Our Services and Fees

Philip J Milton & Company Plc is authorised and regulated by the Financial Conduct Authority (FCA) to provide independent financial advice. You can check this on the FCA Register by visiting the FCA’s website www.fca.org.uk/consumers or by contacting the FCA. The Company can advise upon and offer products from the whole market. It offers a comprehensive financial planning service and provides guidance concerning a wide range of sometimes complex advice areas.

All of the Company’s advisers are salaried without sales targets which can apply elsewhere. The Company’s charges are transparent and are all agreed with clients prior to any costs being incurred.

The Company’s advice process can normally be divided into five distinct stages, as follows:

1) Initial Meeting – During the initial meeting/telephone conversation one of the Company’s advisers will gather information and discuss the client’s overall situation to determine any areas where further advice and input would be beneficial. The Company is happy to absorb the costs associated with an initial discussion.

2) Client Proposal – Where appropriate, the client will then receive a letter which confirms the Company’s understanding of their situation, the details of any work that needs to be undertaken and also the likely time-costed advice charges involved.

3) Our Report – Where the client is in agreement, the Company will then research the client’s options and then present personalised recommendations within a report. This may include recommendations to arrange retail investment products to meet the client’s needs. Where applicable, separate costs associated with implementing these proposals will also be disclosed.

4) Implementation – Where the client is in agreement, the Company will then implement some or all of the recommendations proposed. Where applicable this will involve acting between product providers and the client.

5) Ongoing Review -An ongoing review will be agreed where clients require ongoing guidance, which aims to ensure the continuing suitability of the client’s initial strategy, through regular contact and/or meetings.

Clients will pay a fee for our services, which will be discussed and agreed before work begins. You may ask us for an estimate of how much in total we might charge and also ask us not to exceed a given amount without checking with you first. Our initial advice fees are charged hourly (subject to a minimum charge of 3 minutes and in 3 minute increments thereafter for any time-costed work undertaken) and implementation fees (if any) are a percentage of any amount invested. Ongoing advice charges may be either charged hourly or as a percentage of the plan value being reviewed. We shall confirm if VAT applies. See below for our rates (which are subject to review over time and which may be subject to a monetary minimum).  There are no implementation charges for subscriptions to all of our discretionary managed investment strategies, ISAs, Pension strategies, etc.

Advice Hourly Fees

Managing Director – £300 per hour

Director – £195 per hour

Qualified Financial Adviser – £150 per hour

Paraplanner – £100 per hour

Administration – £75 per hour

Implementation Fees

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 too)

2% (of consideration) – New (non-Managed) Investments & Pensions

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 a (non-Discretionary Managed) investment, 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.

Ongoing Advice Fees

If there is an ongoing advice requirement, an ongoing fee may apply. Depending upon the work involved, this may be subject to hourly fees (as above) or a percentage of the plan value being reviewed. This will be confirmed in advance of the work being undertaken. There are no additional charges applicable for the annual review of your discretionarily managed investment strategies beyond the annual fund management charges detailed in the Discretionary Client Agreement.  However, if, for example, we are reviewing a £30,000 (non- Discretionarily Managed) investment, we may charge 1% per review, equivalent to £300 plus VAT.

What to do if you have a complaint

If you wish to register 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 you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Most types of investment are covered for 100% of £85,000. Further information about compensation scheme arrangements is available from the FSCS.