Westminster Asset Management introduces a seamless and cost-effective way of managing pensions, securing a prosperous retirement for their clients.
Founded in 2020, the Jersey-based, privately-owned investment boutique emerged as a small, independent alternative to the large wealth management corporations that have historically dominated the market. Westminster Asset Management maintains a smaller client base than their high street counterparts, allowing them to approach money management with an absolute focus on meeting the objectives of their clients.
Since its inception, Westminster Asset Management has been providing a comprehensive range of asset and wealth management services to high-net-worth individuals, their families, fiduciaries and charities in Jersey. Now, the team of pragmatic investors are disrupting the local wealth market by launching a pension service that challenges traditional pricing models with a cost-effective, transparent fee structure.
Westminster Asset Management’s Wealth Director, Mike Mulhern (pictured), highlighted why this pension service stands out amongst the mass retail offering. He said: “Currently, many individuals in Jersey are charged retail rates for sub-optimal wealth management services. We aim to challenge this norm by eliminating initial fees and only charging one all-inclusive annual fee for ongoing management.”
For those with pensionable assets over £250,000, there will be zero initial fee for transferring, consolidating or adding to their pensions. Westminster Asset Management considers this all part of their standard take-on process, and for all ongoing management costs, they charge just one all-inclusive annual fee.
Mr Mulhern put these savings into perspective: “When transferring or consolidating an investment of £250,000, many people are unaware of the fees they may be paying under a traditional financial advice model.
“Typically, this includes an initial charge of up to 3%, which amounts to £7,500 upfront, plus an ongoing annual fee, for advice, custody and investment management, of up to 2%, or £5,000 per year.
“At Westminster Asset Management, we do things differently. We do not charge an initial fee, and our all-inclusive annual fee is capped at 1%. This means you could save £7,500 immediately, and potentially £2,500 every year thereafter.
“Over two decades, that’s a possible saving of £50,000 or more – money that stays invested, working for your future. And able to provide a higher income in retirement.”
Westminster Asset Management understands that everyone has unique retirement goals and financial circumstances, which is why they offer personalised pension plans that are tailored to their clients’ needs and regularly reviewed by the dedicated team of investment managers. They are on a mission to help clients secure a brighter future and get more for less from their pension portfolios.
Click here to find out more today or contact Mike Mulhern, Wealth Director at Westminster Asset Management.
Westminster Asset Management is a trading name of Westminster Capital Limited and is regulated by the Jersey Financial Services Commission.
