At first glance we were impressed by the RDR compliant offering, and don’t get us wrong, the Platform One Hallmark savings plan is cheaper than many alternatives, but when we looked at the fees in a little more detail, we realised that they can soon add up.
- Minimum establishment charge: £500
We are led to believe that advisers can charge more than this, and so this fee likely varies from adviser to adviser.
- Annual platform charge: 0.30%
- Annual portfolio charge: Euro 78
- Adviser charges: 1% - 1.5%
- Fund manager charges*: 1% - 1.5%
*ETFs and other low cost investment products are available which would reduce these charges.
- Surrender charges: Zero
Total charges could be between 2.5% and 3%, depending on the underlying investments selected.
Charges, as you know, can potentially create a severe drag on performance, which will impact your investment returns.