Perhaps you’ve encountered Platform One somewhere and become curious about the firm and its products and services. Or maybe you’re looking for possible investments or ways to invest or places to invest from. Whatever it is, this Platform One review is for you.
Here, we’ll talk not only about the company’s offerings but also the charges that comes with using their service, as well as the pros and cons.
If you have any questions or want to invest as an expat or high-net-worth individual, you can email me (advice@adamfayed.com) or use these contact options.
That includes if you invest with Platform One and aren’t happy.
What is Platform One?
Platform One is an international investing platform service that serves the needs of financial advisors and their clients in the United Kingdom and beyond. This service is vital because it allows financial advisors to centralize and efficiently manage their high-net-worth customers’ investment portfolios on a single platform known as a “wrap.”
Careful planning and development went into providing a reliable investment platform that is up to par with standards in the UK and abroad. Financial advisors and their clients all over the world can reap the benefits of a wrap platform governed by UK law by using Platform One.
Clients are expected to receive expert advice and direction while using Platform One, but the service is only accessible through a financial advisor.
Platform One is both a technology firm and a regulated platform provider. By providing greater adaptability, stronger security measures, and access to a broader selection of features, this unique combination equips financial advisors and other entities in the wealth management field.
Platform One could be useful if advisors are looking for a wrap platform to consolidate their customers’ investments or modern technological solutions to provide their own individualized services.
Platform One International offers a safe Multi-Currency Wrap service for advisors who work with customers that have assets in foreign countries. The distinctive requirements of offshore investments are met by this service by providing advisers with one-on-one assistance and access to various specialists.
Platform One Offerings
Individuals can invest in shares traded on international markets and numerous UK and international funds through Platform One. Fund and equities trading can be easily managed by clients themselves or delegated to a corporate trustee or investment manager using their user-friendly web platform. Assets can be held and transacted in the world’s most widely used currencies, giving investors greater freedom and access to opportunities.
The platform accommodates both one-time and recurring contributions, and it provides access to a range of investment alternatives like General Investment Accounts and overseas pension systems.
Self-invested personal pension (SIPP) funds, offshore bonds, Qualifying Recognized Overseas Pension Schemes (QROPS), Qualifying Non-UK Pension Schemes (QNUPS), S615, trust accounts, charity accounts, and corporate accounts are just some of the wrappers they offer.
Equities, more than 350 fund managers, 7,000 mutual funds, 100 investment trusts, 250 ETFs, and commodities are accessible investment options. Structured products can be made available upon request.
The re-registration of investments is free of charge on Platform One, making it ideal for transferring holdings across service providers. You may easily get valuations, investment data, trade specifics, and tax return data through their convenient web tools.
With the help of the platform’s International Service, financial advisors may better manage and monitor their customers’ investments so they can devote more time to offering individualized financial plans and guidance.
Platform One is a platform that provides clients with safe online access to their investment portfolios. Clients can easily access their accounts 24/7, from any device, to view holdings, view current and historical valuations, and download essential documentation.
Platform One recommends keeping a cash reserve equal to two percent of the portfolio’s value for optimal cash management. One-time asset withdrawals or new deposits may be used by clients to produce the required cash.
The advisors are responsible for keeping track of cash balances, even though the platform can give cash balance data through its online system. If a platform user has an insufficient cash balance and the issue is not remedied, the platform will liquidate their largest holding.
What currencies does Platform One support?
The platform supports US dollar, British pounds, euros, Japanese yen, Swiss francs, and Czech koruna, among others.
Platform One Charges
Platform One’s fee structure for charges is as follows:
Annual Platform Charge
- The charge is 0.45% for balances up to 1 million euros
- Balances worth 1 million euros to 3 million euros incur a charge of 0.39%
- Balances between 3 million euros and 5 million euros have a charge of 0.33%
- Balances exceeding 5 million euros are subject to a charge of 0.30%
Annual Portfolio Charge
- A fee worth 36 euros is assessed per year in advance for portfolio management services. If the account is opened on or after July 1, such fee just becomes 18 euros at least on the first year.
The charges are deducted quarterly in arrears, meaning they are calculated and collected after the end of each quarter.
Adviser Remuneration Options
Advisors can choose from a range of payment plans, including the following:
- The original Adviser Charge is a percentage that is applied to both the original investment and any additional contributions made by the client.
- The client’s account will be debited an ongoing adviser charge of a percentage of the portfolio’s average monthly value at the end of each quarter.
- The Adhoc Adviser Charge feature allows for the deduction of predetermined amounts on a one-time basis in exchange for advisory services. A contract with the client is required for this choice.
What are the pros and cons of Platform One?
As a platform located in the UK, Platform One has a lot going for it. They have ample knowledge and they offer Retail Distribution Review (RDR), which makes financial advice more open and honest. In addition, there is no minimum investment period, thus there are no surrender fees if a client needs to withdraw their money early. The portal provides entry to numerous financial vehicles, such as mutual funds, passive trackers, and stocks.
However, Platform One may not be the most cost-effective option available. Some overseas investors may be put off by the fact that commission is still paid on the international platform. Additionally, non-UK citizens or expatriates may not find Platform One to their liking. It’s possible that the user experience would suffer if competitors introduced more advanced technology.
Furthermore, many nations may not recognize the tax concessions granted by Platform One outside of a pension structure. Finally, it may be more difficult and expensive to engage in frequent trading on the platform.
It’s important to note that Platform One doesn’t offer much info on their website unless you register or talk to them. Because of this, it might not be ideal for casual browsers looking for a basic overview.
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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.
