FAQ's
Introduction to Frequently Asked Questions
The following list is by no means exhaustive so if there is anything you would specifically life to ask us prior to deciding whether to meet one of our investment planners, please contact us at enquiries@prosper-ifa.co.uk
What is your minimum portfolio size?
We have deliberately not imposed one. When we first set up the business back in 2003, we realised that there were very few professional independent financial adviser firms that were targeting the “over 50s” sector. There is therefore no minimum portfolio size however, our services are best suited to those with investment assets in excess of £100,000.
How is an Independent Financial Adviser different from a wealth manager or private banker?
There isn’t a difference, just lots of different names for the same thing. A private banker may well be able to recommend an ‘in house’ bank account for you, which we can’t do, but other than that all of the above should be able to provide you with independent financial planning and investment advice.
Why should I pay for ongoing advice?
It’s a bit like going to the dentist. There might be some fairly major work at your first appointment but if you stick with the same dentist year on year and have regular check ups, further major surgery should be avoided. This improves long-term results and should also reduce long-term costs. Chopping and changing is never a good thing.
You were only launched in 2003. Wouldn’t I be better off with a more established firm?
It is really a question of trust. Do you trust your financial adviser personally and do you trust the ethics of the organisation they work for? In reality, you will have to meet us to make this decision, but if the answer is yes then it doesn’t really matter whether the business was founded in 1800, 1900 or 2003. With over 60 years combined financial services experience our financial advisers and support staff have an excellent reputation. Please navigate our web-site to get a better feel for the type of business we are.
How can a relatively small company like Prosper Independent Financial Advisers Ltd compete with all of the big private banks and wealth managers in terms of knowledge and information?
“We don’t want to be the biggest we want to be the best”
Firstly, we invest a significant amount of our time understanding you, what your objectives are, what your current financial position is and what your future is likely to look like. Our service is highly personalised and we do not try to pigeonhole you into a one-size-fits-all solution as many larger firms will do.
Our view is that it would make very little difference to your personal financial success if we had a highly paid team of economists and strategists trying to predict the future direction of markets or interest rates.
How do we calculate your fees?
These are calculated as a percentage of investable assets. The level of investable assets is often open to interpretation and we are usually happy to agree an initial fee that works in your favour until a longer-term picture has been finalised. We would be happy to give you an idea of this before we meet if this would be helpful.
Is the first meeting free?
The first meeting is an investment of your time and ours. It is an opportunity to have a discussion about mutual profitability and to agree whether to take the relationship forward or not. Your time is as valuable as ours and for this reason we do not make a charge.
How will I benefit from working with you?
Whether our role is to manage your investments, increase the tax-efficiency of your finances, advise you on pensions, or a combination of the above, ultimately it is up to you to decide whether you get good value for money. We work on the concept of mutual profitability and if we don’t feel that our services will offer you good value for money, we will tell you politely.