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Quilter’s UK Platform launches family linking

19/02/2020

Old Mutual Wealth, Quilter’s UK Platform, is pleased to announce the introduction of family linking, from April 2020. Family linking is a multiple family member discount which will significantly save money across the generations.

Old Mutual Wealth’s platform charge reduces in stages as the total value of a customer’s assets increases. When investments are linked with family members, Old Mutual Wealth uses the combined assets held on the platform to calculate the percentage rate, thereby lowering the charges paid by each individual.

While spousal linking is common and is currently available on Old Mutual Wealth, the new family linking includes multiple generations: grandparents; parents; parent in law; spouse; brother and sisters; children; and grandchildren. There is no minimum investment and no maximum number of family members who can be linked, making it easier to create prosperity across generations.

At the same time, Quilter is introducing a new simpler pricing structure for its platform that will see it reduce from five charging tiers to four, also coming into effect in April 2020.

Current charge bands Current charge
First £25,000 0.50%
From £25,000 to £100,000 0.35%
From £100,000 to £500,000 0.30%
From £500,000 to £1m 0.25%
More than £1m 0.15%

 

New charge bands New charge
First £25,000 0.50%
From £25,000 to £250,000 0.30%
From £250,000 to £750,000 0.25%
More than £750,000 0.15%


With the new family linking and revised charging structure, all clients can save substantial amounts each year. The example below illustrates how £1,000 can be saved across three generations of a family:

Family member Asset Value (£) Annual amount saved
Parent £380,000 £331
Parent In-law £300,000 £279
Investor £250,000 £219
Spouse £120,000 £105
Child £10,000 £26
Child £15,000 £40
Total £1,075,000 £1,000

 

Steven Levin, chief executive officer of Old Mutual Wealth, comments:

“The ‘Great Wealth Transfer’ which is seeing trillions pass between generations over the next 30 years has been well documented. We are seeing more advisers using our platform to support wider family units and providing advice that spans generations. And it is our duty to encourage intergenerational planning, allowing advisers to offer savings to those families.

“Our new platform technology will deliver a number of efficiencies and I am delighted to be able to share these savings with customers. The new technology has great potential and we plan to innovate further in collaboration with our customers and their advisers.”

For more information contact

Tim Skelton-Smith07824 145076tim.skelton-smith@quilter.com

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £110.4 billion in customer investments (as at 31 December 2019).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.

Disclaimer

This announcement may contain certain forward-looking statements with respect to certain Quilter plc’s plans and its current goals and expectations relating to its future financial condition, performance and results. 

By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Quilter plc’s control including amongst other things, international and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc’s forward looking statements.

Quilter plc undertakes no obligation to update the forward-looking statements contained in this announcement or any other forward-looking statements it may make.

Nothing in this announcement should be construed as a profit forecast.