Fees  

Wealth manager challenges market with ‘fair’ advice fee

David Penney, director at Penney Ruddy & Winter, said Bancroft’s offering looked like pure investment management rather than financial planning.

He said: “Arguably, people would be better off with a multi-asset fund and avoiding the £500 per year, unless [Bancroft] can provide a financial planning service as part of that cost.

“But that would be impossible in my view as the costs would outweigh the income.”

imogen.tew@ft.com

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