We are reducing platform fees for investments on our platform of £1,000,000 or above. There is no change for those with less than £1,000,0000 invested. From 1 April 2020, the new platform fees will be tiered as follows:
|Amount invested on our platform*||Existing My WealthPartner Online platform fee||New My WealthPartner Online platform fee|
|Up to £500,000||0.25%||0.25%|
|£500,001 - £1,000,000||0.175%||0.175%|
|£1,000,001 - £1,500,000||0.15%||0.05%|
|£1,500,001 - £2,000,000||0.15%||0%|
*We do not charge a platform fee on cash or fixed term deposits. My WealthPartner Bespoke charges are unchanged.
We want to reward clients who choose to manage theirs and their families’ investments with us by providing an option of pooling together their total family wealth for the purposes of calculating platform fees, in order to potentially benefit from a reduction in fees with our new tiered pricing structure. Complete the form below to request to link your accounts.
Frequently asked questions
What are the new fees and when do they come in to effect?
We are reducing platform fees for investments on our platform of £1,000,000 or above. There is no change for those with less than £1,000,0000 invested. For assets held in funds on our platform, from 1 April 2020, this will change to the following:
|Amount invested on our platform*||New My WealthPartner Online platform fee|
|Up to £500,000||0.25%|
|£500,001 - £1,000,000||0.175%|
|£1,000,001 - £1,500,000||0.05%|
|£1,500,001 - £2,000,000||0%|
What is a platform fee?
Platform fees cover the custody and administration of your assets held on our platform, including access to the online portal so that you can see your values, transactions, performance and documentation quickly and easily. We do not charge a platform fee on cash or fixed term deposits.
However, the primary service that we provide is actually behind the scenes in making sure that your assets are held securely, administered, invested, paid out and traded accurately. We also provide regular, quarterly reports and all the information you need to report on any tax you might need to pay – or reclaim – in relation to your pensions, dividends or capital gains*. We ensure that pensions and ISAs are administered correctly so that you get all the tax benefits you are entitled to and, as required by applicable law, all client assets held on our platform are segregated from our own.
*Capital gains tax reporting only available in My WealthParther Advice service.
Why are you making these changes?
One of the benefits of the PwC My WealthPartner service is our clear, simple and competitive fee structure. As and when we make changes to our Close Brothers Asset Management core services, wherever possible, we aim to retain fee rates which are more beneficial than PwC Partners could obtain as individual private clients.
Due to the introduction of tiers across some of our other services and as part of this commitment to offer competitive fee rates to PwC Partners and their families, we are pleased to announce that, with effect from 1 April 2020, we will be further reducing platform fees for investments on our platform of £1,000,000 or above.
We also want to remind Partners of the ability to link family accounts together if you haven’t already done so at registration. We want to reward clients who choose to manage theirs and their families’ investments with us by providing an option of pooling together their total family wealth for the purposes of calculating platform fees, in order to potentially benefit from a reduction in fees.
Who is eligible for tiered fees?
All My WealthPartner Online Self-Directed clients and all My WealthPartner Advice clients. This does not apply to clients in one of our discretionary solutions (MPS, DMS, CITS and Bespoke) as the custody and administration fees are built into the investment charge for these solutions.
How do these changes affect me?
We are reducing platform fees for investments on our platform of £1,000,000 or above. There is no change for those with less than £1,000,0000 invested.
If you have other Self-Directed assets held elsewhere
Our platform fees are calculated by taking into account the total value of investments held on our platform. The effective cost could be significantly lower when additional holdings are added or when assets held elsewhere are transferred to us. Get in touch to find out if we can accept your holdings on our platform or to find out how to transfer to us, and additionally benefit from the convenience of viewing all your investments online in one place. Our My WealthPartner Support Team are available on 0800 028 8960 and via email firstname.lastname@example.org 8am – 6pm Monday to Friday, excluding public holidays.
You may have already chosen to link your family accounts together during your registration application. However, if you have not yet done so, and if you and/or your family members hold assets via the My WealthPartner Advice service or through our My WealthPartner Online platform, you can complete this form to link your accounts together now in order to benefit further from these changes. Linking accounts allows spouses or civil partners and any children’s investments to be combined for the purposes of calculating platform fees, thus potentially reducing the charge. Download the account linking form below. You will need all account holders to sign the form before returning to us.
If you have a My WealthPartner Online account and a My WealthPartner adviser
We recognise that many clients use more than one of our services. Going forward, if you have invested assets across our My WealthPartner Advice and My WealthPartner Online services, the platform fee will be calculated based on the combined total value you have with us. As such, our new prices may result in a reduction in fees. My WealthPartner Bespoke charges remain unchanged.
How do I link my accounts to benefit from family pricing? Is this automatic?
If you would like to link together any My WealthPartner Online and My WealthPartner Advice accounts you and your family have with us (for the purposes of calculating your platform fees only), simply fill out the form below and return to us at our FREEPOST address “FREEPOST CBAM Online Investor Support”.
Please note, account linking requests will not be actioned, and no one will benefit from reduced fees, until we receive confirmation from all individuals. We will send you a notification once confirmation from all parties is received and thereafter, the total combined value of your investments will be used to calculate your platform fees.
Will I have the option to unlink mine or my families’ accounts at a later date?
Yes – just let us know should you wish to unlink any of your accounts (for the purposes of calculating your platform fees only) by completing the form below and returning to us at our FREEPOST address “FREEPOST CBAM Online Investor Support”. Remember, unlinking accounts may result in an increase in platform fees to you and the other account holders due to no longer pooling together your total investments.
If I link my accounts, will this change what my family and I can see and do on the online portal?
No. Linking accounts will not allow you to see anyone’s portfolio that you can’t see already, and no-one will be able to see yours unless they can do so now, nor will it affect any of your holdings. It will simply pool together your families’ total asset value for the purposes of calculating your platform fees.
I have a My WealthPartner Bespoke discretionary investment manager; do these changes apply to me?
For those invested in one of our discretionary investment management solutions, there is no change to your charges, as our custody and administration service is already included in the overall charge you pay for investment management.