When we need to make changes to the portfolio this can be arranged quickly and at usually no additional cost. The provider imposes charges on funds held on the platform which typically range from .35% to .6% per annum and may also charge to switch assets from on fund to another although some providers may charge for this service.

A true test of independence

In order to run an efficient wealth management proposition for their clients a financial planner will need to use some sort of platform. There is much debate in our profession about the use of only one or two platforms to offer clients. The argument for this is fundamentally flawed because it assumes that all clients are the same. A client with say a £2,000,000 share portfolio will not have the same needs as a client who wants to put a £1,000 lump sum into a pension.

The phrase 'I only deal with High Net Worth Individuals' is actually quite annoying and often used in our industry. To illustrate the point, what if the above client wanted to pay a pension for their children of £1,000 per annum in addition to investing the £2,000,000? 

Do we just put it all on the same platform or use the most efficient one for each investment. As an example, some platform pensions have a set up charge of £100 with an annual charge of £150. Now here’s a dilemma; do we do what is right for the client or actually show best execution; in other words, provide clients with the best home for each individual plan or put it all on the platform because it would be easier?

What makes us different? 

Unlike other Financial Planners, we have a whole of market choice and our own IT system acts as a Master Wrap Platform which can hold a blend of platforms and providers to give you one overall solution drawn from the best of the market.

In selecting which platform(s) may be suitable for you we look at a number of factors such as security of custodianship, the underlying tax wrappers required, size of investment, initial charges, on-going charges, switch fees, range of funds, integration with our own systems, functionality and the ability to re-register off platform without penalty if you need to transfer holdings at a later date.

A Final Challenge!

To test the true independence of some so called 'Wealth Management Propositions' click on the 'login' section of the website. If you are directed to one or two platforms you have your answer.

Global Financial actually have 16 platforms at our disposal and will never relinquish our independence. We hope that our mission statement of 'No Compromise' will reassure you on this point!