We can also advise employees needing more complex advice which is charged according to how long it takes us to complete the work. The employer can choose to incur these extra costs or pass them onto the employee. See ‘Extra charges’ section below.
For more information on the advice Wealth Wizards can provide to your employees, see the ‘For Employers’ section of our website.
What will the employee pay?
We provide services specifically to employees whose employers have signed up to Wealth Wizards.
If you’re an employee and have Wealth Wizards as part of your employee benefits package, your employer may pay for our services. Please check with your HR team for full details of what’s included.
If you’re an employee with Wealth Wizards as an employee benefit and you subsequently move company, you are still entitled to use Wealth Wizards’ services, but depending on what you use, you will be charged as stated below.
If your employer doesn’t cover the cost of our services, the charges you can expect to pay are listed below.
Potential charges to the Employee
These are the costs associated with Wealth Wizards’ services for you if your employer isn’t paying for the service on your behalf.
Pension Wizard: Annual Review Service
If you are receiving an Annual Review Service where your employer covers the cost, then there is no charge to you for this service whilst you are employed. If you are in doubt if this applies to you please contact us at firstname.lastname@example.org.
Otherwise, we charge an annual fee based on the total funds under advice as follows:
Up to £30,000
£30,001 – £50,000
£50,001 – £75,000
£75,001 – £100,000
If you choose to accept our advice and switch your funds as per our recommendations, there will be no charge to you.
Service fees and reviews
After you have received our advice, we may recommend you register for our Annual Review. You will pay a fee for this ongoing service. Where possible this can be charged directly to your pension fund and this will reduce the amount left for investment. Otherwise you can pay by monthly direct debit. Our annual fees start at £65 per annum for amounts below £30k, and progress to 0.25% of the funds you have invested for amounts above £100k, as set out in the table at the top of this page.
If we oversee £34,000 in a Personal Pension plan we may receive 0.45% of the value of the fund every year (approximately £153 a year).
Pension tidy up
Pension Tidy-up is charged at £499 for the advice report, including the first money purchase pension, £99 per additional money purchase pension and £49 per pension if you ask us to implement our recommendations.
Pension top up
A charge of £200 will be made per setup of a top up payment to an existing pension plan.
Charges in detail
All our charges are subject to our Terms of Business. You will pay for our services on the basis of fees which will either be paid up-front, by invoice or, with your permission, charged directly to your pension product (which will reduce the amount left for investment). We are always willing to discuss your payment options with you and answer any questions you have.
Paying by fee
Whether you buy a product or not, you will pay us a fee for our advice and services. This will become payable when you sign up for one of our advice services. Wherever possible we will offer a fixed charge for our service. These will be quoted on our website, or agreed with you separately in writing, and they will always be clearly disclosed to you before you decide to proceed. The fixed charges for our on-line services are set-out on our website, and must usually be paid for by debit or credit card. Where we take payment upfront on a card we will offer you a full refund if you are not completely happy with our service. Our other fixed fee charges are calculated on the basis of the hourly costs of the individuals who will be required to work on your case. Where we are not able to quote or agree a fixed charge, our service will be charged on a ‘time spent’ basis based on the following typical hourly rates:
£250 per hour
Chartered financial planner
£200 per hour
Paraplanner & research analyst
£100 per hour
£50 per hour
We will tell you if you have to pay VAT.
Arranging new products
Where our advice is implemented via Wealth Wizards Advisers Limited we will charge you a fee for the initial set-up of the products. If this is not included in the fixed fee, it will be agreed with you before you proceed to set-up the new product, and will be agreed on the basis of the fee rates set-out above.