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What we say
The service is hybrid from day one; there is an adviser assigned to each client and either face-to-face or Zoom meetings can be booked, so the process benefits from direct access to human support should you require it. Netwealth is agnostic about how people interact with them – they can take a more digital route or a human approach depending on your preference. You can begin with investment management and dip into the traditional financial advice offering as and when you need it.
If your financial situation is fairly straightforward, you are comfortable online and like a low-touch approach, for a fee between 0.65% and 0.95% per year depending on portfolio sizes, they will look after your investments and make day-to-day decisions on your behalf.
If, however, you are a little older or your circumstances are more complex, they offer a fuller advice service and help with issues ranging from cashflow modelling through to advising on effective tax planning, how to maximise your pension contributions without hitting your lifetime allowance and can even support with more complex areas such as trusts. Expect to pay £200 per hour for one-off advice from a qualified Netwealth adviser, while ongoing advice is provided at 0.2% per year on the value of your account, with a £1,000 minimum per year.
There are seven different risk profiles, each with a USD, GBP and EUR option to choose from, and rather than a risk questionnaire, their modelling tools help you assess your appetite for risk. You can speak to a qualified adviser at no cost at any time to discuss your situation and the suitability of a certain risk level.
There are a number of very useful online modelling tools where you can assess your financial situation based on your goals/targets or you can use this as a basis for further conversation with your adviser.
Fees are tiered depending on the size of your overall portfolio. They start at 0.95% all-in for £50,000 to £249,999 and reduce in tiers from 0.80% for £250,000-£499,999 to 0.65% for investments over £500,000. They do not charge initial fees or pension transfer fees.
Netwealth also has a group offering which allows clients to invite up to seven family members or friends to their Network, enabling everyone to benefit from a lower combined fee based on the total amount invested across the Network, while maintaining financial independence across their individual portfolios. When you are part of a Network, the minimum investment amount drops significantly to £5,000.
Netwealth host a number of events for their customers from educational webinars led by their qualified advisory team to investment-focussed sessions.
It is a sophisticated offering, and whilst they do have an app, the desktop presents a better user experience.
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Cost (£100k): £950 (total)
Customer Case Study
Here is how customers at Netwealth have used them.
Michael and Elizabeth's story
Michael and Elizabeth are in the wealth accumulation phase, while also ensuring that they are set up efficiently to pass wealth on to their children.
Michael and Elizabeth moved assets from a traditional adviser to Netwealth in order to take advantage of lower overall costs and modern technology, while knowing they can access expert advice when they need it. Elizabeth also has an investment background, so is very aware of the difference lower costs can make and the fact that strategic asset allocation is the main driver of long run returns. She believes she gets the best of both worlds with Netwealth.
To date they have worked with Netwealth advisers using their financial guidance service rather than requiring full blown financial advice. They have set up their own taxable accounts, as well as SIPPs, and have since added their children to their Netwealth Network, resulting in the entire family being on the lowest all-in fee of 0.65%. Their oldest child has an ISA portfolio, while the younger children have bare trusts in their parent’s name.
Elizabeth (57) says: “We are very aware of the difference lower costs can make in overall financial returns. However, we were keen to ensure that we would also have access to more traditional aspects of wealth management such as formal financial advice and more complex structures such as Trusts. Our decision to move to Netwealth is benefiting not just us, but also our children, with no compromise on excellence.”