Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Lloyds, RBS and HSBC unveil RDR advice charges

High street banks Lloyds, HSBC , and Royal Bank of Scotland, have revealed their charges for advice in the retail distribution review (RDR) world.

HSBC

  • Assets up to £75,000: £950 upfront charge
  • £75,001 to £150,000: 1.3 % upfront charge and max charge of £1,500
  • £150,001 to £500,000:1% and max charge of £4000
  • £500,001 to £1 million: 0.8 % and max charge of £6500
  • £1 million to £3 million: 0.65%

    HSBC said: ‘As part of our financial planning review service we offer an initial consultation, free of charge, when we discuss our advice proposition in detail with our customers and ensure alignment with their personal goals.

    ‘Following the initial consultation, if customers wish to proceed with the full financial planning review, advice will be charged according to our transparent fee structure and based on the assets implemented on behalf of the customer.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

RBS

  • Initial consultation: free
  • Financial plan: £500
  • Assets up to £500,000: Tiered activation fee of between 1.25% and 1%
  • £1 million and over: 0.75% activation fee
  • Annual ongoing advice fee: 0.5%

There are additional platform charges.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Lloyds

Lloyds will operate a tiered fee structure

  • The first £300,000: 2.5% advice fee
  • £300,000 to £1 million: 1.5% advice fee
  • £1 million to £2 million: 0.75% advice fee
  • £2 million and over: no fee

It said the model takes into account previous advised investments when calculating the level/percentage fee.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter