Cost reductions now available to families

Marketplace

As a completely independent firm, we are constantly reviewing the marketplace to ensure both the products and providers that we recommend are suitable for our clients.

As a result of this market research, a provider we often recommend is Old Mutual Wealth.

There are a number of reasons why we recommend Old Mutual Wealth, one of them being their competitive charging structure.

Tiered Charges

Old Mutual Wealth’s Charges are tiered and therefore the higher the value of your assets on their platform, the lower the ongoing charge.

As a way to offer a further discount, Old Mutual allow a spouse/civil partner to be artificially linked via what’s known as ‘client linking’.

As a result of this, Old Mutual Wealth will take into account the combined value of the investments held by the linked clients, subsequently reducing their overall charges.

Cost Reductions

Up until very recently, this ‘client linking’ was restricted to spouse/civil partners only.

In April 2020 Old Mutual Wealth introduced ‘Family Linking’ meaning clients could now pass on this discount to up to four generations.

Instead of now being limited to only spouse/civil partner, you can now artificially link your account to grandparents, parents, parents-in-law, siblings, children and grandchildren.

For family linked accounts, each family member’s charge is based on the total value of products held by all family members who are linked.

Please note that in line with GDPR, no information is shared between linked parties.

Family Linking can significantly save money across the generations and is a great way to introduce savings and investments to other family members such as children for example.

There is no minimum investment and no maximum number of family members who can be linked.

If you have any queries or would simply like more information, please feel free to contact one of our consultants today.

For further information, please click here to request a call back from one of our advisers.

Written by: Jonathan Bissett – Financial Planning Consultant, Prosser Knowles Associates Limited