Do I need to have a minimum level of investments to become a client?
What is Proper Wealth Management?
We believe that a comprehensive, lifetime cash-flow analysis, underpinned by
reasoned and reasonable assumptions, should be conducted before any advice
& recommendations are provided. We also believe that proper wealth
management has 3 core components:
I. Investment Consulting (Wealth Preservation);
II. Advanced Planning; and
III. Relationship Management.
What is Investment Consulting?
Your investment plan is likely to play a key role in achieving and maintaining your desired lifestyle.
Underpinned by safe custody and sound administration, the aim of Investment Consulting is to help you pursue a better investment experience by implementing and managing an evidence-based, systematic strategy which aims to maximise returns, consistent with how much risk you are willing, able, and need to take, whilst minimising emotional and financial costs, taxes and risk.
We define Investment Consulting as:
- Knowing your current personal and financial position;
- Establishing your lifestyle, financial and investment goals, priorities and preferences (including your attitude to investment risk);
- Analysing your current investment portfolio with reference to the above factors and our own academic-based investment principles;
- Presenting you with our advice & recommendations; and
- Implementing, reviewing & rebalancing your investment plan.
What is Advanced Planning?
Eliminating the potential risks from long-term illness and/or disability, critical illness and death by transferring the risk to insurance companies. Your assets can also be exposed to business risks and risks from relationships and taxation.
Utilising allowances, exemptions and tax-planning products & solutions, to minimise your tax liabilities e.g. income, capital gains and inheritance.
Efficiently transferring your wealth to successive generations, your selected heirs e.g. children and/or grandchildren.
Charitable Planning & Philanthropy
Helping you and your family make a real difference to the causes and communities you care about in a strategic, organised and tax-efficient way. “It is more difficult to give money away intelligently than it is to earn it in the first place.” Andrew Carnegie.
What is Relationship Management?
Relationship Management places Wells Gibson at the centre of your financial affairs as project manager as you will want one person you can call, someone you can rely on, someone with experience and someone who ultimately has your values and desired lifestyle at the centre of all planning and advice that takes place.
How much do you charge for your services?
In general, our charges are dependent on the nature and the complexity of the
work being carried out. All our charges will be confirmed in writing and agreed with you in advance of any work being carried out or any planning, advice and recommendations taking place. We will also inform you if VAT is payable.
How and when do I/we pay the ongoing adviser charge?
Normally, our ongoing adviser charge is deducted from the proportion of your
investment which is allocated to cash and is paid directly to us, on a monthly basis, by the recommended wrap/platform or investment provider. Alternatively, our ongoing adviser charge can be settled directly by you and paid by cheque on a quarterly basis.
Our adviser charges do not include custodian fees charged by wrap/platform or
investment providers or management fees charged by 3 rd party fund managers.
Should we agree to engage in the services of a solicitor or an accountant, they will confirm and agree their fees with you before undertaking work on your behalf.
Do you charge VAT?
Under Article 135 (1) of the VAT directive, intermediary services are exempt as ‘negotiation’. Our role will normally involve us entering into arrangements with you, under which we will:
- Obtain information about you;
- Conduct research to find suitable investment options;
- Provide you with reports, forecasts etc;
- Recommend specific investment solution(s) to you, including the prices at
- which these can be arranged;
- Act between the product provider(s) and you with a view to arranging Retail
- Investment Product(s) as agreed with you; and
- Where we provide an ongoing review service (Progress Meetings), monitor your ongoing position to ensure that the products continue to meet your requirements.
Where you seek the arrangement of Financial or Retail Investment Product(s)
and we perform the arrangements as outlined above, (regardless of whether the
arrangement of the product(s) is finally concluded); and providing we are able to evidence that we have done so, the services in the above stages, will be VAT exempt.
Consequently, the services we provide will generally be exempt from VAT.
Whose products do we offer?
Our two core services, Wealth Management and Investment Consulting, are expected to result in the recommendation and arrangement / intermediation of a financial product(s) and/or investment(s) as follows:
We offer products from a range of insurers in respect of income protection, life assurance, critical illness and whole of life. We will advise and make a recommendation for you after we have assessed your needs.
We will advise and make a recommendation for you after we have assessed your
needs. Our recommendation will be based on a comprehensive and fair analysis
of the market.
Please note that some tax, education expenses and Inheritance Tax (“IHT”) planning solutions are not regulated by the Financial Conduct Authority.
What services do you provide?
Wells Gibson provides Wealth Management for individuals, couples and families and Investment Consulting for trustees.
How often can I expect to meet with a qualified financial planner?
In the first year, we typically meet clients on 4 occasions:
I. Discovery Meeting;
II. Investment Plan Meeting;
III. Mutual Commitment Meeting; and
IV. Initial Progress Meeting.
In subsequent years, if you agree to an ongoing service being provided, we typically meet clients annually for Progress (Forward Planning) Meetings. If deemed appropriate, these meetings can be scheduled more frequently than annually.
How and when do I/we pay the initial adviser charge?
Normally, our initial adviser charge is deducted from your funds being invested and is paid directly to us by the recommended wrap/platform or investment provider. Alternatively, our initial adviser charge can be settled directly by you and paid by cheque.
Our adviser charges do not include custodian fees charged by wrap/platform or investment providers or management fees charged by 3 rd party fund managers.
Are there any additional charges?
Additional charges could apply if you seek our help in arranging an insurance product e.g. life assurance or arranging for an insurance product to be written in trust. However, any additional charges will be agreed before Wells Gibson conducts work on your behalf.
What happens if commission is available from an insurance product?
In the event that initial commission is available from the product provider of an insurance product (e.g. life assurance, critical illness, income protection), our default position is to arrange the product on a nil-commission basis in order to reduce the product charges and/or your regular premiums.
However, in certain circumstances, and where appropriate, we may agree to:
- Offset the commission against our intermediation / plan implementation charge(s); or
- Have the commission refunded (in certain circumstances); or
- Act for you on a commission basis.
Please note that (where product provider commission forms all or part of our agreed remuneration) if the insurance product is subsequently cancelled or lapses and commission is clawed back by the product provider, we reserve the right to seek reimbursement from you. We will not seek reimbursement if an insurance product is cancelled within the cooling-off period.
Do you provide independent or restricted advice and recommendations?
Wells Gibson provides independent financial planning, advice and recommendations which means we provide unbiased and unrestricted advice based on a comprehensive and fair analysis of the relevant market.
How many clients does Wells Gibson serve?
Wells Gibson will serve a maximum of 70 client families at any one time as we are committed to providing all of our clients with a director-led, financial planning and advisory service.
Are testimonials available from your existing clients?
If you would like an existing client to contact you, this can easily be arranged.
What information do I need to provide at the initial, no charge, no obligation Discovery Meeting?
During the initial Discovery Meeting we focus on the following key areas:
- What’s important about money and life to you?
- What are your lifestyle, financial and investment goals?
- Who’s important to you?
- What do you own and owe?
- Who are your other professional advisors?
- What are your interests?
- What do you expect from Wells Gibson?
What is the Wells Gibson approach to investing?
- When it comes to investing, Wells Gibson believes in:
- global diversification across lower-risk, defensive asset classes/types (government gilts and corporate bonds) and higher-risk, growth asset classes/types (developed market and emerging market equities/shares);
- keeping costs low; and
- only taking risks supported by evidence.
What is rebalancing?
Rebalancing is the process of re-establishing your investment to its target and originally agreed asset allocation. This means selling over-weighted asset-classes/types in your portfolio to buy under-weighted asset-classes/types.
Rebalancing also ensures that the proportion of your investment which is allocated to cash is sufficient to meet our on-going adviser charge and any product charges.
Although we recommend your investment(s) is/are rebalanced annually on 1st March, as we provide an advisory Investment Consulting service (as opposed to
discretionary management), we will not rebalance your investment without first consulting with you and obtaining your agreement.
Does Wells Gibson have an Investment Policy Committee?
Yes, to ensure we continue to provide unbiased and unrestricted advice based on a comprehensive and fair analysis of the market, we have formed an investment policy committee. We meet annually to review and consider the suitability of ‘passive’ and ‘active’ investment management and the following broad range of retail investment products:
- Packaged products i.e. Exchange Traded Trusts (ETFs), Open Ended Investment Companies (OEICs) and Unit Trusts;
- Investment Trusts;
- Structured Investment Products;
- Discretionary Fund Management; and
- Unregulated Collective Investment Schemes (UCIS).