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Ascentric helps wrap the pots simply

MY BEAUTIFUL WRAP Wendy Fleming

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For me, it is a no-brainer. I often say to my clients that I’m a “pot wrapper”.

My job is to find out what they want their money to do for them, how much it will cost, when they will need it and how much risk they are willing to take with that pot. Whether it is the school fees’ pot or the retirement pot, I just wrap money in the most taxefficient way to meet my
clients’ needs.

As financial planners, I often think that we make things far more complicated than they need to be.

In my business, I like things to be simple. I chose the Ascentric wrap because it fits in perfectly with my investment policy, which is to invest client money in a transparent, responsible, robust, cost-effective and diversified manner.

Dealing with Ascentric has been easy and the transfer of my existing clients has been swift. No business you deal with is ever 100 per cent perfect and there have been a small number of blips in administration but I really believe that how someone deals a problem says more about them as a firm than anything else. The difference with Ascentric, compared with other firms I have dealt with, is that I have direct contact with
people who take ownership of problems and fix them immediately.

The independent nature of their proposition is another reason why I like dealing with Ascentric. Although they are owned by Royal London theydo not promote or push that particular brand. I am suspicious of platforms that are set up by insurance companies as I never really feel they can be truly independent.

Unlike the other platforms available in the market, Ascentric fits in perfectly with my investment process.

Ascentric was one of the first platforms to offer exchange traded funds and is the only wrap platform to provide access to the Evercore Pan-
Asset ETF model funds. By investing client funds in the Evercore Pan-Asset models through the Ascentric platform, I know my client money is invested in model funds that relate directly to their risk profiles.

Ascentric’s model portfolio functionality allows these models to be rebalanced as and when required, ensuring that the money I invest on my client’s behalf stays true to its original objective. This investment flexibility is available for an annual management charge of 0.25 per cent plus dealing charges.

The money is then wrapped on the Ascentric platform depending on the client’s accessibility and tax requirements. Not only are these charges very costeffective but also highly transparent. As a fee-based adviser, using a wrap makes processing clients’ fees simple.

In addition, having all my funds under management on one platform keeps costs low and allows for easy client management.

By adopting this process, I find investing my clients’ funds is straightforward and I have peace of mind knowing that client money is being
actively managed by professionals who have a passion to deliver good returns in a responsible manner.

I know where I stand with Ascentric. Like me, they like to keep things simple and transparent.

Wendy Fleming is director of Fleming MacDonald

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. I have just taken a look at this wrap and it looks ok to me BUT nothing special. I pay an extra 0.25% ( or more if investing less than £60,000) and then get 0.25% rebate on funds. each switch costs £25 ? For a client dealing in UT/OEIC and ISA this might be cheaper than a Platform but more likely to be more a bit more expensive. Yes I appreciate that it is all transparent and that in specie transfers off are allowed but very shortly won’t this be be norm for all ?

    Hopefully the FSA will also have the bottle to ban rebates ( disclosed or otherwise) and require clean new fund classes. At the moment some wraps mislead by saying that our fees are ok because we get you rebates.

    So on balance Acsentric looks fine to me but a no brainer – I wouldn’t go that far.

  2. The “no brainer” comment I was making was referring to the ETF model porftolio strategy which is rebalanced monthly in line with clients attitude to risk at a cost of 0.25% per annum. Ascentric is the only wrap platform where you can access this investment strategy. I have found their service efficient but the main thing for me is being able to offer an investment strategy which is transparent, cost-effective and efficient for my clients.

  3. Thanks for the clarification. Still not clear if the 0.25% pa cost to which you refer is in addition to the wrap cost of 0.25% pa. do switch charges apply every month ? Have contacted Acsentric and will be interested to see what they are offering .

  4. The total cost works out less than 2% in some cases nearer 1,5% (for portfolios in excess of £60K) and that includes 0.5% being paid as renewal fee.

    The dealing costs are really competitive at £1 per trade once your on the platform – it’s £4 for the first trade – although I’ve heard it might be going to all at £1 per trade – I’ve spoken to Evercore and they advise that total dealing costs per annum shouldn’t exceed £180 – so of course it’s more cost-effective for larger portfolios. Hope that makes sense.

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