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Charges and fees 2018-02-13T15:47:12+00:00

Charges to employers

The cost of providing advice through our Pension Wizard is typically £100 per employee per year which includes an annual review. This fee also includes switching funds if the employee chooses Wealth Wizards’ recommendations. Get in touch with us for a specific quote for your company.

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 thewizard@wealthwizards.com.

Otherwise, we charge a fixed fee which is as follows:

Pension – Pre Retirement £100 pa

Pension – Post Retirement 0.5% of the total market value of the investment funds that we manage on your behalf eg for a fund of £100,000 our fee will be £500 per annum.

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 recommend you register for our ongoing review service. The fee will be £350 per annum minimum. Larger fees may apply, depending on the investment portfolio size and complexity – these will be agreed with you. Where possible this can be charged directly to your investment however this will reduce the amount left for investment. Otherwise you can pay by monthly direct debit.

Pension tidy up

Pension Tidy Up/Consolidation advice is charged at £150 per money purchase pension into an existing group personal pension. For a new pension, there will be an additional implementation charge of £600, if you ask us to implement our recommendation.

Pension top up

A charge of £100 will be made per setup of a single or regular top-up payment to an existing pension scheme.

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:

Level Charge
Director £250 per hour
Chartered financial planner £200 per hour
Paraplanner & research analyst £100 per hour
Administrator £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.