service is suitable for private clients whose investment requirement are not covered by the Portfolio Service, where there is a need, for example, to construct a portfolio for specific tax advantage, including investment of a specialist nature such as Venture Capital Trusts.
The Service is tailored to suit clients seeking an individual service and with-in excess of £100,000 to invest. It is built around annual meetings with an Adviser.
On each occasion, there is research and analysis, a holistic review of investment and financial planning, a redefining of goals, all leading to recommendations and a report.
The annual cost is 1% of fund value, usually deducted as part of the portfolio management process,
we may receive additional income where advice leads to new transactions, typically, a fee of 2% of the new investment amount.
Treating Customers Fairly
The Partners and staff of Paul Young Independent Financial Advisors are committed to providing the highest standard of financial advice possible. As a firm we take very seriously the requirements of the FCA, in particular the requirement to treat our customers fairly.
We strive to do this in all that we do.
We undertake that all of our actions will be guided by the principle that the interests of our customers are paramount. Our systems and procedures are designed to place our customers at the heart of our business.
With our service you can expect that:
- We will not place our interests before yours;
- We will communicate clearly and without the use of jargon;
- We will inform you of our charges before undertaking any work for you;
- We will deal with any complaints promptly and fairly.
- We will be open and transparent in the way we deal with you;
As examples of how the principles and guidelines mentioned above work in practice in our business, we set out below details of what you can expect from us in various areas of our business.
When we give advice
- We will only recommend suitable investments and other products after finding out sufficient information about your circumstances to be able to advise properly. Our advice will be guided only by what is best for our clients.
- We will set out in writing and in clear concise terms why we have recommended any particular investment or product.
- We will inform you in advance of our charges and how these should be paid. If any commission is paid because you invest in any product or investment then we will tell you how much this is.
- In the event that there is any conflict of interest between us and you we will tell you about this as soon as we can after becoming aware of this.
- We will keep comprehensive records of our dealings with you and will record your attitude to risk.
- Where appropriate, and where agreed between us, we will monitor your investments and other financial products and contact you to let you know how they are doing.