Our Services and Fees
We are authorised and regulated by the Financial Conduct Authority (FCA) to give independent financial advice. This can be verified on the FCA Register: www.fca.org.uk/consumers. We are not restricted as are most firms which only sell a limited range of financial products even if superior ones exist and we advise from the whole market. We also provide a comprehensive financial planning service. We are also authorised to provide guidance on a very wide range of sometimes complex and specialist areas.
All of our staff are salaried and they have no sales’ targets which normally apply elsewhere. Our service is based upon client service and not transactional sales. Our charges are clear and simple and all agreed with clients prior to any costs being incurred.
Our advice process can be divided into five distinct stages, as follows:
1) Initial Meeting – During the initial meeting/telephone conversation and subsequent completion of our Questionnaire and Risk forms, we gather information and review your overall situation to determine where guidance would be helpful to you. As a Firm we have chosen to invest in covering all the costs of these initial interactions.
2) Client Proposal – You will receive an Update Review, again at our cost. It will confirm our understanding of your situation and proposals of what will benefit you. This will encourage the next stage, perhaps after a meeting or telephone appointment. It will present further in-depth details. After considering the guidance, if you then progress with us ‘Execution Only’ there are still no advisory costs involved at all!
3) Our Report – If a detailed, regulated Advisory Report is encouraged, upon prior agreement to the fee for its production, we then research your full options and present recommendations. This may include specific investments to meet your needs. It will be a comprehensive report and the fee applies whether you progress or not.
4) Implementation – If a detailed, regulated Advisory Report is encouraged, upon prior agreement to the fee for its production, we then research your full options and present recommendations. This may include specific investments to meet your needs. It will be a comprehensive report and the fee applies whether you progress or not.
5) Ongoing Review – Ongoing reviews through regular contact and/or meetings are necessary to satisfy continuing suitability of your strategy. These reviews are without cost to you.
You pay for our services, fees agreed in advance. If unusually there are specific costed actions separate from our normal and complimentary service above, you can ask for an estimate of its cost. Our rates are available upon request. However, there are no implementation charges for subscriptions to any of our discretionary managed investment strategies, ISAs, Pension strategies, etc.
Ongoing Advice Fees
There are no additional charges for reviews of your discretionarily managed investment strategies.
When we offer special services, such as time-costed retirement reviews or the specific arrangement of alternative products, these are likely to incur time-costed fees or other charges. These are levied at the below rates and subject to change from time to time.
Advice Hourly Fees
• Managing Director/Senior Adviser Director: £300 per hour
• Director/Qualified Financial Adviser: £250 per hour
• Paraplanner/Client Support Manager: £150 per hour
• Administration Support: £125 per hour
• 0% Discretionarily Managed ISA strategies
• 0% Discretionarily Managed Portfolio Management Service
• 0% Discretionarily Managed Pension strategies
• 0% Discretionarily Managed Offshore Bond strategies
• 0.5% (of the sum assured) – Life Insurance
• 1.5% (of consideration) – Annuities (subject to a minimum charge)
• 2% (of consideration) – New (non-PJM Managed) Investment & Pension
• 2% (of consideration) – Salary Related Pension / Deferred Annuity Transfers (subject to a minimum 2% charge for time costed advice)
eg If a client invests £30,000 into an annuity, this will involve an implementation fee of £450. A minimum implementation fee of £375 may apply on smaller transactions if no other advice charges have been applied.
What to do if you have a complaint
We hope that it will never arise but if you have a complaint, please contact us:
in writing: Write to Philip J Milton & Company Plc, Choweree House, 21 Boutport Street, Barnstaple, Devon EX31 1RP
by telephone: Telephone 01271 344300
If we cannot settle your complaint, you can refer it to the Financial Ombudsman Service for free. This can award up to £375,000 for complaints found against regulated firms.
Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the FSCS. In the worst possible scenario, which we cannot envisage, you are entitled to compensation from the scheme if we or any of our counterparties cannot meet our obligations. As with banks and building society accounts, most types of investment are covered up to £85,000 per person.