At its core, the Consumer Duty's price and value outcome is about ensuring consumers get 'fair value'. It means, quite simply, that the amount a consumer pays for a product or service must be 'reasonable' when compared with the benefits the product or service offers.

BWC Benchmarking has developed a tool to assist you to demonstrate that clients get fair value. We have analysed all the fees and charges available in the public domain for all wealth management firms. For over 100 firms we were able to find at least some charges relating to either bespoke discretionary portfolio management (either direct or via an IFA), MPS, financial planning or integrated wealth management (discretionary + financial planning), as well as underlying investment charges to portray the total cost to the end investor.

From this we have produced an extensive table of these charges on a firm-by-firm basis, and then constructed an interactive price comparison tool, where you can adjust various parameters (such as portfolio size, expected yearly growth, trade volume and size, number of years) and the table of charges will automatically update. As this is based on information in the public domain, we can provide firm names against each of the charges. Plus, there is the functionality to model a new charging structure to see where that would place against the wealth manager competitor set.