09 Jan, 2008
Published: 07:00 Wednesday 09 January 2008
By: Tony Bonsignore, New Model Adviser News Reporter
Amersham-based PW White & Partners is shifting to a fee-based
proposition for new clients as part of a strategic re-engineering
of its business.
In addition, the three-man practice has introduced new standard
service contracts for all new clients. The contracts set out the
exact nature of the service offered, as well as the method of
Ian Wells, personal financial planner at PW White & Partners,
said the changes had been inspired by increasing contact with other
professional practices such as lawyers and accountants.
'We looked at the professions we were dealing with and asked
ourselves how we could be seen as more professional ourselves', he
said. 'This proposition will be instrumental in explaining to
people what exactly it is we do and reaffirm the quality of the
service we offer.'
Wells said the move to fees was also part of the drive towards
professionalism. 'A client doesn't pay me to flog products,' he
said. 'They pay me for my time and expertise, for my guidance and
PW White & Partners is looking to offer three levels of
service, provisionally titled foundation, fluid and focused,
depending on the level of service and expertise required.
The top-tier is likely to be priced from about £5,000 per
year, and will be directed solely at high-net-worth clients. A
number of existing clients are also to be offered the chance to
move to the fee-based proposition, though there would be no
obligation to change.
'We have some long-standing relationships we wouldn't want to
upset', Wells said.