Your questions answered Vol 2 - IM Private Clients

[JulianPH]

Phooey said:

Apologies if misunderstood - but is this 'one-off' levy/tax being taken off my total value in my portfolio?

Hi Phooey

It is indeed a one-off increase for money held in the current tax year only and applied to your whole portfolio.

It is not applied to anything else and it is not applied to previous or future tax years.

The clearest way of saying it is that due to external economic conditions (hyper inflation) - and becuase we cover all external costs within our quoted annual management fees - we have had to increase our fees accordingly.

However, as we believe this hyper-inflation will not be repeated next year, we have limited our annual fee increase to the current year only. We have also stated that if anyone is unhappy and want to leave us we will not take (or refund if taken) this fee. We want happy clients, whether you are joining, remaining or leaving us!

I hope that makes sense and shows we are being as clear, fair and as transparent as always in everything we do.

Cheers mate

[JulianPH]

Stevil said:

In other news, have the emails about the GT racing tickets gone out yet? Email suggested it would have been Monday and I'm wondering if I've missed out or if they've just not materialised yet.

Nik has the book on this one - [e-mail] and so it is worth giving him a shout. The tax year end is likely causing some delays in everything not urgent to it!

Cheers

[JulianPH]

Tony Angelino said:

Just on this can I just ask please regarding the tax planning and guidance, what is the correct channel to go through for this please? Thanks.

For reference my take on fees, 0.15% of fk all is fk all so no issue for me.

Thanks! It is Nik again - [e-mail]

[JulianPH]

alscar said:

+1.
However I too have a question - where will the levy come from ie sale of units or the request for a fresh transfer ?
I only say that as the last time I sent money to IM it was flagged to Lloyds bank as potentially fraud and my online access to my account was frozen until I visited a branch !
The transfer then worked fine but don’t want to tempt fate twice.

HI, like all fees it will be cash first (where available) and then sale of units. In this case 95% is cash.

Jesus, what was wrong with Lloyds to do that? I hope you complained and were compensated.

Cheers

[JulianPH]

Jasey_ said:

Make mine .2% and send me some VIP tickets and we'll say no more .

And a case of beer too mate...?

Thanks to everyone for your understanding. I had not been looking forward to this and we worked very hard to come up with a solution that did not increase charges permanently. I just wish I had got the message out to all in advance of the email being sent out to everyone.

Cheers

Julian

[alscar]

JulianPH said:

HI, like all fees it will be cash first (where available) and then sale of units. In this case 95% is cash.

Jesus, what was wrong with Lloyds to do that? I hope you complained and were compensated.

Cheers

Thanks Julian.
Yes I complained when I got to my nearest Branch ( this was during Covid too ) and the Manager put me through to their complaints dept on the spot. From memory I think I got £75 and the promise it would never happen again and the imbecile I spoke to initially would be “ retrained “.
Turned out the name wasn’t even that similar.

[alscar]

JulianPH said:

Thanks to everyone for your understanding. I had not been looking forward to this and we worked very hard to come up with a solution that did not increase charges permanently. I just wish I had got the message out to all in advance of the email being sent out to everyone.

Cheers

Julian

And there was me thinking the Aston had gone wrong again

[JulianPH]

Jasey_ said:

Make mine .2% and send me some VIP tickets and we'll say no more .

And a case of beer too mate...?

Thanks to everyone for your understanding. I had not been looking forward to this and we worked very hard to come up with a solution that did not increase charges permanently. I just wish I had got the message out to all in advance of the email being sent out to everyone.

Cheers

Julian

[Tony Angelino]

JulianPH said:

Tony Angelino said:

Just on this can I just ask please regarding the tax planning and guidance, what is the correct channel to go through for this please? Thanks.

For reference my take on fees, 0.15% of fk all is fk all so no issue for me.

Thanks! It is Nik again - [e-mail]

Thanks for the prompt reply. Much appreciated.

[JulianPH]

alscar said:

And there was me thinking the Aston had gone wrong again

Nah mate, it's the redecoration bill now Coops has left, felt tip pen is a bugger to get out...

[pingu393]

superlightr said:

I think the quotes have gotten mixed up Pingu - could you change the quote as I didnt say that.

I said "my question is what is the effective date for the fee as I couldn't see it in the email?"

I think that's it sorted now. Apologies.

[Intelligent Money]

Stevil said:

In other news, have the emails about the GT racing tickets gone out yet? Email suggested it would have been Monday and I'm wondering if I've missed out or if they've just not materialised yet.

My apologies I am currently on a UK tour catching up with Private Clients, looking like a 2,000 mile week!!

I will get the draw done over the weekend and the mails sent out.

Cheers

Nik

[leef44]

Thanks Julian. I guess I was reading it differently from a lot of people on here.
When I got the email, I first thought was that it was fair and noble of you to do this as a one-off.

I enjoy the current model of having the very personal service which you offer, no hidden costs, no additional fees and keeps it simple with one fixed fee.

OK, I've not needed any additional service from you this year but knowing that facility is available is worth the annual cost.

As for the one-off levy, it's very fair and noble of you to keep this simple and as a one-off fee. So many organisations for everything in life have used this opportunity to increase margins by adding ongoing fees even though they know that inflation is expected to drop in the future.

I'm under no illusion that there isn't a possibility of a further one-off cost if we don't see inflation calming down but I feel confident that you will manage costs as much as possible and do your utmost to avoid this unless you have no other choice as a last resort.

At the end of the day, as someone else said above, I didn't pay the 1.5% initial fee so the 0.15% is a small cost to pay.

[Stevil]

Intelligent Money said:

Stevil said:

In other news, have the emails about the GT racing tickets gone out yet? Email suggested it would have been Monday and I'm wondering if I've missed out or if they've just not materialised yet.

My apologies I am currently on a UK tour catching up with Private Clients, looking like a 2,000 mile week!!

I will get the draw done over the weekend and the mails sent out.

Cheers

Nik

Don't bust a gut, doesn't sound like a week I'd fancy myself!

[Gallons Per Mile]

leef44 said:

Thanks Julian. I guess I was reading it differently from a lot of people on here.
When I got the email, I first thought was that it was fair and noble of you to do this as a one-off.

I enjoy the current model of having the very personal service which you offer, no hidden costs, no additional fees and keeps it simple with one fixed fee.

OK, I've not needed any additional service from you this year but knowing that facility is available is worth the annual cost.

As for the one-off levy, it's very fair and noble of you to keep this simple and as a one-off fee. So many organisations for everything in life have used this opportunity to increase margins by adding ongoing fees even though they know that inflation is expected to drop in the future.

I'm under no illusion that there isn't a possibility of a further one-off cost if we don't see inflation calming down but I feel confident that you will manage costs as much as possible and do your utmost to avoid this unless you have no other choice as a last resort.

At the end of the day, as someone else said above, I didn't pay the 1.5% initial fee so the 0.15% is a small cost to pay.

I concur. Worth every penny.

[PorkInsider]

I think the one-off 0.15% is very fair.

It's always going to be a tricky one, trying to factor in inflation when your charges are % based.

Edited by PorkInsider on Thursday 23 March 10:08

[pingu393]

To be fair, 0.15% is part of the flutter. If we hadn't been told, we would never notice. I'll bet that if IM don't tell us the day, we won't notice.

[seapod]

JulianPH said:

Thanks to everyone for your understanding. I had not been looking forward to this and we worked very hard to come up with a solution that did not increase charges permanently. I just wish I had got the message out to all in advance of the email being sent out to everyone.

Cheers

Julian

For all those asking for the 0.15% to be added to the ongoing management charge, rather than levied as a one off fee, well, all I can say is that I hope you are still studying basic mathematics so you will eventually work out how much more this approach will cost you......

I think it is a fair and equitable solution, IM are trying to keep things simple/transparent while not putting up barriers to entry such as the transfer fee which prevents many people moving out from zombie funds into something better suited to them. Headline/immediate costs tend to scare people off from making the right decisions when actually they should think about the long term. The IM approach of one fee for everything (ie platform/fund/management) should be applauded, however the simplicity of this approach means they have fewer options to 'tweak' opaque fees to increase their income when needed, which is what I am seeing with some of my other providers. We can't have it both ways!

If the 'one off' becomes an annual occurrence however, then I reserve the right to immediately retract the above, scream and shout and run away with my little pot clutched to my chest

[Consigliere]

A message for the IM team, when clicking on Investment Tools and then Past Performance and Asset Allocation it just takes me back to the homepage. I sign in again and the same thing.

I'm trying to get the factsheet for PHE.

[markiii]

I'd like to thank Julian for the lucid explanation. and I'm more than happy with the reasoning.

I do think however the comms on this should have been handled much better. It was unfortunate that the emails went out prior to the online explanation, but that said not everyone who is on the PH referral is reading the forums.

I think all of the good stuff from the explanatory post here should also have been included in the email. In particular that it only affect accounts on the PH preferential terms and why that is.

my twopenneth