Investment Advice and Portfolio Management

With a discretionary service, your investment manager makes day-to-day decisions within a strategy, risk level and set of restrictions agreed with you. You don’t need to approve each trade, so your portfolio can be rebalanced or repositioned promptly when markets move. You stay in control of the big decisions, such as objectives, risk, ethical preferences and withdrawals, and receive regular reports on what’s been done and why.

Your financial plan comes first. It tells us what each part of your wealth needs to do and when you’ll need it. We then assess your attitude to risk, your capacity for loss (how much of a fall you could absorb without affecting your plans) and any preferences. From there, we build a portfolio diversified across asset classes, regions and investment styles. Where each investment is held matters just as much: we place assets across pensions, ISAs, general accounts and bonds to reduce tax on income and gains.

We use both. Passive funds track a market at low cost and are hard to beat over the long term in efficient markets, such as large US companies. Active managers can add value in less efficient areas, such as smaller companies, some bond markets and alternatives. However, they charge more and don’t always succeed. We use low-cost index funds where markets are efficient, and carefully selected active managers where we believe the extra cost is justified. Most of our clients choose hybrid portfolios to get the best of both.

Usually, yes. Many investments can be transferred “in specie”, meaning they move across without being sold, so no gain is realised. We then reshape the portfolio gradually: using your annual exemption and any losses, moving holdings into ISAs each year, and selling the most expensive or least suitable holdings first. Where a gain is large, it can make sense to keep a holding. We’ll show you the tax cost of any change before we make it.

Historically, investing a lump sum straight away has more often produced better returns than phasing it in, because markets have tended to rise over time. Phasing over six to twelve months, though, reduces the risk of investing just before a fall. That matters if a sharp early loss would shake your confidence in the plan. For money from a business sale or inheritance, we often recommend a combination: invest part immediately and phase in the rest on a set timetable.

Returns depend on the risk you take and how long you invest. Portfolios with more in shares have historically delivered higher long-term returns, with larger falls along the way. We don’t promise returns. Instead, your cashflow plan uses cautious long-term assumptions, after fees and inflation, so it doesn’t depend on markets doing unusually well. We report performance against an appropriate benchmark, so you can judge results in context. Past performance is not a guide to future returns.

Yes. We can shape your portfolio around your values, from excluding sectors such as tobacco, weapons or fossil fuels to favouring companies leading on climate, governance or social outcomes. The FCA’s Sustainability Disclosure Requirements have introduced four fund labels: Sustainability Focus, Sustainability Improvers, Sustainability Impact and Sustainability Mixed Goals. These make it easier to see what a fund is actually aiming to achieve. We’ll explain any trade-offs in diversification, cost or returns.

Falls are a normal part of investing. Your portfolio is built with them in mind, and your plan is stress-tested against them before you invest. When markets fall, we rebalance where it makes sense, which can mean buying at lower prices, and we look for chances to realise losses that can offset future gains. If you’re drawing an income, we fund withdrawals from cash or lower-risk assets rather than selling shares at low prices. We keep you informed throughout.

You’ll have secure online access and an app showing valuations, holdings and transactions across all your accounts in one place. We also send reports, tax calculations for tax-year end planning, and an annual statement of all costs in pounds and percentages. At each review, we explain performance against your benchmark and, more importantly, whether you’re still on track for your goals.

We manage where each investment is held as carefully as what you invest in. Income-producing assets, such as bonds, sit in ISAs and pensions, where their interest isn’t taxed. That matters more from April 2027, when tax on savings income rises to as much as 47%. Growth assets sit in general accounts, where gains are taxed at lower rates. Each year we move money into ISAs through “bed and ISA”, use both partners’ £3,000 capital gains exemptions and realise losses to offset gains. Where possible, we rebalance using new money or withdrawals rather than selling. You’ll also receive an annual tax report for your accountant.