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Chase de Vere increases hourly advice charge by 25%

Chase de Vere has increased its hourly advice charge by 25 per cent to £250.

The national IFA firm’s hourly charges have increased from £200 to £250 per hour for advice and from £75 to £80 per hour for administration support.

Its percentage fee remains unchanged at up to 3 per cent initial charge and 1 per cent ongoing charge. 

Chase de Vere head of communications Patrick Connolly says: “Following a review of our charges last year in relation to other charges in the market, and to ensure they are viable for us and continue to offer good value for our target clients, we have increased our hourly fees.”

He says most of the firm’s business is currently done on a percentage fee basis, but over time it expects more business to be undertaken on an hourly fee basis – both on its own book and across the industry. 

Chase de Vere is also looking to grow the business through acquisitions this year.

Connolly says: “There is money available if the right opportunity came along, as our parent company Swiss Life is keen to grow the UK business.

“Our view is the asking price for some advisory businesses will reduce the nearer we get to April 2016 when trail commission on platform business is switched off, so while we will look at opportunities now we are not in a desperate hurry to make an acquisition.”

Penguin Wealth certified financial planner Craig Palfrey says: “Lower implementation fees and higher advice fees are likely to become the norm in a few years’ time.

“But I am surprised to see a firm like Chase de Vere using hourly fees as research suggests they do not go down well with clients.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. “Our view is the asking price for some advisory businesses will reduce the nearer we get to April 2016 when trail commission on platform business is switched off”.

    That seems like a very strange thing to say when it is extremely easy to move platform business from a commission basis to a fee.

    There seem to be a lot of businesses on the acquisition trail who are saying this, but it doesn’t stand up to scrutiny.

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