4-6

LowerMyCharges – How do we stand out from other financial advisory services? 1024 591 LowerMyCharges

LowerMyCharges – How do we stand out from other financial advisory services?

LowerMyCharges has been set up to offer a revolutionary fresh alternative to traditional financial advisory firms. Our low charges mean that more of our clients’ money and investments can grow in the products they hold.

We believe that clients should have all the information available to them to make informed decisions, so we’re upfront about our charges. With a simple, fixed charging system, our clients can see from the outset how much they will pay and the impact this will have on their financial goals. Our business model means there are no initial charges, hidden costs or percentage fees.

The way we deliver advice 

We provide high quality, low-cost financial advice delivered over the internet by real people, in real-time and accessed through your desktop, tablet or mobile. Because our advice is delivered remotely, we are able to keep our prices down, which brings the savings directly to you.

Human

All our advisors are human as we believe robo advice couldn’t substitute for a human adviser. It’s down to understanding a client, understanding their goals, attitude to risk and their personal circumstances. Often, financial aims are intrinsically emotive, involving plans to support the next generation, leave a legacy or achieve a particular lifestyle. A preset group of questions simply can’t provide the understanding of an individual’s circumstances in the same way that a face to face conversation can (at least not yet anyway).

Our values 

We are an independent business, not owned by any large financial institution. We only have your interests at heart. Our impartiality means that we have no vested interests in any recommendations we make. We don’t get paid from the products we recommend and we will not sell you anything. Our values stipulate how we operate. To understand more about what we stand for, please visit our values page.

How we get paid

Traditionally, the advice is charged as a percentage of the investment or pension fund held, ranging between 0.5% – 1.0% annually, usually with additional charges imposed for an initial advice call or meeting.

This percentage charging model means that exact fees are determined by the value of an investment or pension fund.  If the fund grows so too will the fees. The exact fees are therefore subject to change, therefore, and investors can’t be certain how much they will be charged throughout the lifetime of the investment. Percentage charges can have significant impacts on investments.

Example 

Over 30 years, a £100,000 investment which achieved 6% growth per annum would grow to £432,000.

If an adviser charged 1% per year, the investor would be left with £324,000, with £108,000 lost as fees.

We always recommend that our clients pay our charges directly, just £27.50 a month which means that more of their investment has a chance to grow.  We do also offer the option of taking our charges from their investment if clients prefer and will explain what impact this has on performance.

How we save and make you money

The compound effect of less money being deducted by charges and, at the same time, more money growing in a pension, savings or investment plan can amount to thousands of pounds over the products’ lifetime.

Book a discover call

Your free discovery call will last up to 20 minutes and we’ll use this time to understand your circumstances so it might be helpful if you have the details of any financial products you may hold ready to hand. We will explain how our service works and how we can help you achieve your financial goals. The call will be recorded for your protection and you are under no obligation to proceed. We are here to help.

Click here to arrange your free call.

Western Mail named us as one of the Top 25 innovative tech companies in Wales! 1024 591 LowerMyCharges

Western Mail named us as one of the Top 25 innovative tech companies in Wales!

Here at Lower My Charges, we are bursting with pride. We were recently listed amongst the top 25 most innovative tech companies in Wales!

As quoted in the Business Live article, “Innovation can be found far beyond just companies in software and hardware, but in a wide range of sectors including advanced manufacturing, life sciences and financial services.”

Ian Brewer explained that it’s Lower My Charges innovative business model that gives the company their competitive edge.

“We are a financial technology platform that allows users to access low-cost, high-quality financial advice remotely on any internet-enabled device, talking with a real human financial adviser.

We help people save charges on their investment and pensions through a free switch service, essentially bridging the gap between automated comparison technology and qualified financial advisors.

Because the advice is available remotely via i.e. computer or smartphone, we are able to offer the service at a significantly lower cost. The time and money we save on travelling mean that we are able to offer our high-quality service at a fixed cost a month and see more clients at the same time.

We currently have seven full-time staff members, and next year we are planning to expand our employer’s service offering, creating more jobs at the same time.”

After two years in development, the platform launched in June and is already showing remarkable signs of growth with three companies pledging to join its innovative salary exchange scheme.

For more information about our service or to find out how your company could join our financial revolution, please contact us here.

If you would like to book a free non-obligatory discovery phone call, click the booking link here. Your free discovery call will last up to 20 minutes and we’ll use this time to understand your circumstances. All our calls are recorded for your protection and you are under no obligation to proceed.

Tracking down the lost pension pots 1024 591 LowerMyCharges

Tracking down the lost pension pots

The era of a job for life is long over. We were once expected to spend our whole career working for one company, working up through the ranks and having a good pension at the end of it but this is clearly not the case any longer with some of the latest figures showing that average workers have 11 different jobs during their life.

The main reasons reported as to why we change jobs include career progression, relocations, redundancies, change of direction and most common of all, better-paid jobs with more attractive benefit systems.

As we move on from one job to the next, we often completely forget about perhaps the most important thing – our pension pot! The government expects that we will soon be flooded with millions of stranded pension pots. Some of us will simply lose track of what, where and when and others won’t really think about it until they hit retirement age and panic.

pension pots

The Association of British Insurers (ABI) estimates that more than 1.6 million pension pots worth £19.4bn are already “lost.” This is the equivalent of £13,000 per plan.

You won’t be able to plan for your retirement properly until you figure out how much income you’ll get from all pensions, including workplace, personal and state pensions. Here are a few tips on how to find any lost pots, and importantly, what to do once you’ve managed to track them down.

Dig up some old statements

Provided you haven’t moved address, you should be receiving pension annual statements – every pension provider is obliged to send them to scheme members.  We advise you to review yours each year and keep them safe.

Contact old employers or pension providers

If you know who your lost pension provider was, you can either contact them directly or try to track it down by contacting your old employer.

You’ll be asked some security questions, and it’s a good idea to gather as much information prior to the call as you can. Dig out your NI number, how long you were at the company, the rough date when you estimate the plan was set up.

Use the government’s pensions tracing service

Until recently, you would have to keep track of your own pension you built up with different employers. The new gov pensions dashboard allows you to track down your past employer’s pension schemes giving you the contact details you need to find your old pension.

Work out if it’s worth putting the pension pots together

This is perhaps the most important step here. What’s next? Is it worth combing the pension pots together? Yes, this will reduce the amount of admin going forward and should mean that because all the money is in one place, it is easier to actually keep a tab on them. We recommend that you always take independent financial advice when considering whether to move or consolidate any pension.

You need to do your homework!

Contact LowerMyCharges

LowerMyCharges are independent financial advisors. We are fully transparent, providing information on our charges and the impact they have on your fund performance and financial goals.

Our founders, Ian Brewer and Peter Deane, are experienced financial services professionals. After years in the industry, they have recognised that financial advice isn’t always easy to access, isn’t easy to understand and the costs can be confusing, unclear and hard to compare.

Call us on 0800 1404542 to see how we can help you secure a better financial future.