Scope of Advice
Mattioli Woods – our ‘restricted’ status
For over a quarter of a century Mattioli Woods has been at the forefront of providing advice, pension administration/trusteeship and investment products services for clients across the country. Its key aim is to put clients first to help them reach the objectives they set. This is done with integrity and professionalism while maintaining a bespoke approach, and it continues with this ethos as part of its culture.
The Mattioli Woods website (www.mattioliwoods.com) provides a further history of the company and the products offered to achieve clients’ various requirements.
In terms of financial legislation, firms can be ‘independent’, or ‘restricted’, or both.
We offer our own discretionary portfolio management (DPM), self-invested personal pension (SIPP), personal pension (MW PP) and small self administered scheme (SSAS) services as our investment managers and consultants/client relationship managers are specialists in these areas of advice and management. For this reason, we are classed as a ‘restricted’ advice business and, only where it is suitable and in line with your objectives, we will recommend these solutions to you. Should your circumstances not be best served by our own propositions, we will look to the wider market to source the most appropriate solution for you.
In addition, as part of our centralised investment proposition, we offer the Custodian Real Estate Investment Trust (CREIT) and the Structured Products Fund. Custodian Capital, part of the Mattioli Woods Group, and Mattioli Woods manage these funds.
Our solutions are designed to meet your needs and, as mentioned above, where appropriate we can also offer advice on pensions, investments and non-investment insurances (protection policies) from the whole market.
Mattioli Woods is committed to ensuring the principles of ‘treating customers fairly’ set by the Financial Conduct Authority are applied with integrity throughout all aspects of our business.
Any tax-based calculations completed by Mattioli Woods are for illustrative purposes only, and we recommend you check these with your accountant or tax adviser.
What is a Structured Product
Even though you may have previously invested in a structured product, I need to reiterate to you the what this is. A structured product is a fixed term contract, providing a return based upon the performance of an underlying share or stock market index. Inherently, a structured product is designed to limit investment losses whilst still creating a return to investors. Some structured investments offer a degree of capital protection, whilst others do not. The growth is usually not guaranteed and you may get no return on your investment. Even where there is capital protection, the deduction of fees and charges could mean you could get back less than you put in.
Whole or partial withdrawals are permitted for this structured product before the maturity date. However, if redeemed early, you would receive the market value of the structured product at the time, which could be significantly less than the initial investment.
If you change your mind and do not wish to invest in this structured product please inform your Mattioli Woods contact by 14th May 2020, the start date for this structured product. After this date you will only receive the value of the structured product when sold back to Goldman Sachs, which is likely to be less than your original investment.
While the tax rules and rates that are used within any current recommendation to you are up to date, the rules and rates can change at any time. Mattioli Woods can accept no liability for any such changes and their potential effect on your plan. The value to you of any tax benefits will depend on your personal tax position at the relevant time.
The value of investments and the income from them can go down as well as up, and you may not get back the amount invested.
Past performance is not an indication of future returns.
Investments need to be considered as medium to long term holdings. Certain funds can suffer from liquidity issues, such as property and certain more specialised equity funds: there may be an extended period when you cannot sell or redeem them.
Funds investing overseas may suffer from currency fluctuations, while overseas funds may suffer from geographical or geopolitical issues.
Inflation will erode the purchasing power of your money.
Financial Services Compensation Scheme (FSCS)
This product offers no FSCS protection.
ISAs are a tax-efficient wrapper with the option to save via cash and/or stocks and shares, making them ideal for investors as there is nothing to include on tax returns. Full details are included in the investment guidance booklet on our website.
As mentioned, you are able to draw funds from your ISA and replace the amount within the same tax year without losing the tax benefits or using up any further allowance in that tax year.
- flexi-ISAs enable investors to withdraw cash from their ISA and subsequently replace this within the same tax year without it counting towards their annual subscription allowance
- the replacement of cash must happen within the same tax year the cash is withdrawn
- any withdrawn cash not replaced before 5 April cannot be replaced and will be a new subscription counting towards the investor’s annual allowance
- payments into the flexi-ISA will be counted first as repayments of any outstanding flexible withdrawals made in the current tax year, and second as a subscription against the current year’s annual allowance
- there is no carry-over of either unused annual allowances or withdrawals between tax years
- repayments of withdrawn funds may only be made to the account from which the associated withdrawal was originally made
- the full value of the ISA may be withdrawn, but withdrawals must not exceed the total value of the ISA (overdrafts are prohibited), even when the amount available for withdrawal is less than the total of current year contributions