Fees
Tax & Regulation | 28 Feb 17
Estates over £1m face 1% ‘stealth tax’ as probate fees rise
The UK government will replace the current flat fee system for grants of probates with a new tiered levy, which could see estates over £1m ($1.24m, €1.17m) tens of thousands of pounds worse off.
SJP slammed over ‘commission-style’ rewards for advisers
St James’s Place, one of Britain’s biggest wealth managers, has come under fire for paying its advisers using an ‘air miles’ type system which rewards them with trips and jewellery for bringing in high levels of client investment.
North America | 27 Jan 17
Citigroup fined for overcharging 60,000 clients for advice
Citigroup Global Markets has agreed to pay $18.3m (£14.5m, €17.1m) to settle charges in the US that it overcharged around 60,000 clients £18m for advice and misplaced contracts over a 15-year period.
Best Practice | 27 Jan 17
Fee-based 1% model ‘overcharging’ UK clients, study finds
UK consumers are being overcharged by advisers who levy a percentage point fee on the value of the assets a client invests, with too much money going into the pockets of wealth managers, according to a new report by Capital Asset Management.
Millennials are willing to pay for financial advice, finds study
Investors under 40 are willing to pay for expert financial advice, according to the latest study by US consultancy firm Cerulli Associates.