UK based discretionary fund manager (DFM) Brewin Dolphin is reviewing the services it offers clients with portfolios worth less than £50,000.
Brewin is currently debating whether customers with less than £50k with the group are getting a suitable service on cost grounds.
The DFM will not reveal the number of client accounts it is reviewing yet.
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Under this review, clients will be encouraged to increase the size of their portfolios or switch to a different service category.
Brewin Dolphin’s DFM services will charge an annual management fee of 1.3% on the first £1 million, 0.9% on the next £1 million and 0.6% on the next £3 million.
Brewin launched its managed portfolio service (MPS) in January 2012, aimed at clients with between £10,000 and £150,000. Clients are charged an AMC of 1.2% plus VAT, with no transaction fees and are allowed to transfer between the bespoke service and MPS.
A spokeswoman for the group said: "We do have some clients with portfolios under £50k and we are rolling out a review of their service categories and requesting that we have a discussion about the most suitable service for them for the future.
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By GlobalData"We are judging whether these small portfolios are suitable for bespoke services on costs grounds, whether they should afford the minimum fee, top up their portfolio or change service category."
