Ongoing partnership agreement

Broom Consultants Ltd are pleased to have the opportunity to work in partnership with you, with the aim of helping you achieve your financial goals. You have the option of the following service levels: -

Service Level Transactional Partnership Partnership Plus
Administration team access
Fully backed up computer systems
Insured advice
Due diligence on products
Access to the Investors Compensation scheme
Compliance monitoring of the business and the advice provided
Documentation forwarded
Valuations
Important updates
Mortgage rate monitoring
Liaison, at your request, with other professionals
Due diligence on providers and platforms
Attitude to risk
Update of your circumstances
Meetings at our offices
Option to top up your pension, GIA or ISA
Annual GIA to ISA facility
Transacting withdrawals in accordance with our terms of business
Pension and income shortfall analysis
Pension carry forward calculations
Access to investment into a Small Self-Administered Scheme or full Self-Invested Personal Pension

Corporate advice where required
Various protection, mortgage, estate planning, retirement planning and investment advice
Access to pension drawdown services
Access to the full Discretionary Fund Management (DFM) service

A service level will be recommended by your adviser based on your financial needs.

Transactional only

Where you require no ongoing relationship and have only non-investment products under the agencies of Broom Consultants Ltd e.g. a mortgage, protection plan, annuity or structured products.

Our Responsibilities

Broom Consultants Ltd are responsible for ensuring that: -

  • Accurate records are maintained based on the information you provide, this in turn will allow you to seek advice from Broom Consultants in the future.
  • Your data is protected as your records are held securely.

What do I get as a Transactional Only client?

  • Administration team. Telephone, email or web-based contact for all updates and general queries.
  • Fully backed-up computer systems. We securely store personal financial information to provide our services to you and we make every effort to protect the privacy of your information.
  • Insured advice. Advice is covered by Professional Indemnity insurance as well as the Investors Compensation Scheme and the Financial Services Compensation Scheme, where appropriate.
  • Due diligence on products. Researching product key features, ensuring that the products we recommend are matched with our clients’ needs and objectives, have the features that are required and meet attitude towards investment risk where applicable.
  • Our contribution to the Investors Compensation Scheme.
  • Compliance monitoring of all aspects of the business and the advice provided.
  • Documentation forwarded.

What would I pay as a Transactional only client?

  • Any fees, commissions or other payments received from providers will be retained, but no additional ongoing charges will be made.
  • Should you wish to receive further advice in the future, any work undertaken would be chargeable in accordance with the terms of our client agreement.

Partnership

This is the core proposition of Broom Consultants Ltd.

Your Responsibilities

Your responsibility in this partnership is to ensure that: -

  • Information we hold on you and your circumstances is accurate.
  • You advise us of any changes to help us achieve our goal of delivering quality financial advice and helping you achieve your goals.
  • You complete and return updated forms when required.

Our Responsibilities

Broom Consultants Ltd are responsible for ensuring that: -

  • We make available all the elements of your selected partnership level and work with you towards achieving your financial goals.
  • Accurate records are maintained based on the information you provide.
  • Your data is protected as your records are held securely.

What am I paying for as a Partnership client?

  • Access to a financial adviser. Appropriately qualified for the area of financial services you hold with Broom Consultants Ltd or wish to discuss.
  • Administration team. Telephone, email or web-based contact for all updates and general queries.
  • Investment statement clarity. Broom Consultants Ltd will provide clarity on any of your annual statements that providers have supplied you with.
  • Fully backed-up computer systems. We securely store personal financial information to provide our services to you and we make every effort to protect the privacy of your information.
  • Insured advice. Advice is covered by Professional Indemnity insurance as well as the Investors Compensation Scheme and the Financial Services Compensation Scheme, where appropriate.
  • Due diligence on products. Researching product key features, ensuring that the products we recommend are matched with our clients’ needs and objectives, have the features that are required and meet attitude towards investment risk where applicable.
  • Quarterly newsletters. Sent via email or available on our website.
  • Our contribution to the Investors Compensation Scheme.
  • Compliance monitoring of all aspects of the business and the advice provided.
  • Parking at our offices.
  • Documentation forwarded.

What other services can I access at no further charge and where appropriate?

  • Valuations on request.
  • Important updates. Budget, tax and legislation updates, tax-year-end deadlines that may impact on your plans or holdings made available on our website.
  • Mortgage rate monitoring. The option for us to contact you when mortgage rates expire.
  • Liaison, at your request, with any other professional adviser. We are able to offer liaison with your accountant or solicitor if required.
  • Due diligence on providers and platforms. Ensuring that providers and platforms are suitable custodians of your investments.That they have the systems in place to provide the facilities needed and can deliver the quality service we would expect.
  • Attitude to Risk. We offer access to a re-assessment of your attitude to risk on request and would urge you to consider a re-assessment at least at the point of any major life event, e.g. marriage, children, divorce, receipt of inheritance, etc.
  • Update of your circumstances.
  • Meetings at our offices. If you would like a meeting our offices to discuss your current circumstance and any requirements with a qualified Independent Financial Adviser, this can then be arranged.
  • The ability to top up your pension, GIA or ISA.
  • Annual GIA to ISA facility.
  • Transacting withdrawals from pensions or investments in accordance with our terms of business.
  • Pension and income / expenditure shortfall analysis.
  • Pension carry-forward calculations.
  • Access to drawdown services.
    • The option to review your investment strategy, attitude to risk and capacity for loss.
    • The option to review your income strategy and income needs and review the maximum income limits.
    • Advice on income recycling.
    • Information relating to any changes in legislation that could affect the drawdown benefits.
    • Advice on annuities.
  • Access to investment into a Small Self-Administered Scheme or full Self-Invested Personal Pension.
    Additional charges may apply dependant on the investment type held within these wrappers, for example, if you complete a new investment property purchase through these wrappers, you will be charged 0.5% of the value of the property.

    Any additional charges will be explained and agreed with your financial adviser.
    • Adherence with HMRC rules and available protections.
    • Performance of the overall scheme.
    • Valuations of individual holdings in the scheme.
    • The option to review your investment strategy and attitude to risk.
    • Information relating to any changes in legislation that could affect the scheme.
    • Planning relating to your scheme:
      • drawing scheme benefits.
      • adding and removing members.
      • Scheme cash flow analysis.
      • overfunding.
    • Identification of other needs:
      • corporate planning needs.
      • liaising with your accountant to determine the likely profitability and discuss potential contributions and corporate tax planning.
  • Corporate advice where required. Business protection, company pensions, succession planning.
  • The following advice areas can be offered, with any new business recommendations chargeable in accordance with the terms of our client agreement.
    • Protection for your family in the event of sickness, critical illness or death.
    • Retirement planning; creating a secure future. Personal and employer contributions.
    • Investment planning utilising ISAs, bonds, structured products.
    • Mortgage advice; main residence, buy-to-let or commercial, equity release.
    • Access to estate planning services.
    • Access to long-term care advice.
    • Access to structured products.

What would I pay as a Partnership Client?

Product Funds Under Management* Fund Management Fee
All Investments (non-DFM) plus Drawdown (non-DFM PCLS only) Flat Fee 0.5%



Drawdown – Income (non DFM) Up to £799,999 0.7%

£800,000 - £999,999 0.6%

£1million plus 0.5%



SIPP & SSAS Flat Fee 0.5%

*This is calculated as only being the funds managed by (with payment of an ongoing management fee) Broom Consultants Ltd.

Please note once you have accessed income from your pension, you will permanently remain on the Drawdown – Income (non-DFM) charging structure.

Please note that if you are close to a lower or higher Fund Management Fee, your fund will be reviewed periodically for example before any meeting or at any major life event (e.g. marriage, retirement) in order to make sure you have the right charge applied to your funds.

Partnership Plus (accessing Discretionary Fund Management)

This expands on the core proposition of Broom Consultants Ltd.

Your Responsibilities

Your responsibility in this partnership is to ensure that: -

  • Information we hold on you and your circumstances is accurate.
  • You advise us of any changes to help us achieve our goal of delivering quality financial advice and helping you achieve your goals.
  • You complete and return update forms when required.

Our Responsibilities

Broom Consultants Ltd are responsible for ensuring that: -

  • We make available all the elements of your selected partnership level and work with you towards achieving your financial goals.
  • Accurate records are maintained based on the information you provide.
  • Your data is protected as your records are held securely.

What am I paying for as a Partnership Plus client?

  • Access to a financial adviser. Appropriately qualified for the area of financial services you hold with Broom Consultants Ltd or wish to discuss.
  • Administration team. Telephone, email or web-based contact for all updates and general queries.
  • Investment statement clarity. Broom Consultants Ltd will provide clarity on any of your annual statements that providers have supplied you with.
  • Fully backed-up computer systems. We securely store personal financial information to provide our services to you and we make every effort to protect the privacy of your information.
  • Insured advice. Advice is covered by Professional Indemnity insurance as well as the Investors Compensation Scheme and the Financial Services Compensation Scheme, where appropriate.
  • Due diligence on products. Researching product key features, ensuring that the products we recommend are matched with our clients’ needs, have the features that are required and meet attitude towards investment risk where applicable.
  • Quarterly newsletters. Sent via email or available on our website.
  • Access to Discretionary Fund Management Services.
  • Monthly DFM newsletters. Sent via email.
  • Our contribution to the Investors Compensation Scheme.
  • Compliance monitoring of all aspects of the business and the advice provided.
  • Parking at our offices.
  • Documentation forwarded.

What other services can I access at no further charge and where appropriate?

  • Valuations on request.
  • Important updates. Budget, tax and legislation updates, tax-year-end deadlines that may impact on your plans or holdings made available on our website.
  • Mortgage rate monitoring. The option for us to contact you when mortgage rates expire.
  • Liaison, at your request, with any other professional adviser. We are able to offer liaison with your accountant or solicitor if required.
  • Due diligence on providers and platforms. Ensuring that providers and platforms are suitable custodians of your investments.That they have the systems in place to provide the facilities needed and can deliver the quality service we would expect.
  • Attitude to Risk. We offer access to a re-assessment of your attitude to risk on request and would urge you to consider a re-assessment at least at the point of any major life event, e.g. marriage, children, divorce, receipt of inheritance, etc.
  • Update of your circumstances.
  • Meetings at our offices. If you would like a meeting our offices to discuss your current circumstance and any requirements with a qualified Independent Financial Adviser, this can then be arranged.
  • The ability to top up your pension, GIA or ISA online.
  • Annual GIA to ISA facility.
  • Transacting withdrawals from pensions or investments in accordance with our terms of business.
  • Pension and income / expenditure shortfall analysis.
  • Pension carry-forward calculations.
  • Access to drawdown services.
    • The option to review your investment strategy, attitude to risk and capacity for loss.
    • The option to review your income strategy and income needs and review the maximum income limits.
    • Advice on income recycling.
    • Information relating to any changes in legislation that could affect the drawdown benefits.
    • Advice on annuities.
  • Access to investment into a Small Self-Administered Scheme or full Self-Invested Personal Pension.
    Additional charges may apply dependant on the investment type held within these wrappers, for example, if you complete a new investment property purchase through these wrappers, you will be charged 0.5% of the value of the property.

    Any additional charges will be explained and agreed with your financial adviser.
    • Adherence with HMRC rules and available protections.
    • Performance of the overall scheme.
    • Valuations of individual holdings in the scheme.
    • The option to review your investment strategy and attitude to risk.
    • Information relating to any changes in legislation that could affect the scheme.
    • Planning relating to your scheme:
      • drawing scheme benefits.
      • adding and removing members.
      • scheme cash flow analysis.
      • overfunding.
    • Identification of other needs:
      • corporate planning needs.
      • liaising with your accountant to determine the likely profitability and discuss potential contributions and corporate tax planning.
  • Corporate advice where required. Business protection, company pensions, succession planning.
  • The following advice areas can be offered, with any new business recommendations chargeable in accordance with the terms of our client agreement.
    • Protection for your family in the event of sickness, critical illness or death.
    • Retirement planning; creating a secure future. Personal and employer contributions.
    • Investment planning utilising ISAs, bonds, structured products.
    • Mortgage advice; main residence, buy-to-let or commercial, equity release.
    • Access to estate planning services.
    • Access to long-term care advice.
    • Access to structured products
  • Access to a full Discretionary Fund Management (DFM) service utilising our chosen Discretionary Fund Managers, includes additional features: -
    • Our wrap committee meet the managers on your behalf, to monitor the portfolios and individual funds and their performance.
    • We sanction any fund switches recommended by the DFM managers.
    • We review the DFMs available to us and if necessary, change these managers.
    • Monthly DFM newsletters, analysing portfolio performance and market trends.
    • Client personal online access to platforms.

What would I pay as a Partnership Plus Client?

Our fees and charges for access to the DFM service are calculated as a percentage of your assets under management with us. This calculation is based on a tiered structure as shown in the table:

Funds under management Fund Management Fee*
Up to £499,999 1.0%
£500,000 - £599,999 0.9%
£600,000 - £699.999 0.8%
£700,000 - £799,999 0.7%
£800,000 - £999,999 0.6%
£1million plus 0.5%

*This is calculated as only being the funds managed by (with payment of an ongoing management fee) Broom Consultants Ltd.

Your fees for any non-DFM investments will remain charged as per the charging structure of the partnership service level as indicated below.

Product Funds Under Management* Fund Management Fee
All Investments (non-DFM) plus Drawdown (non-DFM PCLS only) Flat Fee 0.5%



Drawdown – Income (non DFM) Up to £799,999 0.7%

£800,000 - £999,999 0.6%

£1million plus 0.5%



SIPP & SSAS Flat Fee 0.5%

*This is calculated as only being the funds managed by (with payment of an ongoing management fee) Broom Consultants Ltd.

Please note that if you are close to a lower or higher Fund Management Fee, your fund will be reviewed periodically for example before any meeting or at any major life event (e.g. marriage, retirement) in order to make sure you have the right charge applied to your funds.

Examples

You have a £450,000 pension under management with Broom Consultants Ltd and do not require access to DFM Services, you are also drawing taxable income from your pension. The charge for this would be £3,150 (0.7%) per annum.

You have a £300,000 pension under management and with Broom Consultants Ltd and do not require access to DFM Services, you have already made a withdrawal of your full PCLS. The charge for this would be £1,500 (0.5%) per annum.

You have a £200,000 pension under management and with Broom Consultants Ltd and require access to DFM Services, you have already made a withdrawal of your full PCLS. The charge for this would be £2,000 (1%) per annum.

You have a £100,000 pension under management and with Broom Consultants Ltd and require access to DFM Services as well as a £200,000 investment bond which you do not require access to DFM services for. The charge for the pension will be £1,000 (1%) per annum and the charge for the investment bond will be £1,000 (0.5%) per annum.

You have a £200,000 pension as well as a £100,000 ISA under management with Broom Consultants Ltd and do not require access to DFM Services, you are taking taxable income from your pension. The charge for the pension would be £1,400 (0.7%) per annum and the charge for the ISA would be £500 (0.5%) per annum.

You have £200,000 under management with Broom Consultants Ltd but do not require access to DFM services. The charge for this would be £1,000 (0.5%) per annum.

You have £500,000 under management with Broom Consultants Ltd and wish to access DFM services. The charge for this would be £4,500 (0.9%) per annum.

You have £450,000 pension under management with Broom Consultants Ltd and do not require access to DFM Services, you are also drawing taxable income from your pension . The charge for this would be £3,150 (0.7%) per annum.

Termination of this agreement

You may cancel your partnership agreement at any time, by giving 30 days’ notice subject to the settlement of all outstanding transactions.

Three months from the date you cancel your agreement to Broom Consultants Ltd, we will terminate this agreement. As a result, no further DFM fund switches will take place within your plans, your funds will remain within the portfolios applicable at that date and will no longer be upgraded in line with the discretionary fund managers’ decisions.

Once this agreement is terminated, Broom Consultants Ltd will stop the ongoing monitoring of your investments to make sure the platform and the wrapper remains suitable for your needs.

This could leave you with the risk that your pensions or investments are no longer held in portfolios appropriate to your risk profile. Without the constant monitoring of your funds, your investments could be negatively impacted by prevailing market conditions.

If you do cancel your agreement with Broom Consultants Ltd, we would urge you to seek advice from an appropriately qualified financial adviser of your choice, to ensure your plans continue to accurately reflect your attitude to risk.

Broom Consultants Ltd will close our file and archive your details on our systems.

Important Note:

Where you have products under the agencies of Broom Consultants Ltd that fall within more than one category of relationship, the higher level will always apply.

The applicable ongoing advice charge will be reviewed periodically or in advance of any interim meeting you arrange with an adviser.

General Communication

We may communicate with you at any time including, when appropriate, by telephone in order to deliver the service under the terms of our contract.

We record and monitor the telephone conversations and electronic communications that we have with you for training and monitoring purposes. We will store these records for at least seven years, during which they will be available to you on request.

This is Broom Consultants Ltd Client Partnership Agreement upon which we intend to rely. For your own benefit and protection, you should read these terms carefully before signing them. If you do not understand any point please ask for further information.

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Sterling Court
4 Gresham Road
Brentwood
Essex
CM14 4HN

broomifa@broomconsultants.com

T: 01277 202222
Please note that calls to Broom Consultants Ltd may be monitored or recorded.