Quilter wealth management UK platform review: what are the pros and cons?
We review and explore the features and offerings of Quilter wealth management in the UK to help you decide whether it aligns with your financial goals.
Quilter is a prominent name in the UK's wealth management landscape, offering a wide array of services to a large client base.
But does that mean it's the right choice for your financial future?
In this comprehensive review, we'll delve into Quilter's offerings, from its services and fees to its pension products and customer service, to help you make an informed decision.
As a full-service wealth manager, Quilter provides a broad spectrum of financial services.
Initial fees for financial advice are 0.5% to 4%, with ongoing fees ranging from 0.6% to 0.95%.
The Quilter Collective Retirement Account offers a good degree of flexibility and choice for those planning for retirement.
On Trustpilot, the company has a high rating, with many customers praising the helpfulness and efficiency of the staff.
A qualified financial adviser can help you to assess your individual needs and goals, and determine whether Quilter, or another provider, is the best choice for you.
Quilter is a leading, UK-focused, full-service wealth manager, and a FTSE 250 listed company.
They provide advice-led investment solutions and platform services to over 500,000 clients, with the stated purpose of creating "brighter financial futures for every generation".
The firm has a long and successful history, with its roots, through its discretionary investment management arm Quilter Cheviot, stretching back over 250 years.
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Founded
1771
Assets under management (AUM)
£141.2 billion
Fees
Initial fee: 0.5% to 4% (typically 1.5% to 2%). First £50,000 invested: 0.35%.
What does Quilter do?
As a full-service wealth manager, Quilter provides a broad spectrum of financial services.
Their core business revolves around providing advice-led investment solutions.
They believe in the value of long-term, advice-based relationships and tailor their advice to each client's specific requirements and risk appetite.
A key aspect of Quilter's operating model is its dual-distribution strategy.
This means they serve clients through their own network of financial advisers as well as providing their platform and investment solutions to independent financial advisers (IFAs).
This approach has contributed to Quilter becoming one of the UK's largest and fastest-growing retail-advised platform providers.
What are the pros and cons of Quilter?
Here are some of the potential advantages and disadvantages of using Quilter:
The pros of Quilter
Comprehensive service: Quilter provides a one-stop shop for wealth management, covering financial advice, investment platforms, and investment management.
Flexibility and choice: Clients can choose how they access Quilter's services, whether through a dedicated adviser or by using their platform independently.
Award-winning platform: Quilter's online investment platform is highly regarded in the industry, having won multiple awards.
Strong and stable: As a large, publicly listed company, Quilter offers a sense of security and stability.
Focus on responsible investing: Quilter is committed to responsible investing and integrates ESG (Environmental, Social, and Governance) principles across its business.
Transparent pricing: The company prides itself on having a clear, unbundled charging structure with no hidden fees.
The cons of Quilter
Mixed customer service reviews: While Trustpilot reviews are largely positive, some other review sites and forums mention long wait times and less than satisfactory experiences with customer service.
Value for money concerns: Some clients, particularly on forums like Reddit, have questioned the performance of their investments and whether the fees charged represent good value for money.
Can be perceived as expensive: For those with smaller investment pots, the fees for advised services may be on the higher side.
What services do Quilter offer?
Quilter offers a comprehensive suite of services designed to cater to a wide range of financial needs:
Financial advice: Delivered through Quilter Financial Advisers for a broad range of clients, and Quilter Cheviot for those with more complex needs.
Investment platform: A sophisticated online platform that allows both clients and their advisers to manage investments efficiently.
Investment solutions: A wide range of investment options, including multi-asset funds from Quilter Investors and bespoke portfolios from Quilter Cheviot.
Discretionary wealth management: A premium service from Quilter Cheviot for those who want their investments managed on their behalf.
Pensions: The Quilter Collective Retirement Account offers a flexible solution for retirement savings.
ISAs and Junior ISAs: Tax-efficient savings and investment options.
What fees does Quilter charge?
Quilter's fee structure varies depending on the services you use.
| Service | Fees |
|---|---|
| Financial advice | Initial fee: 0.5% to 4% (typically 1.5% to 2%). Ongoing fee: 0.6% to 0.95% |
| Quilter invest (app) | £2 monthly account fee + 0.25% platform fee + fund provider fees (0.07% to 0.75%) |
| Platform service/product charge | Tiered structure: first £50,000: 0.35%. £50,000 to £250,000: 0.25%. £250,000 to £750,000: 0.20%. Over £750,000: 0.15% |
It's important to note that there are no wrapper charges and no transaction fees for withdrawals and trades on unit trusts and OEICs.
However, dealing charges do apply for exchange-traded investments.
For those using Quilter Cheviot's discretionary service, a quarterly management charge is applied as a percentage of the portfolio.
Quilter pension review: is it right for your retirement savings?
Quilter offers a pension product called the Collective Retirement Account, which is designed to be a flexible, lifelong solution for retirement savings.
Key strengths of a Quilter pension
Flexibility: The Collective Retirement Account allows you to continue saving while drawing an income.
Choice of income options: It offers both capped and flexi-access drawdown, as well as the option to purchase a lifetime annuity.
Wide investment choice: You have access to a vast range of funds and investments to build a portfolio that aligns with your retirement goals.
Potential drawbacks of a Quilter pension
Performance concerns: Some clients have expressed concerns about the growth of their pension investments with Quilter.
Fees: As with any actively managed pension, it's crucial to understand the total fees and how they might impact your long-term returns.
Quilter pension verdict
The Quilter Collective Retirement Account offers a good degree of flexibility and choice for those planning for retirement.
However, as with any pension, it's vital to do your research, understand the fee structure, and consider seeking independent financial advice to determine if it's the right fit for your individual circumstances.
What technology does Quilter use?
Quilter has invested significantly in its technology, with its online investment platform being a core part of its offering.
This award-winning platform provides a centralised hub for clients and their advisers to manage investments, track performance, and access a wide range of products.
More recently, Quilter has been an early adopter of AI, using Microsoft 365 Copilot to automate repetitive tasks, improve efficiency, and enhance workflows across the organisation.
Quilter security: is it secure?
Quilter takes the security of its clients' investments seriously and has several safeguards in place.
Segregation of assets: Client money and assets are kept separate from the company's own funds.
Regulatory oversight: As a UK-regulated firm, Quilter is required to provide detailed financial reports to its regulators to ensure it has sufficient assets to meet its liabilities.
Financial services compensation scheme (FSCS): Investments with Quilter are covered by the FSCS, which can act as a safety net for investors in the unlikely event that the company becomes insolvent.
Cybersecurity: Quilter employs measures like encrypted emails (using Proofpoint) to protect sensitive client data. They also advise clients on how to protect themselves from phishing scams and other forms of financial fraud.
Does Quilter have good customer service?
Quilter's customer service receives mixed reviews.
On Trustpilot, the company has a high rating, with many customers praising the helpfulness and efficiency of the staff.
Reviewers frequently highlight positive experiences with swift response times and courteous agents.
However, some customer reviews on other forums have mentioned long wait times to get through to customer service.
Overall, while many clients have a positive experience, it appears that there is some inconsistency in the quality of customer service provided.
Final verdict: is Quilter right for you?
Quilter is a major player in the UK wealth management market for a reason.
They offer a comprehensive, flexible, and technologically advanced service that will appeal to many investors.
The firm's focus on advice-led relationships and responsible investing are also significant draws.
However, it's not without its potential drawbacks.
The mixed customer service reviews and concerns about value for money, particularly from those with smaller investment pots, are worth considering.
Ultimately, whether Quilter is right for you will depend on your individual needs and circumstances.
If you're looking for a one-stop-shop for your wealth management needs and value the support of a financial adviser, Quilter is certainly worth considering.
However, if you're a more cost-conscious, DIY investor, you may find better value elsewhere.
Get expert financial advice
This article provides a comprehensive overview of Quilter's services, but it's no substitute for professional financial advice.
A qualified financial adviser can help you to assess your individual needs and goals, and determine whether Quilter, or another provider, is the best choice for you.
They can also help you to navigate the complexities of investing and create a financial plan that's tailored to your unique circumstances.
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