In a recent report* the FCA recommended, “Consumers should now see the full costs and charges, expressed as a single fee, for most transactions in investment products, and on an ongoing basis.”
Our research indicates that traditional wealth managers are taking advantage of their clients’ trust. They make it extremely difficult for clients to see how their portfolios are performing and to understand fully both the level and the impact of fees that can have such huge negative consequences on their long-term savings.
Technology is a powerful enhancer of modern wealth management services. It enables clients of firms such as Netwealth to interact with their portfolios at any time, and to be fully aware of performance and how much they are paying in fees.
However, technology is not a substitute for the trust that comes with experienced people giving personal advice and making investment decisions on our clients’ behalf. At Netwealth, we believe that pairing technology with human advice is the most powerful combination of all.
Please remember that when investing your capital is at risk.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,014 adults, of which 798 had £50k+ in investable assets, and were defined as an 'investor'. Fieldwork was undertaken between 24th - 27th May 2018. The survey was carried out online.
* FCA Occasional Paper no. 32: “Now you see it: drawing attention to charges in the asset management industry”. April 2018.