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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? 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?

 

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

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.

What do customers say about Close Brothers Asset Management?

  • '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 to other platforms?

How much does Close Brothers Asset Management charge?

Annual 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. 

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, as shown in the tables below.

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 2021

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 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 a good option for those investing high amounts. But it is still fairly pricey compared to fixed-fee platforms like Interactive Investor, or Halifax Share Dealing.

    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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