Frequently Asked Questions

What is your advice fee?

We have a simple 2 tier charging structure. Our core portfolio management service is £500 per year (vs an industry average of 0.75%), with a single upfront fee of £500 if any implementation is required (vs a typical charge of 3%).

For more complex cases we charge £1,000 per year, with complex implementation charged at the same rate (eg VCTs)

The fee you pay will be discussed with you prior to any work being carried out.

What level of service is included in the fee?

A full financial planning, implementation and on-going management service is included in the yearly fee. We are confident that the service we offer is as comprehensive as any other wealth management firm. We undertake a detailed factfind to understand your financial situation and goals and your attitude to risk. We assess all areas of your personal portfolio including pensions, investments and savings to ensure we are making the best recommendation for you. Our fees include implementing any agreed changes including pension transfers (excluding defined benefit schemes, see the following question), platform switches, and fund switches. We provide regular reviews and you have access to your adviser as required.

How can you offer such low fees?

We have structured our business so that it is as efficient as possible. This means providing phone and video conference calls rather than face to face meetings and streamlining our internal processes. There are no hidden charges or exit fees, and we do not receive any payments from the platforms and funds we recommend.

Do you offer ‘Defined Benefit’ (DB) transfer advice?

Unfortunately, like nearly all advice firms, we do not have Professional Indemnity insurance to provide advice on DB transfers. We do however work closely with specialist firms who we can refer you to, and once the transfer is complete Bancroft Wealth can provide the on-going management of your portfolio.

Who will my adviser be?

You will be allocated a financial adviser during your initial contact with us. Our experienced advisers are all either Chartered or just a few steps away. You will speak to them directly as well as their Paraplanner.

Do you advise self-investors?

We do advise self investors, however our relationship is limited to holistic advice and any money on adviser-managed platforms. We can advise on money held on self managed platforms such as Hargreaves Lansdown, however, this may fall outside of our normal fee structure.

Is there a minimum required asset level to be a client?

No, but clients with less than £100,000 in investable assets are unlikely to benefit from significant savings.

What is the process for moving from my current adviser or wealth manager?

It is a simple and straightforward process. You sign letters of authority which we send off to your providers and within a few weeks they register us as your new adviser, meaning we will be able to act on your behalf.

Can I see my adviser in person?

In order to create efficiencies in the business we only offer advice over the phone, video conferencing and online for our simple fixed fee. If required, we can facilitate face to face meetings outside of our normal fee structure.

Are you tied to specific providers?

No, we are not tied to any providers. We are whole of market and completely independent and we don’t receive any commission from any platform or fund that we recommend.

Can I stay with my existing investment provider?

Yes, you are welcome to stay with your current provider and many of our clients do. We will however recommend alternative platforms to you if we think they will provide a better service level and / or equate to significant cost savings. You are not obliged to implement any of our recommendations.

Can I save on investment platform fees?

If you are concerned about investment platform fees we can undertake research to identity cost savings with alternative providers – for example many offer large fee discounts for larger asset levels. We have also negotiated exclusive discounts with a number of investment platforms.

Are you a stockbroker?

No, we are not stockbrokers. We specialise in wealth management which includes in-depth planning to help you achieve your financial goals and minimise tax, and the management of investment portfolios.

Are you a robo advice firm?

No, we are not a robo-advice firm, although we operate digitally and online. Our experienced advisers offer the exact same personal service as any traditional wealth management company, it is just provided over the phone rather than face to face.

Is your firm Chartered?

Our experienced financial advisers are all either Chartered or working towards Chartered status, so we are able to advice on the most complex of financial planning needs.

Do you advise on insurance?

Yes, we can advise on a range of insurance needs. We can either be paid via commission from the provider (if the fee due is less than £500), or via our fixed fee £500 model if this would reduce your premiums.

Do you do advise on mortgages?

At Bancroft Wealth we don’t advice on mortgages, however we can refer you to our parent company Beacon IFA who offer cost effective advice on all types of mortgages including equity release, residential and commercial mortgages.

What is your relationship with Beacon IFA?

Bancroft Wealth is a ‘Appointed Representative’ of Beacon IFA, which means they undertake a number of services on our behalf such as compliance. They are an Independent financial advice company with a number of offices throughout South Wales, and we share our Head Office with them. We are able to refer any mortgage enquiries from our clients to them.