This "Letter of Engagement' is supplementary to the Client Agreement and sets out the basis on which we charge for our services in setting up and servicing your Investment.

 

  1. This document confirms the terms of our recent conversation regarding our financial planning services. It should be read in conjunction with the client agreement & Valued Service Proposition Documentation issued separately.              
  2. You are to provide up-to-date information of your personal circumstances, together with your financial investment objectives. We will clarify the information in our meeting.                                                                                                                                                                                                                                    
  3. You will provide such information that we request to enable us to provide the advice requested by you.      
  4. Once all your information is assembled, we will analyse your present financial situation. The analysis will include a review of your assets and liabilities; your current and projected investment planning requirements and objectives.  We will provide you with the following advice

  • Advice on the appropriate action and vehicle in which to invest.
  • Setting up and servicing your investment.
  • Advising and acting on your behalf in regard to your investment.
  • Periodic reviews in regard to the investment and your changing circumstances.
  • Ongoing day to day administration regarding your investment business with the Firm.
  • Ongoing day to day client access to your financial adviser.
  • We will provide a written analysis, recommended action and confirmation of actions taken in the form of a Client Suitability Letter.
  • We will Implement your plan by acquiring a suitable product and will act on your behalf to add investments and to disinvest to and from the plan according to your requirements
  • We use centralised Investment Portfolios as part of our client service. This means that we arrange what we consider to be the best asset allocation and fund selection for our clients, dependent on their risk classification and whether they prefer managed passive or ethical investment.

In order to maintain the correct allocation of assets, the portfolios will be automatically rebalanced on a quarterly basis and we ask you to agree to this as part of our process. Similarly, if we change a fund within the current portfolio, the portfolio will automatically rebalance to the new assets within the portfolio.      
 
Whilst this is a buying and selling of funds it is done within the original portfolio construction requirement and instruction - we will, however, discuss with you if we or you wish to change your risk allocation by changing from a higher to a lower or a lower to a higher risk classification.  
                                                                                                                                                                  
  1. We are not authorised or qualified to give legal advice or to prepare legal documents for you.                                                                                                                                                                                                                                                                                                            
  2. This document sets out the fees chargeable and the agreed frequency and manner of servicing in regard to periodic reviews set out below.                                                                                                                                                                                                                                 
  3. You shall, indemnify us and keep us indemnified from and against all liabilities, damages, losses, costs (including legal costs and the cost of realising assets or investments) or other charges incurred or suffered by us in connection with the recovery of such fees as may be due from you to us or to the provider of such services or to HMRC, including interest on such sums, as a result of you failing to meet a demand for an agreed payment of such sums within the time period stipulated.    
  4. The agreed fees charged on the work that we do on your behalf will be further detailed to you at the time of charge.                                                                                                                                                                                                                                 
  5. Should further work or fees be required outside this Letter of Engagement, a fresh letter will be issued, so that no misunderstanding can arise between us.                                                                                                                                                                                                                                 
  6. This Letter of Engagement will continue until terminated, by notice given in writing by either you or us. Termination shall take place without penalty, subject to any outstanding fees being paid. All monies received up to this point will remain the property of the firm.                                                                                                                                                                                                                                                                                                              
  7. Where no ongoing service is required an additional initial fee of 1.5% of the amount invested is payable if an ongoing service is requested at the outset and cancelled within 3 years the balance outstanding of the initial fee that would have been charged will become payable. Should you decide to cancel our agreement to provide on-going services you must provide written confirmation of your decision and we will cease your payments for these services within 7 business days and after collection of any due proportion of any period charges. If you no longer wish to receive and pay for ongoing advice you are free to transfer your funds away from Veracity Financial Planning’s Agency at any time without charge.                                                                                                 
  8. You may if you wish to leave the funds under Veracity Financial Planning Service Agency but we reserve the right to charge an admin fee for which we will charge you a fee of 0.20%/yr of the fund value under our agency to cover our ongoing regulatory, insurance and administration costs.                                                                                                                                                                                                                                                                                                                                                                                                                                                   
  9. Any notice to be given under this Agreement shall be in writing and shall be deemed to have been duly given if left or sent by first class post or registered post to a party at the addresses shown above, and shall be deemed to have been received by the addressee two working days following dispatch of the notice, or if by hand, simultaneously with delivery. To prove the giving of notice, it shall be sufficient to show that it was dispatched.                                                                           
  10. The validity, construction and performance of this Agreement shall be governed by English Law.                                                                                                                                                                                                                                 
  11. We are a VAT-exempt firm, and therefore there is no VAT chargeable at this stage. If the laws relating to VAT change in the future and the fees quoted become subject to VAT, then VAT will be charged. All figures quoted are currently exclusive of VAT.                                                                                                                                                                           
  12. Nothing in this Agreement shall exclude or restrict any duty or liability we may have to you under the regulatory system. To the extent that provisions of this Agreement are found to be unenforceable, this Agreement shall take effect as if such terms had been deleted.

We look forward to working with you in the achievements of your financial goals.


Agreed Fees & Review Period        EXAMPLE

Review & Recommendation: Included


Implementation Initial Fee:  1% of Funds Invested

Future Initial Fees: 1% of Funds Invested

Ongoing Annual Service Fee: 0.5% of funds Invested

Review Period Face to Face: 12 Months

Review Period Remote: 6 Months


Our Independent Financial Advisers are usually happy to meet at our clients' preferred location and time and to have detailed initial discussions with no obligation.

Please contact us by calling 01949 836173 or email us on This email address is being protected from spambots. You need JavaScript enabled to view it.