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Financial Empowerment

Empowerment is not, we concede, an especially attractive word. But it does what it says on the packet. If you say ‘financial adviser’, most people hear ‘insurance salesman’. If you say ‘wealth manager’, people will still hear ‘insurance salesman’.

We sell advice; you can buy it. Whether you take that advice or not is up to you. The aim of our service is to help you so you can take control of your own financial affairs in a manner that makes it more, rather than less, likely that you will achieve whatever you aspire to.

Setting out

Ideally, we meet at our office, and you tell us how and why you need help. We do not expect you to turn up with spreadsheets and policy documents, although it does help, and will be necessary later. Our first action is to listen and then we discuss how we may deliver what you want or need.


Suitability

We cannot be all things to all people; for example, we are not discretionary managers, so if you want to hand your money over to someone to make all the decisions for you, we are not the right people for you.

Neither are we stockbrokers, who recommend the purchase or sale of individual stocks and shares. Although we can recommend a suitable organisation or individual to assist you with either of the above as part of an overall service, you may yet decide as a result of our meeting, that we have not convinced you that we can offer value for money.


Moving Forward”

We will write to you with a proposal in which we will set out:

  • our understanding of what you have told us
  • a brief description of the report you will get
  • a timetable to show when we are likely to finish
  • and a price.

You are still under no obligation, but if you want to proceed we will ask you to sign our Terms of Engagement and make a stage payment.

Likely cost

How long is piece of string? It depends on what you request us to do, which is why we have a meeting to identify what needs to be done, then write to confirm this with an illustration of the likely cost. We do have a limited ability to tailor our advice and the cost depending on your requirements and the specific expertise employed.

Individual arrangements viewed in isolation may result in the sum or your provisions not being properly understood. A report on all you current provisions to meet your reasonable expectations will cost around £1,000, and may be subject to VAT.

However, a simple question might only need a simple answer. The initial work on a very complex case involving multiple pension arrangements, trusts, or divorce settlements, will run to considerably more and is dependant on the time and expertise employed.

Next steps

Having provided a detailed report, we will usually meet to discuss how you wish to proceed with the recommendations made. We expect that you will want us to implement the transactions advised on, at which point it is probable that we will review whether it is suitable for you to employ a ‘platform’ to hold your investments.

Platforms

In essence, these are very big pieces of software, which provide simplified administration and reporting on diverse portfolios including ISAs, Unit Trusts, Insurance Bonds, Pension Funds and Stocks and Shares, all of which are held for your account. Most funds held this way have no initial charges and will refund part of their annual management charge.

The refunds go straight to your cash account, which you can reinvest, or use to settle our charges. If you like, we can arrange access to your account via the internet to see how your investments are performing. The majority of Boyett Mayes Clients are satisfied with a consolidated statement on paper every six months.

Ongoing service

This is entirely your choice, Boyett Mayes recommends that Clients have a review at least once a year. You come to see us, and we talk through how things have gone, crucially whether there has been any material change to your circumstances or prospects. If changes are sensible, for example, a revision in your pension contributions or a change in your investment strategy, we work them out together.

We quote a price for keeping you on our books as an ongoing Client, and the price includes the reviews we have agreed. Precisely how much we charge will depend on how complex your affairs are. Being a client also means, of course, that you can call on us at any time if you think you need help. But you will not pay for the ‘telephone call‘ and you will never see a bill for a service that you have not agreed to purchase.

Contractual ties

Boyett Mayes do not place any obstruction, penalty, or contractual obligation upon you to stay with us. We do not have any financial hold on you, we want you to stay with Boyett Mayes because you value the service we give you. Because you feel that you are in charge; in a word, empowered.