1 Pensions Investments Protection Zurich International Portfolio Bond Discretionary Asset Managers The Zurich International Portfolio Bond (the plan), provided by Zurich Life Assurance plc (Zurich), a member of the Zurich Group, allows investment through Discretionary Asset Managers to help you and your client manage their investments. With such a wide range of investment options available under the plan, it is possible that you may not wish to advise your clients on all of them. Suggesting your clients consider using the services of a Discretionary Asset Manager might be a way of offering them a high quality alternative. Discretionary Asset Managers (DAMs) have the in-house resource to make instant investment decisions to enhance client portfolios, and make all the day-to-day investment decisions. This option might be particularly suitable if you value professional investment manager expertise and their ability to manage client portfolios. DAMs are experts in their field offering a professional investment service where they take on the responsibility for choosing the investments in your client s plan. Other than establishing the client s risk profile and investment objectives, there is no need for you or your client to make any further investment decisions. This can continue for the duration of the plan and can take into account any changes in your client s lifestyle or financial requirements. As their financial adviser, you will still own the client relationship but you will have the support of the DAM who will make the investment choices in the plan. The advantages of using a DAM Generically, DAMs can provide your clients with a bespoke investment service that includes: An investment portfolio designed to meet their specific investment objectives and attitude to risk; Tailored asset allocation strategies, with portfolios constructed using a wide range of asset classes; A personalised service, including comprehensive reporting and, typically, access (for both them and you) to portfolio details and valuations online, and; And there are important additional advantages for you as an adviser, such as: Subcontracting the responsibility for portfolio management to a trusted and expert third-party; Potentially reducing your professional indemnity cover costs; Reducing the time spent on selecting assets, or managing portfolios means you have more time to spend with your clients; Delivery of a consistent investment approach, leading to consistent performance characteristics; Increased professionalism and strengthened relationships with your key clients through the introduction to, and joint meetings with, the selected DAM, plus ongoing updates on your clients portfolios and market views, and; Not least, reduced paperwork. Zurich s DAM panel Zurich currently has agreements in place with the DAMs listed within this document, to provide investment services. Zurich does not provide any part of the service provided by the DAMs. A separate agreement will be required between your client and the DAM if they decide to use this facility. Only one DAM can be selected at a time and no other investments can be held in the plan, other than the assets being managed by the DAM. Zurich can agree to add or terminate DAMs at any time. Zurich does not endorse the ability or suitability of any DAM that your client chooses to nominate or any custodian the DAM may select. Availability of the service across a range of tax wrappers. For intermediary use only not for use with your clients.
2 Selecting a DAM You and your client can speak with the prospective DAM(s) to discuss their requirements before deciding which DAM will manage your client s investments. Zurich cannot provide any recommendation or advice as to whether these services are likely to be suitable for your client. It is up to you and your client to decide on the suitability of a DAM s service and then to select the most appropriate DAM. Appointing a DAM Once you and your client have decided on the DAM they would like to use, they should complete the plan application form and DAM mandate. If the DAM is required after your client has started their plan, you can speak to our administration team for further guidance. The plan application form and DAM mandate will let us know which DAM your client has selected, together with their investment objective and attitude to risk, and the fee scale they have agreed with their chosen DAM. Zurich will pass the mandate onto the DAM and they will contact your client. When we receive these forms and any outstanding requirements, we will issue the plan and the amount available for investment will be transferred to the DAM within three business days. The chosen DAM may also send your client a welcome pack. Please note, if your client nominates a DAM to manage their plan s investments: the DAM s investment choices will still be subject to Zurich s range of permitted assets; the DAM will manage the liquidity of the portfolio to cover the plan charges and withdrawals; the DAM will make a charge for their service which they will deduct from the portfolio and; we do not accept in-specie transfers of assets. DAM requirements Whilst the DAM mandate will confirm your client s investment objective and attitude to risk, DAMs also have a regulatory requirement to ensure they have all the necessary information to manage your client s investment portfolio. Therefore, the DAM may request verification of identity, confirmation of trustee investment powers (if appropriate) and other information from you, or directly from your client, to facilitate this. Plan features Zurich will make any commission, regular withdrawals, one-off withdrawals, full cash-in, death benefit (life insurance version only) or guaranteed maturity value (capital redemption version only) payments. Keeping you informed After the full value of your client s plan has been transferred to the DAM, they will make the necessary arrangements for custody of those assets, but Zurich, as plan provider, will continue to be the legal owner of all assets. Zurich will continue to send your client quarterly statements showing the value of their plan. The DAM may supplement these statements with other relevant information as appropriate and may issue their own trading statements in respect of all assets traded. Summary of advantages of using a DAM service within the plan: You and your client have access to expert investment advice; The selected DAM manages the liquidity within the portfolio, to meet all payments and charges; You maintain control of your client relationship; Any DAM fees agreed with your client can be paid for from the plan; There are no additional Zurich charges for using a DAM; There are no Zurich custody or trading charges within the plan; There is usually no VAT applicable to the DAM fee. This is because Zurich Life Assurance plc is an Irish resident life company. We ve based this on our understanding of current applicable law and tax practice, as at March 2015; 100% of the amount available for investment (initial payment plus any special enhancement less any initial charge) is passed to the selected DAM for investment (there is no requirement for any monies to be placed in the transaction account); All plan features apply where a DAM is selected, in particular the standard death benefit for the first 10 years (if selected/eligible), and finally; You and your client will receive quarterly plan statements from Zurich, plus regular updates from the selected DAM.
3 Process for doing DAM business with Zurich Recommendation You and your client agree the use of a DAM and select one from Zurich s DAM panel. Additional information on each DAM can be obtained directly from them. Illustration You should either telephone your local ZIG Consultant or the ZIG Illustrations Team on freephone to obtain an illustration. This will normally be turned around within 24 hours and issued via . The illustration will be personalised to your client and will take into account all the plan charges. All DAM illustrations will assume a 2% total expense ratio. This is a generic indication of the total DAM charges that may apply. These charges would typically comprise the DAM fee, DAM trading or custody charges (where applicable), and the underlying fund AMC and fund expenses. Alternatively, you could obtain an illustration online at Forms to complete: ZIPB Application complete the plan application form, as per the instructions contained within it, but specifically noting the following: Under the Investment Instructions section, just tick the DAM box but do not complete the asset instructions (as 100% of the net investment is allocated to the DAM, with zero placed in the transaction account). Complete the Discretionary asset manager nomination section. DAM mandate this is a separate form and will be provided by the selected DAM. Your client must complete this in order to confirm their investment objectives, attitude to risk and other details. Once both forms are fully completed, they should be returned together to: Zurich Life Assurance plc, Zurich Centre, PO Box 1076, Bishops Cleeve, Cheltenham, Gloucestershire GL50 9NR, UK. Business processing: Zurich will: Pass the DAM mandate to the selected DAM. Process the application and set up the plan, subject to full details being provided (if any details are outstanding Zurich will proactively contact you for these). Issue the plan and send out plan documents. Pass 100% of the amount available for investment to the DAM within 3 business days. The DAM will: Invest your client s money in a portfolio aligned to their investment objectives and attitude to risk detailed in the DAM mandate, and may issue trading statements. Send a welcome letter/pack to your client, providing details of how to access their online valuation service/website.
4 Zurich s DAM panel Zurich currently has agreements in place with the following DAMs to provide investment services: All DAM s investment choices will be subject to Zurich s range of permitted assets. The following descriptions of the services offered have Ashcourt Rowan Asset Management Limited Ashcourt Rowan Asset Management Limited (Ashcourt Rowan) is a wealth management company listed on the London Stock Exchange s Alternative Investment Market. The current management and staff of Ashcourt Rowan spent several years developing the investment services offered with a single core objective: to create an investment management process capable of meeting the demands and expectations of both professional financial advisers and their clients. The result is the Managed Portfolio Service (MPS) which offers quality investment management to investors whose portfolio sizes historically would have made access to investment management difficult. Our Managed Portfolio Service (MPS) uses collective investments and is underpinned by a highly valued fund research department. We control asset allocation by monthly adjustments as required. Ashcourt Rowan offer a fully outsourced discretionary investment management service specifically created for the needs of the modern professional financial adviser and their clients. We recognise and understand the role of investment management within a broader financial plan. We will only deal with clients in conjunction with their professional financial advisers. The investment strategies may be pursued seamlessly within a complete range of investment wrappers including off-shore, SIPP, ISA and on-shore accounts. The Bespoke Portfolio Service adopts the same principles as the Managed Portfolio Service but in a more tailored way. We invest in all major asset classes, whether it be directly or indirectly. This approach results in a truly universal investment scope that is the natural choice for your investment strategy. An Asset Manager will manage the portfolio on an individual basis taking account of the client s specific needs and will always be available to review and discuss client queries. Although the asset allocation will still be consistent with our overall investment policy, it is more appropriate for larger portfolios where a more tailored solution is required. Minimum investment for our MPS services is 35,000 and for our Bespoke Service it is 250,000. For more information on the Ashcourt Rowan Discretionary Asset Management services please call James Brooks on or ashcourtrowan.com. Alternatively, please visit our website Brewin Dolphin Ltd Company Our success is founded on our long track record of working in partnership with Financial Advisers to create and preserve wealth for their clients. We have developed and refined our proposition over time to ensure it remains relevant and market leading. As a FTSE 250 listed Company, we aim to utilise our size and scale for the benefit of our Adviser clients. In addition, our listing on the London Stock Exchange provides reassurance that we have strong governance, financial and regulatory controls in place. Discretionary Management Service Brewin Dolphin s Discretionary Management Service allows you to effectively outsource the day-to-day management of your clients portfolios, freeing up your time to focus on what you do best: developing client relationships and growing your business. This service enables you to concentrate on your own regulatory responsibilities without the administrative burden of managing your client s portfolios, with direct access to your clients investment managers and a broad range of products and investment expertise. A partner you can trust Investment managers will take care of everything associated with the running of your clients portfolios. This will include deciding the most appropriate blend of assets, monitoring, dealing and administration. This full-time management gives your clients reassurance that their investments are in expert hands and allows you to focus on other areas of your business. A personal approach that adapts to you your clients needs We recognise that building a strong working relationship with you is key to providing an excellent service. This personal approach is mirrored in the way we will manage investing on your clients behalf. Our aim is to build bespoke solutions that are tailored to each of your clients specific needs and aspirations. For this reason, every investment manager has the autonomy to manage your clients portfolios as he or she deems appropriate within the parameters of your clients investment objectives and risk classification. Impartial investment advice to meet client goals Without ties to fund managers, banks or insurance companies, we are able to deliver an investment management service that is impartial. We can search
5 The following descriptions of the services offered have across the financial market to find suitable assets and securities for your clients. This allows us to create investment portfolios tailored to each individual clients circumstances and objectives. Minimum investment 150,000 For more information on the Brewin Dolphin Discretionary Service please call or Via a variety of investment media including: Unit Trusts Investment Trusts Structured vehicles Passive and Special Purpose Vehicles Minimum investment 20,000 or 200,000 depending on service chosen. For more information on BMAM s discretionary management service please contact the New Business Development team on , or go to Independent investment specialists Brooks Macdonald Asset Management (BMAM) is a specialist investment manager providing discretionary management services for private clients, trusts, charities and pensions funds. We offer a service which combines a contemporary, sophisticated investment management system with the more traditional approach of nurturing direct relationships with fund managers and their teams. Since formation in 1991 we have grown steadily and significantly. The competitive nature of our offering has encouraged significant professional and personal referrals while our service levels and consistent performance have led to high levels of client retention. We are a subsidiary of the Brooks Macdonald Group plc, an AIM listed, integrated, specialist wealth management group. Working with introducers We understand that investment management is only a small part of the overall financial planning process and acknowledge the importance of working closely with professional introducers in order to ensure a smooth service experience for our mutual clients. A large majority of our assets under management have been introduced by intermediaries so our investment management teams understand the nature and importance of an integrated relationship. A diversified investment offering We invest in many assets classes that other more traditional long only equity houses may not be able to accommodate. In order to achieve maximum diversification and to increase the possibility for risk adjusted returns, our focus is on the consideration of all asset classes including: Cash Fixed Interest Equities Property Commodities Fund of Hedge Funds Cazenove Capital is a leading wealth manager providing investment management services to private clients, intermediaries and charities. Our attitude to managing wealth is measured and intelligent, with a consistent focus on preserving as well as growing our clients wealth for the long-term. We take the time to understand clients requirements, offering impartial advice and a course of action which will be clear and realistic about what is achievable and what is advisable. With wealth management offices in the UK, Europe and Asia, we can also look after clients in several locations as well as draw on the global investment expertise of the Schroder Group. The dedicated DFM team at Cazenove Capital have worked in partnership with financial advisers for over 10 years. Following a well-established central investment approach, the team develop and implement the most suitable portfolio whilst aiming to deliver superior risk-adjusted returns in line with your clients risk profiles and financial requirements. Why choose Cazenove Capital? Tailored portfolios: our discretionary fund management team will work with you and your clients to tailor a portfolio to suit their risk profile and financial goals. Dedicated portfolio managers: you and your clients will have direct access to a portfolio manager, as well as a dedicated support team. Investment expertise: a team of highly experienced portfolio managers and dedicated specialists with real expertise in some of the more complex areas of investments. Regional offices: London, Oxford, Chester, Edinburgh, Guernsey, Jersey, Gibraltar, Hong Kong and Singapore. Minimum investment 200,000. For more information on Cazenove Capital s service, please call Simon Cooper, Head of DFM Business Development, on or visit
6 The following descriptions of the services offered have Expertise Investec Wealth & Investment (IW&I) is one of the UK s leading investment management companies, with responsibility for 26.2 billion of client assets (as at December 2014). IW&I seeks to deliver exceptional levels of customer service and has been trusted to meet the needs of private investors for almost 200 years. The basis of our service is constructed around bespoke client portfolios. We can therefore incorporate client s existing investments and consider both traditional and alternative investment strategies and asset allocations to meet specific requirements. We have worked closely with financial advisers for almost 25 years and gained a unique understanding of the specific needs of financial advisers and their clients. Our aim is to help make your life easier and our bespoke discretionary portfolio management service has been specifically designed to work in conjunction with you for the management of client portfolios, ISAs, offshore wrappers, SIPPs, pension funds and trust assets. The moment you ask us to manage your client s investments we assign a dedicated investment manager to work with you and your client. We aim to build a partnership and are well known in the industry for delivering out of the ordinary levels of service. The strength of our process is that it allows a detailed strategy to be implemented across a number of different investment mediums, wrappers and platforms, to assist in applying a comprehensive investment process across the whole of your client s assets. The depth and breadth of Investec enables us to offer a broad service to our clients and access to an extensive pool of investment opportunities around the world. Meanwhile our commitment to providing out of the ordinary levels of personal service for our clients remains paramount. What makes us out of the ordinary? We identify six features of our business which, when taken collectively, allow us to describe our firm with credibility as out of the ordinary. Quality of research function: we employ a team of dedicated analysts to provide us with detailed and independent analysis of economies, markets and companies. This enables us to continuously review a wider range of UK and Overseas Equities, Fixed Interest stocks and collectives. Right size for clients: we are large enough to provide the necessary infrastructure and resources that modern investment management requires. However, we have retained our local touch with a footprint of 15 offices across the UK. Every client has a dedicated investment manager who has the ultimate responsibility for our relationship with that client and the management of their portfolio. Strong brand & reputation: we are proud to be a member of the Investec Group whose brand is well known. Our reputation for expertise is measured by the external awards we receive and most important, according to the satisfaction of our clients - many of whom have been with us for over 20 years. In our latest client survey (June 2014), we were placed in the top half of the 1st quartile of UK private investment managers for client satisfaction and 87% of our clients surveyed would be likely to recommend IW&I. Values and culture focus: Investec has focused on the critical role of creating the right culture, well before it was fashionable within the financial services sector. We believe that if the culture of the organisation is right, then the rest will follow. Trusted adviser partnership: We acknowledge and value the role of other trusted advisers and regularly work in partnership with them. We strongly believe that by working together we can enhance our mutual client s experience. Location We have 15 offices throughout the UK (Bath, Belfast, Birmingham, Bournemouth, Cheltenham, Edinburgh, Exeter, Glasgow, Guildford, Leeds, Liverpool, London, Manchester, Reigate and Sheffield) and are always quick to respond to market changes and challenges. IW&I has the ability to invest globally, think nationally and act locally on behalf of our clients. Minimum Investment 150,000 For more information on IW&Is services, please contact Mark Stevens, Head of Intermediary Services, by or call Robust investment process: We have defined and articulated our approach with our Managing Your Investments document, which sets out exactly how we consider risk and construct portfolios. This is provided to all clients and is backed up by a rigorous monitoring system.
7 The following descriptions of the services offered have What does Discretionary Management mean to Seven Investment Management (7IM)? It s as straightforward or as complex as you need it to be. Quilter Cheviot offer discretionary investment management services to private clients, trustees, charities, pension funds & their professional advisers. Quilter Cheviot has approximately 16.7bn in funds under management (as at 31 December 2014) and employs more than 510 staff in 12 offices throughout the UK, Jersey and Ireland. Services Quilter Cheviot focuses on structuring and managing bespoke portfolios through its Defaqto 5-star rated Discretionary Portfolio Service and Defaqto 5-star rated Managed Portfolio Service (MPS). Discretionary Portfolio Service We offer the Discretionary Portfolio Service for portfolios typically in excess of 200,000. Our investment managers make day-to-day investment decisions on behalf of the client, which allows them to act quickly to take advantage of investment opportunities, a freedom that is essential in today s volatile markets. As well as accommodating any existing holdings that your client may wish to retain, we are able to manage accurately capital gains tax liabilities, feed assets in or out of the market in a controlled manner, and generate income through a blend of capital disposals and natural yield. Managed Portfolio Service Our Managed Portfolio Service includes an extensive range of collective model portfolios for clients with 25,000 or more to invest. With seven strategies to choose from, clients can own an investment portfolio that meets their personal financial objectives and preferred level of risk. Working with advisers At Quilter Cheviot we have a long history of working in close co-operation with Financial Advisers. Our discretionary investment management portfolios provide an important and effective element of many investors financial plans. We believe that combining our investment management expertise with the skills of an experienced financial planner delivers a compelling solution that is ideally placed to meet our mutual clients investment needs. For further information, com or call the marketing department on Advisers and their clients can have a personal relationship with a Relationship Manager (RM) and that RM will manage their investment in line with the objectives and risk tolerances agreed. It s about delivering on our promises and managing the money in a disciplined way to allow the objectives of the client to be met. We have the freedom to act as and when needed to create the most appropriate portfolio in order to maximise the tax efficiency and potential returns available within the agreed risk tolerance. Discretionary managers charge a fee, but at 7IM it s clear, transparent and shared across the family group and all accounts. We do not charge for entry or exit, nor do we make money or charge fees for trading, reporting or meetings. Simply put, it s about being clear and open, managing to set outcomes and ensuring that there are no nasty surprises. Call it radical common sense. What are the specifics of the 7IM Discretionary Management Offering? 7IM s discretionary offering is as much about service as it is about investment. When you find a financial adviser who needs to appoint a Discretionary Fund Manager for a client, we work in partnership with the adviser, to meet with them and their client to understand their aims and then produce an individually tailored proposal for the client. When it comes to providing discretionary fund management services for you and your clients we can be as involved with clients as the adviser wants us to be. The 7IM Relationship Manager is there to support the financial adviser and their client, to monitor the investments we make to ensure they meet the client s needs. The investment decisions are made by our 7IM Investment Management Team the building blocks of any portfolio are its core 7IM risk profiled strategies enhanced with a selection of specialist strategies, as personal circumstances dictate. We run a series of both active and passive strategies, an unconstrained approach and income/ethical strategies too. Where it makes sense for certain portfolios, we will also identify complementary investment strategies run by external managers. Portfolios can be managed within or outside tax wrappers, as well as onshore or offshore. We also provide banking services; lending and cash management. And, if you also want us to look after legacy holdings, we can in order to manage out gains in an effective manner.
8 The following descriptions of the services offered have 7IM aims to accomplish three tasks when managing client money: Lower than average risk Lower than average cost Better than average performance In other words, we manage risk as well as performance. In our experience, clients are most interested in a safe pair of hands managing their capital rather than somebody trying to impress the world with their ability to be top of the performance table. We avoid nasty surprises and are predictable with truly personal service. Minimum investment 200,000. For more information on the 7IM Discretionary Service, please call one of our Advisers on or Third Party Introducers Vestra understands the importance of working with intermediaries; our transparent charging structure, risk and performance monitoring process, along with our experienced portfolio managers, ensure that introducers have complete confidence in recommending our services. Each client is appointed an experienced investment manager who will work closely with the intermediary to ensure that each of the clients investment needs and requirements are met. Investment Philosophy Vestra s philosophy is to add value through both top-down asset allocation and bottom-up security selection. Our strategic allocation is built with a five year investment horizon however, as returns, diversification and risk change over time, our aim is to manage clients expectations over the different market environments through tactical shifts to our strategic allocation. We believe that in volatile markets, preservation of capital is vital. Portfolios have access to all asset classes including equities, bonds, cash and alternatives. We will use actively monitored collective investment vehicles where necessary. All clients have access to their portfolio online through our secure server. Since 2008, Vestra Wealth has been committed to offering clients a fresh approach to wealth management, with a service that is as individual as they are. By drawing together in-depth knowledge and experience from across the industry, they provide a flexible, bespoke service adapted to clients needs. Vestra has 5 billion assets under management and 200 members of staff, including 26 Partners. A fresh approach Our rigorous investment process means that we will not invest in anything we do not believe in. We do not manufacture and sell in-house products and we do not have product sales targets which means our advice is unbiased. Minimum investment 50,000. The way in which a portfolio is structured and managed will vary depending on the portfolio value, investment requirements and a client s risk appetite. For more information on the Vestra Wealth Discretionary service please contact Tony Allan, Partner and Head of Business Development on or or go to The partnership ethos of our business has allowed us to attract some of the best talent in our industry and draw together in-depth experience from multiple disciplines. We offer an experienced, personalised, flexible and direct approach to investment planning and management across multiple asset classes.
9 For use by professional financial advisers only. No other person should rely on or act on any information in this advertisement when making an investment decision. This advertisement has not been approved for use with clients. The Zurich International Portfolio Bond is provided by Zurich Life Assurance plc, a member of the Zurich Group. NP127844A51 (07/15) RRD Zurich Life Assurance plc is authorised and regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority for the conduct of insurance business in the UK. Registered office: Zurich House, Frascati Road, Blackrock, Co Dublin, Ireland. Registered in Ireland under company number Telephone number We may record or monitor calls to improve our service.