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Close Brothers Asset Management investment platform review

We analyse the charges levied by Close Brothers Asset Management and ask whether the investment platform provides good value for investors

In this article
What is Close Brothers Asset Management? Is Close Brothers Asset Management good or bad? 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? Get top money-saving tips from Which?

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 is now available to all investors. 

Is Close Brothers Asset Management good or bad?

To get an idea of how good or bad Close Brothers Asset Management is, we asked its customers. 

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, customer service and investment information. We also ask if the available investments meet their needs, is value for money and whether they'd recommend it to someone else.

However, to be named a Which? Recommended Provider (WRP), customer satisfaction alone won't suffice; we also consider platform fees. 

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What do customers say about Close Brothers Asset Management?

  • 'A easy simple company to deal with, no advertising overload. They just do the jobs I tell them to do.'
  • 'Close Brothers manage my financial affairs with minimum effort on my part. They meet every six months or so to check we are happy and produce a detailed annual report, most of which I understand. My financial advisers seem very happy with them.'

How much does Close Brothers Asset Management charge?

Ongoing charges

  • 0.25% up to £500,000
  • 0.2% for pots between £500,001- £1,000,000
  • 0.10% for pots between £1000,00- £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 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. 

We’ve estimated the cost of investing various sums with Close Brothers over the course of a year in the table below. The costs assume you only buy funds. Investment management fees apply for Unit Trusts, OEICs and Exchanged Traded Funds and are  levied by the relevant fund manager.

Amount invested Logged out detail
£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 2020

Who is Close Brothers Asset Management good for?

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

However, there are more highly-rated platforms with similar costs, including Which? Recommended Provider Vanguard.

Who is Close Brothers Asset Management expensive for?

Close Brothers Asset Management's tiered pricing makes larger portfolios better value, so is best for those investing high amounts.

To save money, place your larger portfolio with a fixed-fee platform, such as Interactive Investor, Halifax Share Dealing or The Share Centre.

    What accounts and services does Close Brothers Asset Management offer?

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

    Elements marked with a are offered by Close Brothers and those marked with a are not

     

     Advisory services

     

    Advisory services allow you to access professional investment advice. 

     

     General investment account 

     

    A general investment account that can hold different types of investments but doesn’t give tax-free benefits like pensions and Isas.

     

     Income drawdown

     

    Income drawdown allows you to take money out of your pension to live on in retirement.

     

      Junior Isa

     

    A junior Isa is a tax-free savings account for under 18s.

     

     Lifetime Isa

     

    A lifetime Isa is a tax-free savings or investment account designed to help people aged 18-39 buy their first home or save for retirement. 

     

     Sipps

     

    A Sipp is a pension where you have complete control over the investments you put your savings into.

     

     Savings account

     

    A savings account is somewhere you can put your money so it can grow in value. 

     

    ✓ Stocks and shares Isa

     

    A stocks and shares Isa is a tax-free account that allows you to put your money in a range of investments.

     

     Annuity

     

    An annuity is an insurance product which allows you to swap your pension savings for a guaranteed regular income that will last for the rest of your life. 

     

     Banking Services

     

    Banking services allow you to operate bank accounts, make transfers and make payments.

    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 for free online: there’s no reason to use a claims management company.

    You won’t be compensated for investments falling in value, or 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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