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How Rathbones & Quilter Cheviot crunched the numbers

How Rathbones & Quilter Cheviot crunched the numbers
Initial charge
Value of portfolio State total value and currency of the portfolio
Item Charges to be shown as a % of the portfolio value over a year
One-off fee or charge Any one-off fee or charge made, for establishing the portfolio
VAT on initial charge VAT on charges above
From cash only: transaction charges to establish the portfolio Estimate of all transaction charges charged from 100% cash. This only applies in the first year unless otherwise stated
Annual charges
Total initial charge Total of above charges
Annual management charge AMC as a % of the FUM to include fixed fees and any charges regularly applied
Dealing charges (assuming default level of turnover at 40%) Dealing charges - either state actual charges or base on 40% turnover of portfolio; if estimated state "E"
Custodian and platform charges Fixed fee as a per cent of the total portfolio value or as a percentage rate
Other activity charges Fixed fee as a % of the total portfolio value or % rate for services required annually which are not included in the AMC e.g. tax vouchers, CGT reports, standard valuations etc. Do not include exceptional charges e.g. additional valuation charges
VAT applicable to above charges VAT on charges above
Underlying TER of funds Weighted TER of funds held in the portfolio
Initial fees for funds Based on 40% turnover of funds in the portfolio, weighted across the portfolio
Total account cost Total of annual charges above
For the estimate of transaction charges Percentage turnover used*
*Transaction costs are estimated based on a 40% turnover of the portfolio - that is an assumption that 20% of holdings are sold and replaced. Due to the bespoke nature of discretionary portfolio services, it may not reflect the true costs experienced on any individual account. This TAC does not include: any adviser charge payable to a financial adviser; third party administration charges for pensions or bonds; an estimate of stamp duty payable to HMRC; external broker costs; any allowance for dealing spreads either in funds or stocks; any interest retained by the discretionary manager on cash deposits; the cost of foreign exchange transactions; any underlying charge for closed ended funds such as investment trusts.
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