LFM Investment Portfolio CA (New)

Customer Agreement
‘Investment Portfolio Service’
comprising:
Initial advice and related transactions
Forwarding and monitoring
Annual review
Three monthly investment portfolio valuation
Six monthly investment portfolio rebalancing
This proposition is suitable for customers requiring ongoing advice and oversight of a
portfolio of multiple investments.
It is not suitable for customers intending to hold investments within a single investment
type or with a discretionary manager. It is also not suitable for customers requiring
limited or one-off advice.
Where available, customers have the option to pay directly as well as have the cost of
services deducted from the value of financial products by the product provider.
Page 1 of 15 LFM Customer Agreement - Investment Portfolio Service 01/01/2022

1. Reference
1.1. The following reference is assigned to this agreement and should be used in conjunction with
any communications regarding the services to be provided:
2. Parties to this agreement
2.1. This agreement is made between Leabold Financial Management Ltd (referred to variously
in this agreement as ‘the Company’, ‘we’, ‘us’, ‘our’) and the following (referred to in this
document as ‘the Client(s)’, ‘you’, ‘your’):
3. Primary Contact
3.1. The Company will deal with the following individual as the Primary Contact and classify its
dealings with the Clients(s) in accordance with that individual’s understanding and previous
experience of relevant financial matters:
4. Designated Adviser
4.1. The Company has designated the following individual to act in this capacity:
4.2. FCA regulations require the Adviser to hold an approved qualification and statement of
professional standing.
4.2.1. The relevant qualifications held by the Adviser are:
Qualification Awarding Body Date Awarded
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5. Client Classification
5.1. The Company will classify the Client(s) depending on the provision of the following services:
5.1.1. In the case of ‘investment mediation’, this will be a ‘retail customer’. This
means ‘a client who is not a professional client or an eligible counterparty’.
5.1.2. In the case of ‘insurance mediation, this will be a ‘consumer’. This means ‘any
natural person who is acting for purposes which are outside his trade or profession’.
5.2. As either a ‘retail customer’, or ‘consumer’, the Client(s) may have recourse to the
Financial Ombudsman Service in the event of a dispute with the Company reaching deadlock.
The Client(s) may also be eligible for protection under the Financial Services Compensation
Scheme should the Company be unable to cover losses arising from its own negligent acts.
A customer defined as either ‘professional’, or ‘commercial’, would not receive these
protections.
5.3. If the Client(s) believes they should not be classified as a ‘retail customer’, or ‘consumer’,
they will inform the Company immediately.
6. The Company’s status
6.1. The Company is registered in England and Wales under Companies House number
05173817.
6.2. The Company is a wholly owned subsidiary of Leabold Financial Management Holdings
Limited, which is registered in England and Wales under Companies House number
08296996.
6.3. The Company is directly authorised by the United Kingdom financial services regulator,
the Financial Conduct Authority (FCA), to undertake activities regulated under the Financial
Services and Markets Act 2000. This means the Company holds authorisation directly with
the FCA as opposed to being an appointed representative of another directly authorised firm.
6.4. The relevant activities that the Company has been authorised to undertake by FCA include:
6.4.1. Advising on investments.
6.4.2. Advising on pension transfers and opt-outs.
6.4.3. Bringing about deals in investments.
6.4.4. Making arrangements with a view to transactions in investments.
6.4.5. Assisting in the administration and performance of a contract of insurance
6.5. Details of the Company’s FCA authorisation can be found on https://register.fca.org.uk/
under the Firm Reference Number 402291.
6.6. The Company provides ‘independent advice’. This means that, when advising customers, it
must ‘assess a sufficient range of relevant products available on the market which must be
sufficiently diverse with regard to their type; and issuers or product providers to ensure that
Page 3 of 15 LFM Customer Agreement - Investment Portfolio Service 01/01/2022

the client’s investment objectives can be suitably met; and not be limited to relevant products
issued or provided by the firm itself or by entities having close links with the firm; or other
entities with which the firm has such close legal or economic relationships, including
contractual relationships, as to present a risk of impairing the independent basis of the advice
provided.’
7. Commencement and termination of this agreement
7.1. This agreement is effective once signed by the Client(s) and a Director of the Company.
7.2. The Company may terminate this agreement at any time, and without penalty, subject to
giving written notice to the Client(s).
7.3. The Client(s) may terminate this agreement at any time, and without penalty, subject to giving
written notice to the Company and payment of any outstanding fees.
7.4. The Company reserves the right to change the terms of this agreement on thirty days written
notice to the Client(s)
8. Instructing
8.1. At the Company’s discretion, it may accept verbal instructions from the Client(s). However,
the Company reserves the right to insist such instructions be provided in writing (which shall
include facsimile and internet transmission) in order to avoid possible disputes.
9. Communicating
9.1. The Client(s) agree to receiving communications from the Company via the following:
Client to initial the relevant boxes
I agree
I do not
agree
The Company may send postal communications to the following
address:
I agree
I do not
agree
The Company may send electronic communications to the following
email addresses:
I agree
I do not
agree
The Company may make direct contact on the following telephone
numbers:
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9.2. The Client(s) prefer to receive formal communications from the Company via:
Client to initial the relevant boxes
I prefer
I do not
prefer
Electronic communication via email
Paper communication via post
10. Personal information
10.1. The Company is registered with the Information Commissioner’s Office (ICO) to hold
and process personal information. Details of the Company’s ICO registration can be found
on https://ico.org.uk/ESDWebPages/Entry/Z8721312 under reference Z8721312.
10.2. The Company will collect personal information from the Client(s) and relevant third
parties for the purposes of providing the services set out in this agreement.
10.3. Where the Company needs to obtain personal information from a third party, the
Company will obtain the Client(s) express consent before doing so.
10.4. The Company will not use the information for the purpose of unsolicited marketing
unless the Client(s) has expressly consented to this.
10.5. The Company will not release the information to any other source for the purposes of
unsolicited marketing.
10.6. The Company will share personal information with other financial product providers
only where necessary for the purposes of providing the services set out in this agreement.
10.7. The Company will make reasonable endeavours to keep up to date any personal
information it holds regarding the Client(s) during the period this agreement is in force.
10.8. The Company will continue to hold personal information after this agreement has
terminated in order to comply with FCA regulations or as long as necessary to reasonably
indemnify the Company against the risk of legal claims.
11. Access to records
11.1. The Client(s) may inspect copies of contract notes, vouchers and entries in our records
relating to transactions undertaken on their behalf, provided that reasonable notice is given,
and such access does not affect the confidentiality of other clients.
11.2. On request by the Client(s), the Company will provide details of any personal data it
holds on the Client(s) in accordance with the requirements of the Data Protection Act 2018.
11.3. The Company will use reasonable endeavours to comply with requests from or on
behalf of the Client for copies of documents and information not covered under data
protection regulations.
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Please note - the Company reserves the right to levy a charge relative to the costs
involved in preparing and forwarding such information.
12. Registration of financial products
12.1. The Company will register any financial products arranged for the Client(s) in the
name of the Client(s).
12.2. The Company will forward to the Client(s) all title documents relating to financial
products as soon as practicable after receipt. Where a number of documents relating to a
series of transactions is involved, the Company will normally hold each document until the
series is complete and then forward them to the Client(s).
13. Conflicts of interest
13.1. Occasions can arise where the Company, or another client for whom it may be acting,
may have some form of interest in the business being transacted for the Client(s). If this
happens, or the Company become aware that its interest conflicts with those of the Client(s),
it will obtain written consent from the Client(s) before carrying out that transaction.
13.2. Where the Client(s) have been introduced to the Company by a third party with whom
the Company has an agreement to cede part of any fees payable by the Client(s), the Company
will disclose the name of the third party and the amount of any ceding that will be paid. In
relation to the Client(s), the position is:
Name of Introducer
Percentage or amount
of fees to be ceded
14. Client money
14.1. The Company is not authorised by the FCA to hold or control client money. This
means that we cannot accept payments from the Client(s) where these are intended to be
passed on to third parties, or payments from third parties to be passed to the Client(s).
15. Services
15.1. The Company will use reasonable endeavours to provide the following services to the
Client(s):
15.1.1. Information collection:
15.1.1.1. The Company will obtain the following information from the Client(s) and
relevant third parties:
15.1.1.1.1. The nature and value of relevant investments, insurances, and other
provisions established by or to which the Client(s) may have an entitlement.
15.1.1.1.2. The Client(s) relevant personal circumstances including health and
medical history.
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15.1.1.1.3. The Client(s) relevant financial affairs, including assets, liabilities,
income, and expenditure.
15.1.1.1.4. The Client(s) relevant ethical, philosophical views, religious beliefs,
and political affiliations.
15.1.1.1.5. The Client(s) relevant future goals and objectives.
15.1.1.1.6. The Client(s) previous experience of relevant financial matters.
15.1.2. Research and assessment:
15.1.2.1. The Company will research and assess the following:
15.1.2.1.1. The Client(s) understanding of relevant financial matters.
15.1.2.1.2. The Client(s) psychological tolerance to investment risk.
15.1.2.1.3. The statistical mortality and morbidity of the Client(s).
15.1.2.1.4. Where the Client(s) is saving to meet a specific future objective:
15.1.2.1.4.1. The extent to which the Client(s) can afford to make adequate
provision to fund that objective.
15.1.2.1.4.2. The appropriate level of contribution that the Client(s) should
commit in order to fund the specified objective.
15.1.2.1.4.3. The point in time from which it may be possible for the
Client(s) to consider meeting that objective.
15.1.2.1.5. The amount of capital and/or income required, or likely to be required,
by the Client(s) to meet that objective.
15.1.2.1.6. The arrangements to be made for the Client(s) chosen beneficiaries to
receive the proceeds of financial products in the event of the Client(s) death.
15.1.2.1.7. The level of return to be targeted by the Client(s) investment to meet
the required objective.
15.1.2.1.8. The appropriate arrangement of asset types to provide the potential
necessary to meet the targeted level of return.
15.1.2.1.9. The appropriate types of financial product in which the Client(s) should
make and hold underlying investments.
15.1.2.1.10. The appropriate options and features the Client should select on any
recommended financial product.
15.1.2.1.11. The appropriate product provider with whom relevant financial
product(s) should be arranged, taking account of:
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15.1.3. Advice
15.1.2.1.11.1. The options and features required by the Client(s).
15.1.2.1.11.2. The cost of the product relative to that being charged by other
providers offering similar products.
15.1.2.1.11.3. The investment performance of the product relative to that
achieved by other providers offering similar products.
15.1.2.1.11.4. The financial strength of the product provider.
15.1.2.1.11.5. The servicing standards of the product provider.
15.1.3.1. The Company will:
15.1.3.1.1. Prepare and issue a written report to the Client(s) setting out:
15.1.3.1.1.1. The Company’s professional recommendations.
15.1.3.1.1.2. The rationale on which the Company’s recommendation is
based.
15.1.3.1.1.3. The initial cost and future costs arising from the Company’s
recommendations.
15.1.3.1.1.4. The risks to which the Client(s) may be exposed through
following, or not following the Company’s recommendations.
15.1.3.1.2. Following receipt and consideration by the Client(s) of the report, the
Company will:
15.1.4. Transactions
15.1.3.1.2.1. Meet with the Client(s) or make such other arrangements as are
reasonable to allow the Client(s) to consider the Company’s professional
recommendations and reach an informed and objective decision on how
to proceed.
15.1.3.1.2.2. Determine the Client(s) instructions regarding the arrangement
of any necessary transactions.
15.1.4.1. Where the Client(s) wish to proceed with the Company’s recommendations, or
any reasonable modification, the Company will arrange for relevant transactions to
be carried out.
Please note - the Company reserves the right to decline to arrange any
transaction which it reasonably believes may expose the Client(s) to
significant and unwarranted risk.
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15.1.5. Forwarding and monitoring
15.1.5.1. The Company will forward to the Client(s) all important communications
received from product providers in relation to relevant financial products
established by the Client(s).
15.1.5.2. The Company will monitor changes in relevant legislation and notify the
Client(s) in circumstances where these may affect the aims, objectives, attitude to
risk, or personal circumstances of the Client(s).
15.1.6. Periodic review
15.1.6.1. The Company will undertake annual reviews of the original advice covering
relevant changes in the following:
15.1.6.1.1. The Client(s) goals, objectives and needs.
15.1.6.1.2. The Client(s) personal circumstances.
15.1.6.1.3. The Client(s) financial situation.
15.1.6.1.4. The continued suitability of relevant financial planning and investment
strategies undertaken by the Client(s)
15.1.6.1.5. The continued suitability of financial product types held by the
Client(s)
15.1.6.1.6. The continued suitability of product providers with whom financial
product types have been established by the Client(s).
15.1.6.1.7. Relevant legislation and taxation matters.
15.1.6.2. Following the review, the Company will prepare and issue a report to the
Client(s) setting out the Company’s professional opinion regarding:
15.1.6.2.1. Those relevant areas of previous advice that should be updated.
15.1.6.2.2. The rationale on which the Company’s recommendation is based.
15.1.6.2.3. The charges paid by the Client to the Company and Product Provider
over the previous twelve months.
15.1.6.2.4. The risks to which the Client(s) may be exposed through following, or
not following the Company’s recommendations.
15.1.6.3. Following the receipt and consideration by the Client(s) of the report, the
Company will:
15.1.6.3.1. Meet with the Client(s) or make such other arrangements as are
reasonable to allow the Client(s) to consider the Company’s professional
recommendations and reach an informed and objective decision on how to
proceed.
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15.1.6.3.2. Determine the Client(s) instructions regarding the arrangement of any
necessary transactions.
15.1.7. Periodic rebalancing
15.1.7.1. This Company will undertake six monthly reviews of the Client(s) relevant
investments covering:
15.1.7.1.1. Changes in the relative values of different asset types and the
adjustments needed to maintain the previously recommended target return.
15.1.7.1.2. Changes in the suitability of investment managers and the adjustments
needed to maintain recommended suitability criteria.
15.1.7.2. Following the review, the Company will prepare and issue a report to the
Client(s) setting out the Company’s professional opinion regarding:
15.1.7.2.1. The Company’s professional recommendations.
15.1.7.2.2. The rationale on which the Company’s recommendation is based.
15.1.7.2.3. The initial cost and future charges arising from the Company’s
recommendations.
15.1.7.2.4. The risks to which the Client(s) may be exposed through following, or
not following the Company’s recommendations.
15.1.7.3. Following the receipt and consideration by the Client(s) of the report, the
Company will:
15.1.7.3.1. Make such arrangements as are reasonable to allow the Client(s) to
consider the Company’s professional recommendations and reach an
informed and objective decision on how to proceed.
15.1.7.3.2. Determine the Client(s) instructions regarding the arrangement of any
necessary transactions.
15.1.8. Periodic valuation
15.1.8.1. The Company will undertake three monthly valuations of the Client(s)
relevant investments covering:
15.1.8.1.1. Changes in the capital value of investments.
15.1.8.1.2. Distribution of dividends or profits.
15.1.8.1.3. Additional capital contributions or transfers from other investments.
15.1.8.1.4. Withdrawals of capital or dividend income.
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16. Charges
15.1.8.2. Following the valuation, the Company will prepare and issue a report to the
Client(s) setting out the Company’s professional opinion with regard to:
15.1.8.2.1. The overall value of investments.
15.1.8.2.2. The change in value since the previous valuation.
16.1. Initial services
16.1.1. This will include:
16.1.1.1. ‘Information collection’,
16.1.1.2. ‘Research’,
16.1.1.3. ‘Advice’,
16.1.1.4. ‘Transactions’.
16.1.2. The charge for the services will be assessed based on the value of those investments
the Client(s) require to be overseen by the Company.
16.1.3. The services will be charged at the following tariff:
Value of the Client(s) investments
Charge rate
£1 - £50,000 £600
£50,001 - £100,000 £831
£100,001 - £150,000 £1,063
£150,001 - £200,000 £1,294
£200,001 - £250,000 £1,526
£250,001 - £300,000 £1,758
£300,001 - £350,000 £1,989
£350,001 - £400,000 £2,221
£400,001 - £450,000 £2,452
£450,001 - £500,000 £2,684
£500,001 - £550,000 £2,916
£550,001 - £600,000 £3,147
£600,001 - £650,000 £3,379
£650,001 - £700,000 £3,610
£700,001 - £750,000 £3,842
£750,001 - £800,000 £4,074
£800,001 - £850,000 £4,305
£850,001 - £900,000 £4,537
£900,001 - £950,000 £4,768
£950,001 - £1,000,000 £5,000
£1,000,000+ 0.50% of investment
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16.2. Additional investments services
16.2.1. This will include:
16.2.1.1. ‘Information collection’,
16.2.1.2. ‘Research’,
16.2.1.3. ‘Advice’,
16.2.1.4. ‘Transactions’
16.2.2. The charge for the services will be assessed based on the value of the additional
investment the Client(s) require to be overseen by the Company.
16.2.3. The ‘additional investments service’ will be charged at the following tariff:
Per amount of additional investments
Charge rate
£50,000 £400
16.3. Ongoing services
16.3.1. This will include:
16.3.1.1. ‘Forwarding and monitoring’.
16.3.1.2. ‘Periodic review’,
16.3.1.3. ‘Periodic investment portfolio valuation’,
16.3.1.4. Assistance with annual HMRC reporting on relevant taxation matters,
16.3.1.5. ‘Advice’ and ‘Transactions’ arising from:
16.3.1.5.1. Switching of investments between tax accounts,
16.3.1.5.2. Changes to regular capital withdrawals,
16.3.1.5.3. Ad-hoc capital withdrawals,
16.3.1.5.4. Changes in the Client(s) attitude to investment risk,
16.3.2. The charge for the services will be based on the total value of the investment that will
be overseen by the Company.
16.3.3. The ‘ongoing services’ will be charged at the following tariff:
Value of the Client(s) investments
Charge Rate
Minimum charge
Charge rate
1.0%pa of investment value
£250pa
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17. Payment of charges
17.1. Where available, the Company will provide the Client(s) with the option to pay
charges by either:
17.1.1. Collection via the product provider:
17.1.1.1. Charges will be deducted from the Client(s) investments by the product
provider and passed on to the Company.
17.1.1.2. In the case of ‘initial services’, payment will be made by the product provider
after completion of any related transactions. If there are no related transactions
arising from the Company’s advice, or if the amount of payment from the product
provider is insufficient to cover the agreed cost of services, the Company will then
invoice the Client(s) directly.
17.1.1.3. In the case of ‘ongoing services’ payment will be made by the product provider
in arrear over the period determined by the product provider’s terms for payment
of adviser charges. Where the amount of payment from the product provider is
insufficient to cover the agreed cost of services, the Company will then invoice the
Client(s) directly.
17.1.2. Direct payment:
17.1.2.1. Charges will be invoiced for payment by the Client(s) within thirty days.
17.1.2.2. In the case of ‘initial services’ the invoice will be issued following the
provision of advice or, where related transactions are to be arranged by the
Company, following completion of those transactions.
17.1.2.3. In the case of ‘ongoing services, the invoice will be issued annually in
advance on those services being provided.
17.1.2.4. In the event that the Client(s) decline to pay charges for ‘ongoing services’, the
Company will cease providing further ‘ongoing services and will not issue further
invitations for annual review
Please note - where charges are paid directly, this will reduce the ongoing cost
of related financial products.
18. Cancellation of ongoing services
18.1. The future provision of ongoing services may be cancelled by the Client(s) at any time
subject to payment of any outstanding charges.
19. Special Agreements
Special arrangements and modifications to our usual terms
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20. Estimate of actual personal costs
If you are a new customer establishing a portfolio:
The cost of initial services based on a portfolio value of £[ ] will be: £
The cost of future ongoing services will depend on the performance of
investments. At the current tariff rate of [ ]%:
Where the value remained level, the cost would be:
Where the value increased by 10%, the cost increase to:
Where the value of investments reduced by 10%, the cost would reduce to:
£
£
£
If you are an existing customer making a further investment to an existing portfolio:
The cost of additional investment services based on an additional
investment of £[ ] will be:
£
The additional cost of future ongoing services will depend on the
performance of investments. At the current tariff rate of [ ]%:
Where the value remained level, the cost would be:
Where the value increased by 10%, the cost increase to:
Where the value of investments reduced by 10%, the cost would reduce to:
£
£
£
If you are an existing customer retaining an existing portfolio without making a further
additional investment:
The cost of future ongoing services will depend on the performance of
investments. At the current tariff rate of [ ]%:
Where the value remained level, the cost would be:
Where the value increased by 10%, the cost increase to:
Where the value of investments reduced by 10%, the cost would reduce to:
£
£
£
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20. Agreement to proceed
20.1. The terms of this agreement will be binding once signed by the Client(s) and on behalf of
the Company by one of its directors:
Name of Client(s):
Date
Signature(s):
On behalf of Leabold Financial Management Limited:
Director
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