hbfs wealth management

Boringly serious about your money.

www.hbfs.co.uk

We don’t go for the quick buck.Neither should you.

We believe in building long-term relationships with our clients. We provide a one-to-one bespoke, confidential, caring and professional service to manage your wealth as securely as possible.

Founded in 1977 as a family business, HBFS has grown significantly under the leadership of Freddy David who took the helm in 2005. Since then, it has grown into a strong firm that has been included in the Financial Times Top 100 UK Financial Advisers for the last three years (2013, 2014 and 2015), based on assets under management. There’s a good reason for our growth – our clients recommend us. There couldn’t be a more powerful testimonial to the quality of our service.

We’re very happy to be boring in our investment approach, focusing on achieving decent returns with low risk. Our first task is to protect your wealth, and then build from there.

HBFS02

We take pride in our ability to advise and continually service a wide array of clients, ranging from individuals with lump sum ISAs, to Board Directors of multi-national companies with Offshore investments and Trusts.

At HBFS, we do not rely on standardised portfolios, but offer a personalised and finely tuned service to effectively manage assets in line with our clients’ own risk attitudes and investment goals.

HBFS provides “restricted” advice, which means that we only use providers or platforms we think are best in the market and we only offer products within a certain range. This enables us to keep focused on easy to understand, straightforward

(and generally low-risk) investments without taking unnecessary risks with complex or alternative financial products.

We are non-discretionary financial managers. This means that we offer advisory services where our clients can remain active partners in their investments.

It also means that we never hold client funds. You will be transferring your money directly to the Product Provider concerned and not to HBFS.

We would be delighted to welcome you to the HBFS family and look forward to working with you and safeguarding your assets for a long time to come.

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We are in it for the long term. We are therefore very conscious that the on-going service is just as important, if not more important, than the initial advice process and the setting-up of your investment.

You will be assigned to your own Financial Adviser, dependent upon the size of your investment and any pre-existing relationships.

We make a point of coming out to visit you at your home or office, whether in the UK or abroad. The Adviser will normally make an appointment to see you two to three times during the first year of the investment, and at least annually thereafter. For complex or large portfolios, this may be more frequent.

We pride ourselves in providing a very personal service. We hope that your Adviser will be with you for many years and we do not normally change Adviser except in exceptional circumstances.

HBFS | Wealth Management

We take your investments very personally.

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As we pride ourselves on the personal relationships we aim to develop with our clients, additional services may be provided, including:

• Seminars on financial developments, changes or issues that may be relevant to you

• Inheritance Tax planning

• Discounted Gift Trust advice

• Networking opportunities

• Introductions to external providers, such as for EIS or VCT Schemes.

Your Adviser is always available for investment advice and we provide you with a direct email address and mobile phone number to contact them when necessary.

We feel that at the very least, the following services should be a minimal requirement of your relationship with HBFS:

• Quarterly statements, Portfolio analysis and reviews

• Annual meetings

• Ad hoc meetings

• Regular risk assessments

• Ad hoc valuations

• Liaising with clients’ legal and tax advisers where necessary

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Your financial strategy needs to encompass all parts of your financial and personal circumstances. That’s why we get to know you and your finances well enough to gear your investment strategy to your specific situation and goals.

A personal finance strategy that puts all the pieces in place.


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How do we manage your money?UnderstandingYourCircumstances

We will do the utmost to understand your financial circumstances by talking to you candidly and getting to understand what your aims and objectives are.

We then carry out a Risk Assessment in order to ascertain both the longevity of the investment proposed and the risks that you are prepared to take and can accommodate.

Although we primarily specialise in the management of low-risk fund based portfolios, we have many clients who are seeking a higher level of return, but who understand that the risk of the portfolio will be commensurately greater.

Risk categorisationBank accounts are risk category 1. Some money market funds are also rated 1.

Government gilt funds are normally risk category 2 and high quality corporate bond funds and some mixed asset funds (bonds, property and shares) are in general in risk categories 2 and 3.

Risk categories 4 – 10 are normally stock market funds.

In general, there is an ascending level of risk to capital the higher the risk level. A majority of our clients hold portfolios with a risk level of between 2 and 3, which will most likely be made up of Fixed Interest (Bond), Equity and Mixed Asset Funds.

We use an external service to categorise risk, which gives an objective risk value to each individual fund.

Choosing the right investment structureWe will look into your current and prospective future tax position. HBFS does not offer tax advice per se – you will need to refer to your accountant for professional tax advice – but our guidance will be shaped by the tax implications of the specific products we deal with and that we believe will work for you.

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We make no bones about it – if it’s excitement you’re looking for, you’re in the wrong place. We look to make decent returns of 5% -7% on low-risk medium- and long-term investments.

That’s good for your blood pressure, and good for your long-term financial well-being.

An investment approach that won’t set your heart racing.


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How Do We Select the Funds?The funds we use are selected through extensive research. The product providers we normally use – Old Mutual Wealth for onshore and Old Mutual International for offshore – perform a high level of initial due diligence and identify a range of quality funds. (While we have worked closely with Old Mutual over a number of years, we are not bound to them and we are constantly reviewing the market.)

We then look at how the fund has performed within its sector (relative performance); how the fund has performed generally (absolute

performance); ratings by independent agencies; what risk number has been assigned to it; how long the Fund Manager has been in place; and the longevity of the fund.

We then issue a core internal monthly list of 50-70 preferred funds across the 10 risk bands, from which our Advisers can choose to best match each client’s needs.

Our clients also benefit from reduced fund manager charges as Old Mutual has already pre-negotiated favourable fees to allow funds to be placed on their platforms.

Information sheets giving full details on all our investment products and structures are available separately.

Choosing the Right FundsWe don’t select individual equities and bonds – funds offer a much better diversification of risk. We carry out extensive research into the right funds that will match your expectations and your risk assessment and we constantly monitor the portfolio to make sure that it will always reflect your attitude to risk and requirements.

Once the right structure has been chosen, we will present you with a prospective portfolio based on your risk assessment and your expectations of return. We generally select 10 funds to provide diversification, but this will vary depending on the sum invested.

What do we invest your money in?

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We’re conservative with the investments we recommend to our clients, but we are very creative in our use of investment structures.

Each have their particular uses, which you can read more about on the following pages.

For a better investment strategy, get a better toolkit.


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Individual Savings Account (ISA)The current ISA allowance is £15,240 per person (this is subject to change annually), and so we advise our clients to first take advantage of this tax free environment.

You can invest into the ISA with a lump sum, contribute to your ISA pot every month, or transfer money in from an existing cash or stocks and shares ISA. We then choose the right funds for you to hold in the ISA and manage the portfolio for you.

All of the growth within an ISA is completely tax free and never needs to be shown on your tax return.

Capital Gains Tax PlatformThis UK based platform is generally used for the next approximately £200,000 of client assets per person (£400,000 for a joint account).

Each UK individual is entitled to an £11,100 Capital Gains allowance (2015/16 tax year), which can be used to soak up most investments that make a ‘gain’, including investment property, shares and gilts.

This account is used to absorb a person’s annual Capital Gains allowances, essentially meaning that the first £11,100 (for an individual) of capital gain in the portfolio would be free of Capital Gains Tax, once the funds are sold and the gain crystalised.

This would equate to a return of 5.55% per annum on a portfolio valued at £400,000 (for a couple).

Of course, we would only use the Capital Gains Tax and ISA allowances if they were not being taken up by the client elsewhere within their overall asset base.

We will always look to use the most appropriate tax efficient investment wrappers for our clients.

In most cases, with UK clients we will begin by soaking up the personal investment allowances that each UK individual is entitled to.

To take advantage of these allowances, we use our preferred onshore investment platform to manage the underlying funds, which are held within the following tax-efficient wrappers:

Where do we manage your money?

Onshore Platforms

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Offshore Wrappers (also known as Offshore Bonds)We ask for a minimum investment of £100,000. There is no upper limit, and many clients hold multiple millions of pounds in Offshore Wrappers.

Known as ‘gross roll-up’, investments can grow free of year on year Capital Gains, Corporation and Income Tax charges. This is very effective as the fund can grow with no immediate tax liability.

HBFS specialise in Offshore Wrappers, where we are market leaders. Offshore Wrappers are an excellent tax-planning vehicle for medium to long term investments and have a number of intrinsic benefits.


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This is not a get-rich-quick scheme. It’s a pay-tax-slow scheme.

This works well in particular for people who don’t need to access the income yet and who might be on a lower tax band when they do.

There is no Capital Gains Tax liability at any time whether on switching funds or withdrawing money.

The tax efficiency of the Wrappers derives from their treatment under the Chargeable Gains Regime set out by HMRC. In this respect it is important to note that the Wrappers are very different from various ‘Schemes’ that have been initiated by tax advisers or accountants and that are under attack or close scrutiny.

The Wrapper investment can easily be placed into a Discounted Gift Trust which can be a highly effective way of dealing with an Inheritance Tax (IHT) liability for clients who are domiciled or deemed domiciled in the UK.

As Offshore Wrappers are deemed to be ‘non-income producing assets’ they do not have to be disclosed to the Inland Revenue until a ‘Chargeable Event’ occurs, such as when an individual cashes in more than 5% of the bond in a single tax year. The Wrapper provider will supply the chargeable gains certificate. (For UK tax-payers only).

It is also used for other types of Trust, both offshore and onshore.

Offshore Wrappers can offer significant benefits to UK resident non domiciles who otherwise will be affected by the abolishing of non-dom status in April 2017. We have a separate information document on the particular use of Offshore Wrappers for non-doms.

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Discounted Gift TrustThis is a type of Trust that works together with the Offshore Wrappers described on the previous page. The Trust is used primarily in order to mitigate Inheritance Tax but still allows the client to benefit from an income stream.

The purpose of setting up a Discounted Gift Trust investment is to move assets across to children/grandchildren in a tax efficient way to mitigate IHT, whilst still allowing the person who owned the funds initially (the settlor) to enjoy income from the funds during their lifetime.

There a number of Trust structures which can help mitigate Inheritance Tax. We are experienced in setting up these Trusts, and can advise you on which are appropriate for your circumstances.

If you don’t have the right tax planning in place, your Estate (and therefore your beneficiaries) could be hit by a major Inheritance Tax bill. Yet Inheritance Tax can be significantly reduced with the right long-term planning.

Don’t let the taxman be your major beneficiary.


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Gift Trust – Gifting out of Surplus Income There is a useful (and often underutilised) exemption that allows for gifts over £3,000 to be made without these gifts forming part of your Estate if you die within 7 years. It is known as ‘Gifts of Normal Expenditure out of Surplus Income’.

Such gifts must come from income and form part of a ‘pattern of normal expenditure’, with a regular pattern of gifts being made, for example, over a three- or four-year period, although the actual amount gifted might vary each year. In order for these gifts to avoid being considered as part of one’s Estate, one’s normal standard of living must be maintained i.e. all living and other expenses must have been accounted for first.

Loan Trust A Loan Trust can be an effective Inheritance Tax planning arrangement, which is specifically designed to mitigate a potential Inheritance Tax liability by way of making an interest free loan to the Trustees.

A Loan Trust gives the settlor access to capital through regular or ad-hoc withdrawals as repayment of the loan, which is repayable on demand, whilst allowing any growth on the capital to be passed to the beneficiaries free from Inheritance Tax.

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It’s very easy to overlook making adequate pension arrangements. Or alternatively, after having made arrangements, not keeping an eye on them.

That’s where our Pensions Management service is so valuable.

You should be the one sleeping easy.Not your pension.


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Personal Pension Platform We use a simple personal pension platform that can work for you whether you are contributing to your pension, waiting to retire or drawing income from it. We build the right portfolio of funds for you based on your long term financial goals, and coordinate this portfolio with the other investments we manage for you.

This platform can accept transfers from any other personal pension and we then manage all the money as one, bringing you the benefits of scale, oversight and simplified administration. We keep fully up to speed with the changing regulatory landscape such as ‘pensions freedom’ and make sure that you can take best advantage of these ongoing changes.

When the time comes to start to take an income – from age 55 – we can use the sophisticated tools the platform provides for you to draw the best and most tax efficient income to fund you through your retirement. When you die, the pension fund does not die with you. You choose who you want to benefit following your death.

SIPPs and SSASsWe manage fund portfolios on behalf of SIPPs and SSASs. We normally hold these investments on an onshore platform that will allow your pension administrator to reclaim internal taxes on funds where appropriate. Money from your SIPP or SSAS can also be transferred into the personal pension platform – this is often more cost effective than a SIPP or a SSAS if you just invest in funds.

QROPSWe provide advice on setting up a QROPS (Qualifying Recognised Overseas Pension Scheme) for people moving abroad. A QROPS can provide you with some very significant tax advantages if you take your pension income outside of the UK.

We specialise in QROPS for clients moving to live in Israel and work very closely with Israel based accountants and lawyers who are totally familiar with both tax regimes. The underlying assets for a QROPS are normally invested in an Offshore Wrapper.

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Freddy David – Managing Director Freddy joined HBFS in 2000, having previously worked as a Corporate Manager at Barclays Bank, Knightsbridge and has been Managing Director of the firm since 2005.

Freddy has a BSc Econ (Hons) in Industrial and Business Economics from the LSE and an MA from the University of London, as well as qualifications from the Chartered Institute of Bankers and the Chartered Insurance Institute. He is also a holder of the Diploma in Investment Planning, set by the Chartered Institute of Bankers in Scotland, affording him the title of Professional Financial Adviser (PFA).

Freddy deals in more complex and high value investment portfolios, with diverse and high profile clientele, especially offshore, and has an in-depth knowledge of investment funds.

Freddy is married to Hannah, the Director of the Conservative Policy Forum and former Parliamentary Candidate. They have three children currently studying at university and school. Freddy’s only hobby is entertaining clients at Old Trafford!

Saul Zneimer – Adviser Saul joined HBFS in 2011 from Bank Hapoalim where he had been Head of Business Development in the UK.

He was previously the Chief Executive of a major not for profit organisation and Rabbi of the Kenton Community.

Saul studied at schools in London and Brussels, read PPE at Oxford and received Rabbinical Ordination in Jerusalem. He played international schoolboy rugby and won two Blues for football.

Freddy David

Saul Zneimer

Moshi Kahtan

Grant Benjamin

He holds the Diploma in Regulated Financial Planning (DipPFS) from the Chartered Insurance Institute.

Moshi Kahtan – Adviser

Moshi joined HBFS in 2011 from Israel Discount Bank (IDB), where he was Head of Business Development in the UK, helping to grow their Private Banking arm in Mayfair.

He has previously served as a Press Officer (and then Economics Officer) at the Embassy of Israel, London for three years.

Moshi gained his qualification in Regulated Financial Planning from the Chartered Insurance Institute (CII) in 2013, his Investment Management Certificate Qualification (IMC) in 2010 and his BA (Hons) degree from the University of Birmingham.

Moshi is an ardent sportsman, with football and squash being his main hobbies and is a life-long Arsenal fan.

Grant Benjamin – Adviser Grant joined HBFS in June 2013. Having practised as a barrister for 11 years, Grant brings a wealth of technical experience to the firm. He received his LLB (Hons) at Manchester University and he completed his Bar finals whilst in the Inns of Court School of Law. It was whilst in Manchester that he further developed his love for the beautiful game.

Grant obtained his qualification in Regulated Financial Planning from the Chartered Insurance Institute (CII) in 2014.

Married to Beverley, a teacher, he is the proud father of two young children and is actively involved in the local community.

Our peopleHBFS | Wealth Management

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Benji Silverstone

Kishan Devani

Denise Frohwein

David Margo

Benji Silverstone – Adviser Benji studied for seven years at colleges in both England and Israel and successfully obtained his Rabbinic Ordination in 2001.

Benji moved back to England from Israel in 2002 to open up the Manchester branch of the international charity Aish which he directed and developed for 10 years.

In early 2013, Benji opened the Manchester branch of HBFS, ensuring that we can maintain a personal service to our clients throughout the UK. Benji obtained his qualification in Regulated Financial Planning from the Chartered Insurance Institute (CII) in 2014.

Benji is married to Shiffy and both are kept very busy with five children.

Kishan Devani Kishan joined us in 2014 as a Consultant and is the current Deputy Chairman (finance) of the London Conservative Party and chair of the Treasurer’s Committee for Conservative Way Forward. Kishan also stood as the Conservative Party Parliamentary Candidate for Leicester East in the 2015 General Election.

Kishan is a Religious Studies teacher and has spent much time focussing on community cohesion. He is very passionate about education and has also campaigned for greater awareness of the challenges facing Special Education Needs (SEN) pupils. He won the Asian Achievers Award in Community Service in 2012.

Kishan studied law before training to be a teacher, going on to become a department head.

Denise Frohwein – Consultant Denise is mainly responsible for Business Development in the North London community and is a very personable and popular account manager.

Denise has a BA Hons Degree in Business Studies from Middlesex University and has worked in Treasury and Accounts functions as well as client services over a career spanning 20 years.

Aside from her day job, Denise runs a busy household with four teenagers at home, she enjoys entertaining and is a legendary cook within her close circle. She also utilises her administration and pastoral skills through pro bono client-facing work for Paperweight, a local charity that provides financial administration support and sources legal aid for widowed or disadvantaged people.

Jonathan Rosen – Consultant Jonathan (also known as “JR”) has over 25 years of broad experience in the financial services industry, having previously been with Barclays Bank Plc and a partner at St. James Place Partnership.

Jonathan is a proud family man with children and grandchildren and hopes to one day pass on his love of playing competitive tennis to them.

David Margo – Consultant David has been in a number of businesses for over 30 years and after selling his city based estate agency in 2014, joined HBFS as a consultant.

David, with his extensive background in business coupled with his considerable network, brings a fresh and contemporary approach to the firm.

David is a proud father of two wonderful children and finds himself going to watch his beloved Crystal Palace with his kids on a regular basis.

Jonathan Lyons – Head of Administration Jonathan (also known as “JL”) is in his 31st year with HBFS, having joined the firm back in 1986, following a background in life insurance.

As Head of Administration with a watching brief over Compliance, JL uses his extensive experience to ensure that all regulatory and compliance matters are dealt with in the best possible way. He is married to Beverley and they have one son. JL enjoys music and is an avid reader – in particular of crime thrillers.

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Appendix 1

Administrative and Technical Support Staff Our front office team are supported by a strong and experienced administrative and technical back office: Margaret Lonergan (Freddy’s PA), Gigi Norman, Tara Finestone and Judith Ballheimer (Administrative), Michele Herszaft (Office Manager and Book Keeper) and David Kass (Dealing and Technical).

Statements and Reporting Your Financial Adviser will be supported by an Administrative Executive who will be able to provide you with information (but not advice), in the form of emailing statements advising you on fees and transactions and information regarding additional deposits and withdrawals.

We send statements out every quarter and a full personal report on how your investment is doing and our suggestions for changes if necessary.

If we feel that we want to make changes during the quarter, we will of course advise you directly.

The quarterly statements are sent out by email a few weeks after the quarter ends but of course you are able to receive an email update of the statement, upon request, at any time. If you do not use email, we are happy to post paper copies of the statements to a stated address.

You may also opt for a monthly email on your statement to be sent to you.

VATNo VAT is charged on any of the platforms that we use.

PhilosophyWe have tried to make our fees as low as possible whilst still being competitive and commercially viable.

You can cancel the “Client Agreement” at any time but you will still be liable for the management fee up to the month in which you cancel.

Our fees include all work carried out on your account, all advice, meetings, statements and we guarantee that we will not make any charges over and above the fee structure laid out above except in exceptional circumstances where you request us to do a full investigation into funds not held by us which requires a significant amount of time and we will advise you of this fee prior to carrying out the work.

Please note that we do not receive any commission or “kick-backs” or any payments from Providers or the funds themselves.

Exit FeesThere are no penalties to exit the platforms we use at any time. Your money is normally available within 10 – 12 working days’ notice.


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Our Fees Our fees for 2016/17 (as a percentage of the value of your fund, based on a portfolio of £100,000 or above) are:

Thefollowingarethefinancialbenefitsthatthesefeesbring:

FundPurchaseFees/BidtoOfferSpread

Initial charges on purchasing funds on the platforms, both onshore and offshore are eliminated. The initial charge of 3% covers the entry fee to the funds, the set-up of the platform and the work involved in giving the initial advice. It is usually deducted by the Product Provider from your gross investment.

This represents a significant saving on the purchase of funds were they to be bought from the Fund Managers direct and not via a platform.

ReductioninFundManagerFee

The platforms carry either a rebate of fees, or a heavily reduced ongoing fee. We buy the ‘U’ class fund version, where possible, which is the cheapest platform version of the funds available.

Bid-to-offerSpread–DealingFee

Bid-to-offer spreads are reduced heavily from the standard retail fee down to 1% as a maximum and in many cases, it will be free. The 1% would be comprised of 0.5% on the sale and 0.5% on the purchase of a fund.

EntryFee

Covering Initial Advice, Set Up Fees

for the product and Purchase fees

for the funds

OngoingHBFSAdviceFee

DealingFee

(including bid/offer spread)

➔

➔

➔

3% (One-Off Fee)

1.5% (Annually)

Up to 0.5% on the

value of each trade

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1 TheFinancialConductAuthority(FCA)

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers considering buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2 Whoseproductsdoweoffer?

Investment

Please refer to section 3 of this document.

Insurance

q We offer products from a range of insurers for all non-investment insurance contracts that we deal with. You may ask us for a list of the products we offer.

q We only offer products from a limited number of insurers.

q We only offer products from a single insurer.

3 Whichservicewillweprovideyouwith?

Investment

q Independent advice – We will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be based on a comprehensive and fair analysis of the market.

q Restricted advice – We will advise and make a recommendation for you after we have assessed your needs. We offer advice on limited types of products from a limited number of companies. You may ask us for a list of companies and products we offer advice on.

q No advice – You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

Insurance

q We will advise and make a recommendation for you after we have assessed your needs for all types of non-investment insurance contracts that we deal with.

q You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

4 Whatwillyouhavetopayusforourservices?

INVESTMENT

You will pay for our services on the basis of an adviser charge or fee.

We will discuss your payment options with you and answer any questions you have. We will not charge you until we have agreed with you how we are to be paid.

All fee amounts quoted below are exclusive of expenses and disbursements; these will be added to the invoice if applicable.

All fee amounts quoted below are exclusive of VAT. We are not currently registered for VAT and consequently VAT is not currently added to our invoices.

ADVISEDSERVICES

For our advised services, you will pay us via an adviser charge.

Initialadviceservice

Our initial advice will be appropriate for you based on your requirements and circumstances at that time. We will not ensure that any initial advice remains suitable for you at a later date, unless you select to receive ongoing services from us.

Ongoingservices

In addition to our initial advice services, you could ask us to undertake further services on an ongoing basis. Information on ongoing services that we offer is provided later within this document.

Our typical adviser charges are noted below. The exact amount may be more or less than this, but will be specifically agreed with you based on the work you ask us to do for you.

We will confirm the actual adviser charges in writing within our separate ‘Services & Payment Agreement’, before providing our services to you.

You may ask us for an estimate of how much in total we might charge for any service(s) provided. You may also ask us not to exceed a given amount without checking with you first.

You may cancel the ongoing service at any time.

About our services and costs(CIDD) Combined Initial Disclosure Document

Appendix 2HBFS | Wealth Management

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THECOSTOFOURSERVICES

PAYMENTFORINITIALADVICESERVICES

The amounts shown below exclude VAT. We are not currently registered for VAT and therefore VAT is not currently added to the amounts we charge.

Percentageoflump-suminvestment

A one-off adviser charge as a percentage of the initial investment amount will typically be 3% of the amount invested.

Example:

If you invest a lump sum of £100,000, we would charge an initial ‘adviser charge’ of £3,000, meaning that your net investment sum would be £97,000.

SettingupaMonthlyInvestmentPlan

The Adviser Charge will be 3% of the monthly investment amount, and will continue for a period of three years, at which time, the fee will be reviewed.

We will tell you how much the initial adviser charge will be before you complete an investment, but you may ask for this information earlier.

PAYMENTFORONGOINGSERVICES

There will be an additional charge for any ongoing work, such as periodic or ongoing reviews we carry out on your behalf. We will confirm the rate, frequency and length of any ongoing service(s) before commencing that ongoing service.

Ongoingservicesofferedinclude:

• Ongoing meetings

• Reporting

• Investment advice

• Contact

• Administration

• Professional services

More details on the services we offer will be provided separately.

Example:

Type of service: Quarterly investment reviews

How much our ongoing charges might cost if based on a percentage of fund value:

• Based on a fund value of £100,000, an ongoing annual charge of 1½% of this amount would mean that it would cost £1,500 per annum to provide an ongoing service. If the fund value increases over time, the ongoing charge then increases accordingly.

The frequency of the ongoing charge will depend on the service(s) you choose but is usually made by a deduction from your fund by the Provider on a monthly basis.

We will agree what will be charged before any service(s) is provided and the amount will be confirmed within our ‘Service & Payment Agreement’.

Yourpaymentoptions

‘Advised’Services

As you can see above, the Initial and Ongoing Fees for our Advised Services are typically deducted from the investment fund by the

Platform Provider and paid to HBFS. However, you can request to receive an invoice from us and pay us separately to the investment.

‘Non-Advised’Services

The Cost of Our Services …We will tell you how we get paid and the amount before we carry out any business for you.

Informationaboutothercostsandassociatedcharges

There may be other costs, including taxes, that are payable through other parties (such as the product provider) that we may not be party to. Such charges are normally disclosed in relevant third party documentation, for example a Key Features Document.

INSURANCE

q A fee.

q No fee for advising and arranging all non-investment insurance contracts that we deal with.

You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.

5 Whoregulatesus?

HBFS Financial Services Ltd (of 3 Theobald Court, Theobald Street, Borehamwood, Herts WD6 4RN) is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 463752.

Our permitted business is advising and arranging investments and non-investment insurance contracts.

You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register or by contacting the FCA on 0800 111 6768.

6 Whattodoifyouhaveacomplaint

If you wish to register a complaint, please contact us:

…inwriting: Write to HBFS Financial Services Ltd, 3 Theobald Court, Theobald Street, Borehamwood, Herts WD6 4RN)

…byphone: Telephone 020 8953 3444

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7 ArewecoveredbytheFinancialServicesCompensation Scheme(FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

INVESTMENT

Most types of investment business are covered up to a maximum limit of £50,000.

INSURANCE

Longterminsurancebenefits(e.g. pensions and life assurance). The maximum level of compensation for claims against firms declared in default is 100% of the claim with no upper limit.

GeneralInsurance advice and arranging is covered for 90% of the claim with no upper limit. Further information about the compensation scheme arrangements is available from the FSCS.

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Advisers Freddy David PFA (Managing Director), Saul Zneimer DipPFS, Moshi Kahtan DipPFS, Grant Benjamin DipPFS, Benji Silverstone DipPFS Consultants Jonathan Rosen, Kishan Devani, David Margo Head of Administration Jonathan Lyons

HBFS is the trading name of HBFS Financial Services Ltd., which is authorised and regulated by the Financial Conduct Authority. FCA number; 463752. Registered address: 52 High Street, Pinner, Middlesex HA5 5PW. Registered in England, Reg. no. 5273179. Trading address: 3 Theobald Court, Theobald Street, Borehamwood, Hertfordshire WD6 4RN. © 2015 HBFS Financial Services Limited. All rights reserved. D

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HBFS Financial Services Ltd (Manchester)Halifax House93-101 Bridge StreetManchester M3 2GX

T. 0161 669 4678 E. [email protected]

HBFS Financial Services Ltd (London)3 Theobald CourtTheobald StreetBorehamwoodHertfordshire WD6 4RN

T. +44 (0)20 8953 3444E. [email protected]. www.hbfs.co.uk

hbfs wealth management

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