Evelyn Partners UK platform review: what are the pros and cons?
We review and explore the features and offerings of Evelyn Partner's UK platform to help you decide if it aligns with your financial goals.
Evelyn Partners is a prominent name in the UK's wealth management landscape, but is it the right choice for you?
This comprehensive review will delve into the services, fees, and overall offering of Evelyn Partners.
We'll explore the advantages and disadvantages, examine their security measures and customer service, and provide you with a final verdict to help you make an informed decision.
Evelyn Partners has a long and rich history, with its roots tracing back to 1836.
Evelyn Partners offers a vast array of services, including wealth management, tax advice, and accountancy services.
For individual advice services, fees typically start from £2,000.
Based on customer reviews, Evelyn Partners appears to have a strong reputation for good customer service.
Evelyn Partners: who are they?
Evelyn Partners is one of the UK's leading integrated wealth management and professional services groups.
The firm has a long and rich history, with its roots tracing back to 1836.
The Evelyn Partners of today was formed in 2020 through the merger of two well-established firms: Tilney and Smith & Williamson.
The company rebranded to Evelyn Partners in 2022, a name inspired by Evelyn Gardens, the 1893 London address of one of the business's founders, combined with "Partners" to reflect the firm's core value of partnership.
With a history stretching back nearly 200 years, Evelyn Partners has a long-standing reputation in the financial services industry.
They manage a significant amount of assets, making them one of the largest wealth managers in the UK.
The firm has a wide reach, with 23 offices located in towns and cities across the UK, Ireland, and the Channel Islands.
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Founded
1836
Assets under management (AUM)
£67 billion
Fees
Typically start at around £2,000 per annum
What does Evelyn Partners do?
Evelyn Partners provides a broad range of financial and professional services to a diverse clientele.
They cater to individuals, families, entrepreneurs, charities, and businesses.
Their core mission is to "place the power of good advice into more hands."
Their main offerings can be categorised into three key areas:
Wealth management: This is an integrated service that combines financial planning and investment management. The goal is to create a seamless strategy that aligns a client's financial plan with their investment portfolio.
Financial planning: Evelyn Partners offers expert advice to help clients plan for major life decisions and secure their financial future.
Investment management: The firm provides personalised investment solutions designed to help clients grow and preserve their wealth.
Evelyn Partners also operates Bestinvest, an online investment platform for self-directed investors.
What are the pros and cons of Evelyn Partners?
Here's a look at the potential benefits and drawbacks of using Evelyn Partners' services.
Pros of Evelyn Partners
Well-established and trustworthy: With a history dating back to 1836, Evelyn Partners is a long-standing and reputable firm in the UK financial services industry.
Expert financial advice: The company provides expert advice across a wide range of financial areas.
Comprehensive services: Evelyn Partners offers a vast array of services, including wealth management, tax advice, and accountancy services.
Managed investments: Clients' investments are managed by a team of experienced professionals.
Good customer service: The firm is known for providing great overall service.
Online platform: Evelyn Partners provides an online platform for clients to access their investments.
Regulated and secure: The company is authorised and regulated by the Financial Conduct Authority (FCA), offering a secure and transparent investment journey.
Cons of Evelyn Partners
High fees: The expert advice and comprehensive services come at a cost, and clients can expect to pay for the high level of service.
Minimum investment: The Discretionary Portfolio Service (DPS) is designed for clients with substantial portfolios, and a minimum fee is being introduced, which may not be cost-effective for smaller portfolios.
Better for high-net-worth individuals: Some users feel the firm is better suited for those with significant wealth, and smaller investors might find better value with local independent financial advisers.
What services do Evelyn Partners offer?
Evelyn Partners offers a comprehensive suite of services designed to cater to a variety of financial needs.
These services are available to individuals, families, businesses, and charities.
Here is a more detailed breakdown of their offerings:
Total wealth management: This is Evelyn Partners' flagship service, integrating financial planning and investment management to create a cohesive strategy for clients.
Financial planning: The firm offers a full range of financial planning services
Investment management: Evelyn Partners provides both discretionary and advisory investment management services.
Discretionary investment management: Clients can delegate the day-to-day management of their investments to an expert who will build and manage a bespoke portfolio.
Investment advice: For those who want to make their own investment decisions but with professional support, an investment manager can provide advice and recommendations.
Services for businesses: Evelyn Partners also provides a range of services for businesses, including accountancy, tax services, and corporate finance.
Bestinvest: This is an online investment platform for individuals who prefer to manage their own investments.
What fees does Evelyn Partners charge?
Evelyn Partners' fee structure is not a one-size-fits-all model.
They aim to provide a service that is priced appropriately for each client, with a promise of transparency to avoid any surprises.
Here's what you can generally expect:
Tiered fees: The fees are typically a percentage of the value of your portfolio per annum and are tiered, meaning the percentage reduces as the value of your investments increases.
Financial planning fees: For individual advice services, fees typically start from £2,000. The final fee for advice, research, recommendation, and implementation is confirmed after a discussion about your needs.
Investment management fees: These are also a percentage of your portfolio's value. For example, a typical Discretionary Portfolio Service fee for an £800,000 portfolio could be around 1.25% per annum including VAT.
Minimum fees: Evelyn Partners is introducing a minimum fee for its Discretionary Portfolio Service (DPS) to reflect the higher costs of delivering this bespoke service. This may make the DPS less cost-efficient for clients with smaller portfolios.
It is important to note that these are just illustrative examples, and the firm offers other services, including lower-cost options, that might be more suitable depending on your needs.
What technology does Evelyn Partners use?
Evelyn Partners provides clients with access to an online client portal.
This allows clients to view their investments and stay updated on their portfolio's performance.
The firm also operates Bestinvest, a comprehensive online investment platform with a website and mobile app where users can buy and sell investments themselves.
For their managed portfolios, Evelyn Partners utilises a sophisticated approach. For example, their Index MPS (Managed Portfolio Service) combines active asset allocation with index-tracking funds.
This service uses both traditional index trackers and more advanced "smart beta" products to create a balanced and flexible portfolio. The selection of these instruments is supported by a dedicated research team.
Evelyn Partners security: is it secure?
Evelyn Partners takes the security of its clients' information and investments very seriously.
Here are some of the key security measures in place:
FCA Regulation: Evelyn Partners and its subsidiary companies are authorised and regulated by the Financial Conduct Authority (FCA).
Dedicated security team: The firm has a dedicated information security team that works to ensure client information and online accounts are safe and secure.
Fraud protection: Evelyn Partners has policies and procedures in place to protect clients from fraud.
Financial Services Compensation Scheme (FSCS): As a regulated firm, clients of Evelyn Partners may be able to claim compensation from the FSCS if the firm fails.
Does Evelyn Partners have good customer service?
Based on customer reviews, Evelyn Partners appears to have a strong reputation for good customer service.
Many clients report positive experiences, highlighting the friendly, easy-to-understand, and expert advice they have received.
Reviews frequently mention named financial planners and investment managers, suggesting a personal and dedicated service.
For example, customers have praised the sound advice and guidance they have received, with some having been with the firm for many years. The company is also responsive to reviews, which indicates they value client feedback.
Final verdict: is Evelyn Partners right for you?
Evelyn Partners is a well-regarded and highly established wealth management firm in the UK, offering a comprehensive suite of services backed by expert advice.
If you are looking for a holistic approach to your finances, combining financial planning and investment management, and you value a personal relationship with a dedicated team of experts, then Evelyn Partners could be an excellent choice. Their long history and robust regulatory oversight provide a strong sense of security.
However, the high level of service and expertise comes at a price, and their fees may be higher than some other options.
The introduction of a minimum fee for their discretionary service suggests that the firm is best suited to individuals with more substantial portfolios.
If you have a smaller amount to invest or are comfortable with a more hands-off, DIY approach, you might find better value in their Bestinvest platform or by exploring other, lower-cost alternatives.
Ultimately, the decision of whether Evelyn Partners is right for you depends on your individual financial situation, your goals, and how much you are willing to pay for expert guidance and a personalised service.
Get expert financial advice
The world of finance can be complex, and making the right decisions can have a significant impact on your future.
While this review provides a detailed overview of Evelyn Partners, it is essential to remember that everyone's financial situation is unique.
Seeking expert financial advice can provide you with a personalised roadmap to help you achieve your goals, whether that's planning for retirement, growing your wealth, or protecting your family's future.
A qualified financial adviser can help you navigate the complexities of the market, ensure your finances are structured tax-efficiently, and provide you with the peace of mind that comes with knowing your money is in expert hands.
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