Before migration, the charges your clients paid to Quilter and any fees you agreed were calculated and deducted on a single day within the month. Following the move to the new technology platform these fees and charges will be calculated on a daily basis and accrued. In the event of a full withdrawal of assets the accrued fees and charges would be deducted from the final payment made from the client’s account.
This is a more accurate way of determining the fees and charges being paid, as your client’s investments fluctuate over the course of the month. You will see the accrued fees and charges on your client’s valuations and other documentation.
The rates your clients pay won’t change and the deduction of the fees and charges will still occur on a single day within the month based on the anniversary date of the first account that your client opened with us, or the anniversary of the account itself where an adviser regular initial fee is being taken.