Platform One Lump Sum Plan

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Platform onePlatform One Review:
Platform One was created by a group of experienced and influential industry figures, Platform One provides a unique facility that supports all aspects of specialist wealth management with leading-edge technology working in parallel with premium service delivery standards. Platform One is fully authorised and regulated to provide its UK and International wrap services.

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Platform One Lump Sum Plan Summary

Platform One Review

For anyone wishing to invest in multiple currencies who wish to consider moving from country to country and have one custodian then this should be one of the options you look at. The custodian is regulated and based in the EU, has full protection, but also offers a full range of funds, direct equities and trackers to invest in. It has full access from day 1, no penalties, no hidden commissions and full transparency. You have to pay a fee to access it. It is good for those who wish to hold for the longer term.


For


  • Full flexibility with full withdrawal or full access in the early years without penalty
  • No commission, and no hidden charges
  • Full transparency of costs leads to lower charges than bond based options
  • No term required, therefore no surrender penalties
  • Provides access to funds, passive trackers and equities

Against


  • Charges for currency trades, and whilst offering discounts over many of the other bond options it is not as cost effective as UK or US models
  • Outside of a pension, many countries do not recognise any tax concessions
  • This is a fee driven product which must be paid at outset
  • Regular trading is more difficult and could become expensive



Platform 1 – What do they say about themselves:To meet the growing needs of the international market-place, advisers and their clients from around the world can now access the benefits of a UK regulated wrap platform with exceptional service standards.

Platform 1 Hallmark Savings Plan is a transparent fee-based solutions are available that are RDR compliant. And for overseas advisers where RDR does not apply, Platform One provides a traditional commission-based alternative.

Policy Currency: The Platform One Lump Sum Plan may be denominated in US dollar, GB pound, Hong Kong dollar, Japanese yen, Swedish krona (SEK) or Euro. Benefits will be paid in the plan currency.
Why choose the Platform One Lump Sum Plan: Leading Fund Houses offer a wide choice of investment funds. You choose from over 5,000 risk-rated funds covering all the major world markets and investment classes. The funds section contains performance statistics which are updated monthly, fund prices which are updated daily and Fund Fact Sheets on each fund.

Expat Money Expert Verdict on Funds 

Platform One Lump Sum Plan promotion: What does Platform write about their own Platform One Lump Sum Plan? A secure, innovative regular savings scheme for individuals working internationally, who want to make lump sum investments personally or through a company group pension scheme. Flexible : Simple : Low Cost

Platform One is an online service that enables you to securely hold your investments in one place so that you can see them clearly and monitor their performance easily. The Platform One International Service provides a more efficient alternative to your investments being held by a number of different companies, each with their own account numbers and paperwork.

We offer access to General Investment Accounts, a range of specialist international pension schemes and support one off contributions for the Lump Sum Investment Plan.

We feel strongly about offering the ability to transfer existing assets between providers and make no charge for the re- registration of investments to or from Platform One. In addition, you are able to obtain valuations, investment information, trade details and tax return information at the press of a button.

From your adviser’s perspective, the Platform One International Service allows them to manage and monitor your investments more effectively. This enables them to concentrate on what’s important – providing financial planning that is pertinent to you and effectively managing your investments.

Eligibility: Individuals who want to make Lump sum investments (including saving schemes for dependants); Members of a group pension scheme offered by their employer; Individuals making Lump sum contributions to their own pension.
Life Assurance: Platform One does not offer life assurance; it is a trading platform purely for investing your money with a wide range of investment options.
Minimums: The minimum single premium is €300 with further contributions allowable. In reality, a typical initial investment would be £65,000 as this would balance out the annual charges and keep the plan competitive.
Charges:

Establishment charge:

There is no establishment charge by Platform One, however there is typically a set-up fee of £500 charged by the adviser.

Administration charge

The portfolio charge is payable in advance for the full year at the beginning of each calendar year, or on the opening of your Platform One account. The portfolio charge is €36.00. For accounts which are opened on or after the 1st July in any year the fee charged is reduced to €18.00.

The annual charge is calculated and deducted quarterly and is subject to a minimum annual charge of €300 or €75 per quarter.

The charges you have agreed with your adviser are deducted at the same time as the Portfolio and Platform charges.

Other Charges:

There are also fund management charges, usually 1% to 1.5% pa each year- depending on the funds chosen, although Platform One rebates up to 50% of the fund charge making this a very unique proposition for the investor.

Additionally there may be an adviser charge to manage the portfolio, this typically can be between 1 to 1.5% per annum depending on the chosen advisers charging structure and service provided.
Full details can be found at www.platform1online.com

Are charges explicit: By explicit, it means that it is clear to see not only the charges for taking out the plan but also the cost of funds annually, any upfront fund costs. No penalties on access, etc. Yes, in the main the Platform One charges are clearly shown and any professional should be able to interpret them.

Documents

Platform One International Brochure
Platform One International Key Features
Platform One International Profile

Expat Money Expert Verdict on Charges 

Surrender of the Platform One Lump Sum Plan: There are no surrender charges as there is no commission charged.

Expat Money Expert Verdict on Accessibility



Expat Money Expert Assessment of the Platform One Lump Sum Plan

This is a great offshore platform with currencies but currency movement has costs. Could almost be a Best Buy

The Platform One Investment Plan is completely different to the many offshore plans available and similar to the Interactive Brokers trading account. It offers full transparency with regards to charges and funds / equities / ETF from territories such as the UK, the USA and parts of Europe and in multiple currencies although one currency must be selected at outset for all charges, and exchange rates on monies held are applied. Platform One is a pure platform plan.

For anyone wishing to invest in multiple currencies who wish to consider moving from country to country and have one custodian then this should be one of the options you look at. Platform 1do not own their own platform and their custodian is regulated and based in the EU, has full protection, but also offers a full range of funds, direct equities and trackers to invest in. Therefore if Platform 1 ever ceased trading or was bought out, the clients is in fact with the custodian and would enjoy the benefits already listed. It has full access from day 1, no penalties, no hidden commissions and full transparency. You have to pay a fee to access it. It is good for those who wish to hold for the longer term.

Funds have rebated ongoing fees when directly compared to offshore bond offerings from fund houses via the UK or the USA. There are no charges on early access. You will get back the current value of your savings but, whilst there are no guarantees that the portfolio will give you the returns you are expecting, there are limited access penalties when funds in excess of published figures are taken; this loses it half a star.

NOTE: The Platform One Investment Plan normally provides no commission to its distributors (in the industry this is called indemnified or up-front commission) and therefore a fee has to be paid, but some advisers charge high 4-5% fees whereas others will charge 2%. Also, additional charges may be applied to funds by some advisers, so choose your adviser carefully and do due diligence on the charges offered.

WARNING: Costs and information is correct as of July 2016. Please refer to a brochure from the company for current up to date information and any changes on costs or information. You should not buy based purely on information contained within this article and EME do not accept liability for purchases. If you have any doubts then please speak with your financial adviser or a representative of the company for further advice.

If the provider improves or amends its terms then EME would like to hear from them to amend the review page accordingly, and providers are encouraged to comment on errors or omissions to ensure that readers have the latest and correct information.




Comments 2

  1. Great line up. We will be linking to this great article on our website.
    Keep up the great writing.

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  • Charges criteria

    Charges are assessed inclusive of fund fees, capital units, bid/offer spread criteria and third party management fees which are often ignored but are, in effect, compulsory additional costs that essentially must be considered by clients.


    Star ratings

    The star ratings apply at inception of the products and in at least the first 2 -8 years. Some products reduce charges or become more accessible with time held, but the length varies for each product; from our reviews it is typically overall between 5-10 years.

    These ratings are awarded based on information obtained from the companies at a certain date. It is worth considering obtaining the latest updated information yourself before making a decision.


    Star ratings

    ChargesOverall charges greater than 5% per annum.
    FundsLimited selected range of collectives or mirror funds with upfront additional charges (Bid/Offer spread) or initial “capital” units.
    AccessibilityTo avoid access penalties, only accessible after establishment period of 8 years or longer.
    Overall AssessmentA commission-based adviser’s product. Not recommended under any circumstances.

    ChargesOverall charges greater than 4% per annum.
    FundsIn-house range of collectives or mirror funds with upfront additional charges (Bid/Offer spread).
    AccessibilityPenalties resulting in loss of fund value may exist for 5 years – 8 years.
    Overall AssessmentA predominantly commission-based adviser’s product with limited use or appeal.

    ChargesOverall charges between 2.5% and 4% per annum.
    FundsIn-house or limited range of collectives or mirror funds with no Bid/Offer spread.
    AccessibilityTo avoid access penalties, only typically accessible after establishment period of 12-24 months or longer, but with no penalties thereafter.
    Overall AssessmentFor those seeking lock-in target dates (perhaps with guarantees) over 5 years.

    ChargesOverall charges less than 2.5% per annum.
    FundsFull range of collectives with no Bid/Offer spread and rebates on charges reducing annual costs.
    AccessibilityImmediate within 60 days without any penalties on any item.
    Overall AssessmentRecommended for some situations and some people due to lower charges and flexibility.

    ChargesOverall charges less than 1.5% per annum.
    FundsIncludes ETPs (passive) and Individualised accessible collectives with no Bid/Offer spread and clean share classes for lowest annual costs.
    AccessibilityImmediate within 30 days without any penalties on any item.
    Overall AssessmentRecommended for most situations and most people, with full transparency and low charges.