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Brewin Dolphin plc. is one of the largest British investment management and financial planning firms. It has 30 offices across the UK, Ireland and Channel Islands.
The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
The business can trace its origins back to the establishment of the stockbroking firm of John Dawes, a founder of the London Stock Exchange, in 1762. His firm evolved through many partner changes to become Wontner, Dolphin & Francis in 1970.
In 1974 Brewin & Co merged with Wontner, Dolphin & Francis to form Brewin Dolphin.
Brewin Dolphin has been working with financial advisers and their clients for over 25 years. In total they manage over £40bn in investments and £10.1bn of this is for financial advisers on behalf of their clients.
As a Discretionary Investment Manager, Brewin Dolphin manages investments on your behalf.
The ‘discretionary’ part of their title means that once you and your adviser have appointed them to manage your money to a particular brief, or ‘mandate’, they have the responsibility to make the investment decisions to ensure they keep to it.
This also means that they do not need to seek permission from you or your adviser each time a change is made to your portfolio.
Brewin Dolphin says that as a DFM, their key responsibilities are:
As part of their DFM service, Brewin Dolphin provides you with quarterly reports and valuations, including commentary on the economic and investment environment.
They also provide a comprehensive year-end tax pack and access to online valuations through a secure website.
The key features of Brewin Dolphin's Discretionary Fund Management services are as follows:
Annual management fees for Brewin Dolphin's DFM services are:
|First £1 million||1.0%|
|Next £1 million||0.8%|
|Next £3 million||0.5%|
|Balance||fees available on request|
Fees will be charged in arrears and deducted quarterly.
The minimum quarterly fee is £250 + VAT.
There are no transaction commissions relating to your portfolio. However, some charges relating to activity on your portfolio will apply.
You can learn more about their fees and charges in the documents section of this review.
Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:
Brewin Dolphin hold all client money in accordance with the Financial Conduct Authority’s (FCA) client money rules.
This means they hold client money in trust with one of their nominee companies or by an approved overseas custodian.
All client assets held by a nominee company or custodian are ring-fenced from Brewin Dolphin’s own monies in accordance with the
They are not permitted to use client money and assets in the course of their own business activities.
Any creditors of Brewin Dolphin would have no legal right to your assets in the unlikely
event that they became insolvent.
Brewin Dolphin’s nominee companies are separate legal entities and are non-trading
companies so they cannot run up liabilities of their own.
Brewin Dolphin's transaction charges can be summarised below:
|Stamp duty on purchases of UK equities / investment trusts||0.5%|
|Panel on takeovers and mergers levy (transactions over £10,000 only) in securities of companies incorporated in the UK||£1|
NOTE: The rate of stamp duty may vary in line with changes to UK law.
Brewin Dolphin's transfer out charges can be summed up below:
|UK holding per line of stock||£15|
|Overseas holdings per line of stock||£25|
|Preparation of transfers, change of address forms, etc.||£15|
NOTE: UK VAT is applied on fees and charges in line with applicable legislation.
Brewin Dolphin effectively told me I wasn't rich enough to remain their client! Seriously unimpressed.
While Brewin Dolphin has a strong brand and provides a range of managed DFM solutions which are fairly secure, they are not positioned to deal with international professionals.
We believe that there are better and more cost-effective alternatives.
If you already have investments with Brewin Dolphin worth £250,000 or more, we strongly recommend you seek a Second Opinion to ensure you are on track to get and keep the life you want.