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 the FCA Register by visiting the FCA’s website https://www.fca.org.uk/firms/financial-services-register 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 and matters which can also be very complex. The Company also advises and assists on a range of unregulated services including Probate, Wills, Trusts and Private Accountancy and Tax advisory services. The Company is also authorised to assist in Claims Management activities though most of this work is free and helps afflicted investors access the free services of the FOS and the FSCS whilst avoiding the mercenary claims’ management companies (which also includes specialist solicitors and direct access barristers). Those firms can take up to 48% of the reclaims due, money which is rightly due instead to those investors as their compensation.

Unusually for the industry, all of the Company’s advisers are salaried without sales’ targets so no staff member is incentivised by ‘sales’. 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 or Client Managers 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the client will then receive a letter which confirms the Company’s understanding of their situation and possible draft guidance in terms of the areas upon which assistance and recommendations can follow. This is also without any cost. Should this lead to the requirement for further work of a detailed or very specialist nature, then the likely time-costed advice charges involved but the client will agree such work beforehand.
3) Our Report – Where the client is in agreement, the Company will then research the client’s options in detail and present a personalised report. This may include recommendations to arrange retail investment schemes to meet the client’s needs. There are not usually any separate costs to the Firm with implementing these proposals.
4) Implementation – Where the client is in agreement, the Company will then implement some or all of the recommendations proposed, as agreed by the client. Where applicable this will involve acting between product providers and the client.
5) Ongoing Review – Ongoing review will be offered as necessary, aiming to satisfy the continuing suitability of the client’s initial strategy, through regular contact and/or meetings.

The vast majority of exploratory reviews and guidance proposals are at the Company’s cost and provided without charge to the client. This complimentary assistance is a specific business decision by the Company which is rewarded instead by the mutual value of long-term relationships with clients, sharing objectives and goals together.

If there are specific costs for specialist or detailed work, you may ask us for an estimate of what our charges might be and can also ask us not to exceed a given amount without checking with you first. The vast majority of our work including subscriptions to our unrivalled discretionary investment management services does NOT levy specific charges. Our discretionary investment clients have special dispensations – see below. VAT does not apply to most services. See below for our rates (which are subject to review over time). There are no implementation charges for subscriptions to all of our discretionary managed investment strategies, including Portfolios, ISAs, Pension strategies, etc. There is no obligation to proceed with any proposals made.

Advice Fees
These depend upon the complexity of the matter, the seniority of the individual involved in the tasks, the type of work required and clearly the length of time involved. However, as noted, most of the Firm’s revenues materialise from the careful management of clients’ funds and not specific costs for time expended nor advice given. Any prospective fees will be advised to the client and agreed by them in advance of undertaking the task.

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 protection plans
• 1.5% (of consideration) – Annuities (subject to a minimum charge too)
• 2% (of consideration) – New (non-PJM Managed) Investment & Pension Products
• 2% (of consideration) – Salary Related Pension/Deferred Annuity Transfers

For example, if a client invests £30,000 into a Discretionarily Managed investment with the Firm, this will involve an implementation fee of ZERO.

Ongoing Advice Fees
There are no additional charges applicable for an annual review of your discretionarily managed investment strategies held with the Firm. Most other firms charge an ongoing fee of between 0.5-1.5% plus VAT for servicing, typically taking this from within your investments.

Discretionarily Managed Investment Strategies
There are no ‘product charges’, ‘plan charges’ or ‘administration charges’ for any of our discretionarily managed strategies or pension policies. We chose to make these as clear and attractive as possible and we absorb any and all such costs our own administrators may levy ourselves. Our charges are a very simple and competitive annual management fee of 1.5% on ISAs and Portfolio strategies and 1.25% on our Pension strategies. The only other costs are standard brokerage on purchases within clients’ accounts at 1% and sales 2% with a maximum of £150 per transaction. There is no VAT. There are no other payments to the Firm by any outside organisation or investment firm whatsoever and any discounts or commissions negotiated on dealing or services provided are rebated to clients’ accounts IN FULL. There are no minimum charges so small accounts also benefit from the flexibility and extremely wide range of component investment holdings without penal minimum costs as apply elsewhere. Full details are here:- Discretionary Client Agreement.

What to do if you have a complaint
If you there is something with which we have failed to satisfy you and it leads unfortunately to 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 address your complaint to your satisfaction, you should usually 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 ever 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 per person (so £170,000 per couple. Further information about compensation scheme arrangements is available from the FSCS.