The James Hay Partnership Wrap will offer a whole of market platform for clients looking for sophisticated investment solutions. The new charging structure is:
First £500,000 0.35%
Next £500,000 0.15%
Over £1m 0.05%
This single charge covers all day-to-day costs and is based on the assets held on the platform, less any cash. The charge also includes ongoing transactions including share dealing (up to 20 trades per annum), product set-up and annual charges, as well as all investment transactions.
For the James Hay Wrap the changes mean:
· RDR ready charges
· Whole of market investment flexibility via SIPP, ISA, Offshore bond and investment portfolio components
· Access to 1,850 discounted funds via the Investment Centre fund platform
· 100% of fund manager rebates passed back to the client's cash account
· Free pre-funding of Investment Centre switches
· Free share dealing (up to 20 trades per annum)
· No additional charges for wrap set-up, product set-up or taking benefits (including capped/flexible drawdown)
· Comprehensive online management via the James Hay Online website including real-time updates, performance reporting, model portfolios, rebalancing and a range of online client and adviser reports
· A provider with £14 billion in assets under administration (as at December 2011).
The James Hay Wrap is designed with RDR in mind and therefore offers a wide range of adviser charging options as well as the transparency clients and advisers need from a wrap provider, says the company. The changes will be available to new clients from the 1 May 2012 and will be rolled-out to existing clients from 1 June 2012.
James Hay Partnership's Managing Director, Tim Sargisson said, "We have invested a lot of time and effort into re-building our Wrap service and the supporting online functionality. With the new pricing we believe our proposition is perfectly designed for advisers looking for a high quality service from a name they can trust".