Chase de Vere
Long-established adviser Chase de Vere has changed hands a couple of times over the years and is currently owned by Swiss Life.
How much does Chase de Vere charge?
Chase de Vere offers the choice of a percentage or hourly fee for its financial advice service. Opt for percentage fees and you'll pay up to 3% for initial advice followed by up to 1.08% a year, with the hourly option costing £250 - £400 per hour (£80 for administrators). Fund and platform charges apply in addition.
Whilst Chase de Vere says it may charge less for larger sums invested (which we suspect is code for being open to negotiation), it also potentially charges new initial fees of up to 3% when advising on existing investments (for example, switching funds or re-balancing a portfolio). This feels especially steep, given Chase de Vere will already be charging its annual advice fee of up to 1.08% for ongoing service.
All in all, we estimate Chase de Vere clients typically pay total annual fees (advice, funds & platform) of around 2% a year. But this could be somewhat higher when factoring in the additional 3% initial advice fees for routine ongoing advice.
Chase de Vere has been criticised in the press over both its sales incentives to advisers (luxury overseas trips) and for reportedly receiving a share of the annual fee charged by their preferred platform provider.
The savings via us
As a guide, on a £500,000 portfolio we would typically save Chase de Vere clients around £5,000 a year in annual fees, and potentially considerably more when factoring in that additional 3% initial charge. Clients also have the peace of mind that we don't incentivise our advisers to sell, nor do we receive payments from third parties.