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Monthly charges v annual charges
RainyWednesdays
Posts: 4 Newbie
Matioli Woods have a deposit charge and then monthly charge for investing with them. Is this usual practice? I thought most investment companies made an annual charge.
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Comments
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I had to look these up.
A wealth management company, so probably lots of charges.
Anyway to answer your question.
Normally investment platforms take a monthly fee, but no deposit fee.
Investments funds ( OEICS) I think take a daily fee, but it comes out of the fund so you do not see it directly.1 -
Vanguard make a quarterly chargeRainyWednesdays said:Matioli Woods have a deposit charge and then monthly charge for investing with them. Is this usual practice? I thought most investment companies made an annual charge.Remember the saying: if it looks too good to be true it almost certainly is.2 -
Monthly tends to be more common, as a lump sum covering a year is both tough for a client to swallow and unable to account for changes in the portfolio over the year that might affect the fee. I hold four investment accounts with different providers that charge a custody fee and all are charged monthly.
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Thank you for the comments. I think the decision is about whether to invest with a wealth management company or not.
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The decision should be to either use an IFA or DIY. Not going to FAs or salesforces.RainyWednesdays said:Thank you for the comments. I think the decision is about whether to invest with a wealth management company or not.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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