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Close Brothers Asset Management investment platform review

We analyse the charges levied by Close Brothers Asset Management and ask its customers to rate it for service, tools, value for money and more

In this article
What is Close Brothers Asset Management? Is Close Brothers Asset Management any good? What do customers say about Close Brothers Asset Management? How much does Close Brothers Asset Management charge?
Who is Close Brothers Asset Management good for? Who is Close Brothers Asset Management expensive for? What accounts and services does Close Brothers Asset Management offer? Is your money safe with Close Brothers?

What is Close Brothers Asset Management?

As well as providing advisory and discretionary services for its mainly high-net-worth client base, Close Brothers Asset Management also runs a DIY investment platform. Initially launched for existing clients, it's now available to all investors. 

Is Close Brothers Asset Management any good?

Which? members can exclusively read the results of our unique customer satisfaction survey.

Members can log in to see our review of Close Brothers Asset Management. If you're not already a member, join Which? and get full access to these results and all our reviews.

 

How we rate investment platforms

 

Which?'s rating for customer satisfaction is based on feedback from real customers.

We ask investors to rate their current platform for the quality of its online tools and smartphone app, customer service, and information on investment opportunities and performance. We also ask whether it meets their needs, represents value for money and whether they'd recommend it to someone else.

How do we pick Which? Recommended Providers?

A platform must allow investors to pick their own investments from an extensive list.

It will have received at least a 70% customer rating, and not received a rating below three stars on any of the underlying criteria, such as customer service, investment information or the quality of its online tools.

It also mustn't be in the top four platforms for charges, based on our fee analysis.

What do customers say about Close Brothers Asset Management?

We’ve heard from investors who use Close Brothers Asset Management. This is what some of them had to say:

  • 'Consistent performance.'
  • 'Because I don't often actively go on the website I don't always know my way around it. However, they have always been helpful, if I phone, in explaining what I need to do.'
  • 'Overall I’m satisfied with Close [Brothers Asset Management] over the 10 years we’ve had our money with them.'

Find out more: how does Close Brothers Asset Management compare with other platforms?

How much does Close Brothers Asset Management charge?

Below are the fees for a stocks and shares Isa with Close Brothers Asset Management. 

Annual charges

  • 0.25% up to £500,000
  • 0.2% for pots between £500,001 and £1,000,000
  • 0.10% for pots between £1000,000 and £1,500,000
  • 0% for pots above £1,500,001

The above charges work on a tiered system and only apply to amounts invested. For example, if you invested £750,000, you would pay 0.25% on anything up to £500,000 and 0.20% on the remaining amount.

Close Brothers says that dealing fees will not exceed £8.95. There's also no charge for setting up your account, buying, selling or switching funds, and no annual fee for your Isa, Sipp or investment account. 

How much would I pay to invest?

We’ve estimated the cost of investing with Close Brothers Asset Management over the course of a year in a stocks and shares Isa.

Costs will vary, depending on how much you invest and whether you trade funds or shares. All assume you make four purchases and four sales each year, spread out over different months.

Amount invested

Annual platform fee

£5,000 Logged out detail
£10,000 Logged out detail
£25,000 Logged out detail
£50,000 Logged out detail
£100,000 Logged out detail
£250,000 Logged out detail
£500,000 Logged out detail
£1m Logged out detail

Source: Analysis by Which? Money correct as of April 2022

Who is Close Brothers Asset Management good for?

Close Brothers Asset Management will suit people who have smaller pots (less than £50,000), whether you trade funds or shares. It's one of the cheapest platforms for small and medium-sized portfolios. 

However, if you're happy to only trade funds, there are more highly rated platforms with similar costs, including Vanguard.

Who is Close Brothers Asset Management expensive for?

Close Brothers Asset Management's tiered pricing makes larger portfolios better value, so it's a good option for those investing high amounts. But it's still fairly pricey compared with fixed-fee platforms such as Interactive Investor, or Halifax Share Dealing.

    What accounts and services does Close Brothers Asset Management offer?

    The information below gives an at-a-glance view of the accounts and services Close Brothers offers.

    • Advisory services – allow you to access professional investment advice. 
    • General investment account – can hold different types of investments but doesn’t give tax-free benefits like pensions and Isas.
    • Income drawdown – allows you to take money out of your pension to live on in retirement.
    • Sipp – a pension where you have complete control over the investments you put your savings into.
    • Savings account – somewhere you can put your money so it can grow in value. 
    • Stocks and shares Isa is a tax-free account that allows you to put your money in a range of investments.

     

    What can you invest in?

    • Thousands of funds, shares, ETFs, investment trusts, bonds, fixed term deposits 

    What tools and research does Close Brothers Asset Management offer? 

    • Ready-made portfolios
    • Investment search tool
    • Discovery Shortlist of recommended funds 
    • Financial planning service at 1-2% for one-off advice and 0.5-1% for ongoing advice  
    • You can set up regular monthly payments by Direct Debit for £50 or more 
    • Bespoke investment management service for those with more than £1m to invest

    Is your money safe with Close Brothers?

    If Close Brothers went out of business, you would be compensated by the Financial Services Compensation Scheme (FSCS).

    The FSCS will cover up to £85,000 of investments per person, per platform. You can claim free of charge online: there’s no reason to use a claims management company.

    You won’t be compensated for investments falling in value, or if a company in which you hold shares goes bust, unless this poor performance resulted from bad advice given by a regulated Independent Financial Advisor that has since gone bust. 

     

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