When we started Blackstone it was usual for financial advisers to sell financial products and investments in exchange for a commission payment. We were unusual because we didn’t want our income to be conditional on selling anyone a financial product or an investment. So instead, we charged a fee for our advice.
Because we have been working with fees for several years we have a good understanding of what is the right fee to charge. Charging too much is detrimental to our clients, whereas charging too little means we go out of business or we have to cut corners – we don’t want to do either.
We offer a brief initial consultation to prospective new clients, at no cost to them – but only after a preliminary telephone discussion to determine whether there might be a ‘good fit’ between us.
If after the preliminary meeting we believe that we can offer you a valuable service at a competitive price we will prepare an initial proposal covering our investment strategy and the areas of financial advice we think need looking at. Again this proposal is offered at no charge to you.
If our proposal is accepted our fees will commence.
Every relationship is unique, and so every initial fee package different. It will vary depending on the type of advice required, and the amount of work we need to do. Written fee proposals are provided in advance, and will always be agreed with you before any chargeable work begins.
Often we will agree to cap our initial fees so as to provide some certainty, we can also offer hourly fees if this is preferable.
Our annual fee for providing ongoing financial advice and portfolio management is 1% on the first £1,000,000 and less on amounts above £1,000,000.