Brewin
Dolphin

An independent review by our team of experts

Brewin Dolphin plc. is one of the largest British investment management and financial planning firms. It has 30 offices across the UK, Ireland and Channel Islands.

The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

The business can trace its origins back to the establishment of the stockbroking firm of John Dawes, a founder of the London Stock Exchange, in 1762. His firm evolved through many partner changes to become Wontner, Dolphin & Francis in 1970.

In 1974 Brewin & Co merged with Wontner, Dolphin & Francis to form Brewin Dolphin.

Brewin Dolphin has been working with financial advisers and their clients for over 25 years. In total they manage over £40bn in investments and £10.1bn of this is for financial advisers on behalf of their clients.

As a Discretionary Investment Manager, Brewin Dolphin manages investments on your behalf.

The ‘discretionary’ part of their title means that once you and your adviser have appointed them to manage your money to a particular brief, or ‘mandate’, they have the responsibility to make the investment decisions to ensure they keep to it.

This also means that they do not need to seek permission from you or your adviser each time a change is made to your portfolio.

Brewin Dolphin says that as a DFM, their key responsibilities are:

Keeping you and your adviser up-to-date on performance.
Creating and managing your investment portfolio.
Managing your money to your risk mandate.

As part of their DFM service, Brewin Dolphin provides you with quarterly reports and valuations, including commentary on the economic and investment environment.

They also provide a comprehensive year-end tax pack and access to online valuations through a secure website.

The key features of Brewin Dolphin's Discretionary Fund Management services are as follows:

They provide a complete investment solution, based on your needs and what your current adviser recommends.
You will have your own dedicated investment manager.
They offer the benefits of a large-scale operation with all the research, portfolio building and investment management expertise needed.
Brewin Dolphin gives you access to reviews, analysis, reports and online valuations.
A research team identifies a ‘buy list’ of thoroughly researched investments, from which your investment manager will select when building your portfolio.

Annual management fees for Brewin Dolphin's DFM services are:

First £1 million	1.0%
Next £1 million	0.8%
Next £3 million	0.5%
Balance	fees available on request

Fees will be charged in arrears and deducted quarterly.

The minimum quarterly fee is £250 + VAT.

There are no transaction commissions relating to your portfolio. However, some charges relating to activity on your portfolio will apply.

You can learn more about their fees and charges in the documents section of this review.

NOTE:

The value of investments can fall and you may get back less than you invested.
We would highly recommend reading the 'expert verdict' section of this review to make an informed decision.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

Academic evidence only shared with a select few firms across the world
A real-life example of why you should never try to outguess the market
Why a fund's past performance is not enough to predict future returns
Why you need to focus on what you can control and why this leads to a better investment experience
Why you should accept the markets for what they are
What can impact behaviour and make people seek instant gratification

The Pros

> Strong brand

> Secure

The Cons

> Expensive way to invest

> Active methodology is academically questionable

> Pays retrocession commission to your adviser

> Potential for conflict of interest

How safe is my money with Brewin Dolphin's DFM services?

Brewin Dolphin hold all client money in accordance with the Financial Conduct Authority’s (FCA) client money rules.

This means they hold client money in trust with one of their nominee companies or by an approved overseas custodian.

All client assets held by a nominee company or custodian are ring-fenced from Brewin Dolphin’s own monies in accordance with the
FCA’s rules.

They are not permitted to use client money and assets in the course of their own business activities.

Any creditors of Brewin Dolphin would have no legal right to your assets in the unlikely
event that they became insolvent.

Brewin Dolphin’s nominee companies are separate legal entities and are non-trading
companies so they cannot run up liabilities of their own.

What are the transaction charges I would have to pay Brewin Dolphin?

Brewin Dolphin's transaction charges can be summarised below:

Description	Amount charged
Stamp duty on purchases of UK equities / investment trusts	0.5%
Panel on takeovers and mergers levy (transactions over £10,000 only) in securities of companies incorporated in the UK	£1
CHAPS	£15

NOTE: The rate of stamp duty may vary in line with changes to UK law.

What are Brewin Dolphin's transfer out charges?

Brewin Dolphin's transfer out charges can be summed up below:

Description	Amount
UK holding per line of stock	£15
Overseas holdings per line of stock	£25
Preparation of transfers, change of address forms, etc.	£15

NOTE: UK VAT is applied on fees and charges in line with applicable legislation.

Expert assessment of Brewin Dolphin

While Brewin Dolphin has a strong brand and provides a range of managed DFM solutions which are fairly secure, they are not positioned to deal with international professionals.

We believe that there are better and more cost-effective alternatives.

If you already have investments with Brewin Dolphin worth £500,000 or more, we strongly recommend you seek a Second Opinion to ensure you are on track to get and keep the life you want.

Brewin Dolphin - DFM Services for Financial Advisers

Brewin Dolphin - MyBrewin Guide

Brewin Dolphin - DFM Client Brochure

Brewin Dolphin - Retail Client Terms and Conditions

Brewin Dolphin - Risk Guide

Brewin Dolphin - Protection of Client Money and Assets

Brewin Dolphin - Service Guide for Financial Advisers

Brewin Dolphin - Discretionary Management Fees and Charges - FUM >£10m

Brewin Dolphin - Discretionary Management Fees and Charges - FUM < £10m

threesixty Due Diligence

The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by AES to be reliable and AES has reasonable grounds to believe that all factual information herein is true as at the date of issue. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited. AES accepts no responsibility for loss arising from the use of the information contained herein.

‘AES’ refers to the AES Group’s separate but affiliated entities generally, rather than to one particular entity. These entities are AES Middle East Insurance Broker LLC registered with the UAE Ministry of Economy, United Arab Emirates, Licence no. 571368, and Commercial Registration no. 75162 and regulated by the UAE Central Bank license no. 189; AES Financial Services Limited, incorporated and registered in England and Wales with company number 06063185, authorised and regulated by the UK Financial Conduct Authority FRN: 464494; AES Financial Services (DIFC) Ltd, registered in the Dubai Financial Centre (DIFC) as a foreign company, license no.2128, and regulated by the Dubai Financial Services Authority (DFSA) Reference No F003476; AES International Limited, a private company incorporated and registered in the British Virgin Islands with company number 1839872; AES International Global Limited, a private company incorporated and registered in the British Virgin Islands with company number 1887885. Please visit our authorisations page for further information on regulation, redress and accessibility.

If you are outside the UK and we advise you or carry out other business, nearly all the rules, regulations and arrangements made under the UK regulatory regime (including the rules made by the FCA and the dispute resolution process provided by the UK Financial Ombudsman Service) will not apply to most aspects of the service you receive, such advice or business being provided from outside the UK. You should therefore clearly understand such rights and protection as are afforded in the jurisdiction where you receive advice. Local law, regulation and redress processes will apply in almost all cases, and will be different from that of the UK.

RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful. For further information, please click here.

Brewin
Dolphin

An independent review by our team of experts

REVIEW SUMMARY