You’ve probably been taught that ‘if something seems too good to be true, it probably is’ – which is often the case, but not always. We get asked a lot why our fees are lower than others and it’s a very valid question. Especially in finance, scams are rife, and we encourage our customers to be wary. So, we’re going to break down how we are able to charge such low fees, without compromising on our service.
How did it start?
Our co-founders Anthony and Duncan have both worked in the financial industry for decades, so they knew first-hand that the majority of people weren’t being catered for. They wanted to create a company who make financial advice and investing affordable and accessible to all. We like to say we’re here for millions of you, not just those with millions – and we really mean it.
How does it all work?
We have qualified financial advisers, great tech and a fantastic support team. We use a mixture of qualified experts and technology to create a great balance between an online advice service and the ability to speak to real people! We balance expertise with the low overheads of technology, so that we can pass these savings on to our customers and open up the world of advice and investing to those who may have otherwise been priced out.
Does a small percentage difference really matter?
You may think a small percentage difference between providers won’t make much difference overall but remember the miracle of compound interest (small sums make a big difference over time)? It goes both ways. Just half a percent can eat away at your investments over time adding up to hundreds, if not thousands, resulting in you keeping less of your money - and that’s never something we’d feel comfortable doing.
Do I get less for my money?
No. Despite our low fees, we don’t compromise on our service. We also offer ongoing advice and our support team are always on hand to help out if you need it. Our returns aren’t bad either, check out our Q4 report to see for yourself.
Do you make any money?
This industry is full of those who take advantage of the consumer, charging high fees that eat into your returns; remember a lower fee means you get to keep more of your returns! Here at OpenMoney we of course need to charge a fee as we are providing a service, but we keep this as low as we can for our customers - our fees are also inclusive of VAT, so you won't find any surprises. Just last year when we rebalanced our portfolios, we made a saving on our fees and we passed this straight on to our customers, making them less than 0.5%*.
So that’s it - the simple reason our fees are low, is because we want them to be.