Clients seeking only financial planning services will be provided with an estimate of the time based cost involved in the required scope of work before authorising any work to go ahead.
Our Portfolio Management Service fees are not stepped, rather we have a 'one rate' service based on the total of the funds managed for the client group. The larger the combined portfolios, the smaller the percentage we charge as follows:
- Greater than $1m 1.2% plus GST
- Greater than $2m 1.1% plus GST
- Greater than $3m 1.0% plus GST
- Greater than $5m 0.9% plus GST
- Greater than $7.5m 0.8% plus GST
- Greater than $10m 0.7% plus GST
- Greater than $20m 0.6% plus GST
- Greater than $30m 0.5% plus GST
- Greater than $45m 0.4% plus GST
- Greater than $60m 0.3% plus GST
A minimum annual fee of $12,000 plus GST applies to the Portfolio Management Service.
Our objective is for Portfolio Management Service fees to be met from investment returns that are consistently greater than market.
We gain high returns for clients on their cash accounts and term deposits but do not charge any fees on cash or term deposits.
We currently receive daily term deposit rates from nine banks and this allows us to select the most suitable bank term and rates for each portfolio.
An example of a quarterly fee calculation for a portfolio valued at $2,000,000 with $200,000 in cash/term deposits is: ($1,800,000 x 1.2%) / 4 = $5,400 + $540 GST = $5,940.
Portfolio Management Service fees are payable quarterly in arrears. The only other portfolio related fees paid by you are discounted brokerage payable to one of the five brokers on the Broker Panel and fund manager expenses which are generally available at the wholesale level. Both these charges are fully disclosed when we make investment recommendations.
Wherever possible, Pitcher Partners Investment Services does not enter into investments where commission is payable and, where permitted we will waive all entry and ongoing commissions. If commissions cannot be fully rebated to the client they are forfeited.
We do not normally receive soft dollar benefits (such as travel to conferences, tickets to events etc) from fund managers, platform providers, product manufacturers or other third parties. However, in the rare instance that we receive a soft dollar benefit that exceeds a value of $300, we will record the benefit in a public register.
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