Sandringham Fee Quote Calculation - Research & Recommendations
Please note for the calculated totals to appear you must enter the Adviser and Client name in the relevant field.
Adviser
Client
Adviser Target Salary
Percentage Billable
Number of working days
Admin Hourly Rate
Fee Category
Letters of Authority
Collation of Product & Valuations
Position Review
Document Findings
Issue Findings Letter
Other
Total Time
Hourly Rate
Chargeable Fee
Fee Category
Undertake Research
Document Findings
Prepare Report
Review Report
Client Meeting
Other
Total Time
Hourly Rate
Chargeable Fee
Adviser
0
£0.00
£0.00
Paraplanner
0
£0.00
£0.00
Admin
0
£0.00
£0.00
Total Fee
£0.00
Description
Fee
Issue Letter of Authority
£0.00
Collation of Products and Valuations
£0.00
Review of Current Financial Position
£0.00
Document Findings and Confirm
£0.00
Issue Findings Letter
£0.00
Other
£0.00
Total
£0.00
How to use this form
The form is designed to allow you to calculate the costs associated with Stage One – Discovery & Assessment and Stage Two – Report & Recommendations, as part of the Sandringham Advice Proposition.
The calculator should be used in conjunction with the document ‘Sandringham Advice Proposition. A Consistent and Competitive Approach to Charging Fees’.
After entering your name and the name of the client then you need to enter a ‘target salary’. This is based on how much you want to earn each year as a Sandringham partner. It is for you to decide.
Only a certain percentage of your time can be billable, or ‘on the clock’. Again you need to estimate how much of your time spent each week is in respect of fee work.
In terms of the average number of working days in the year this figure takes into account: holidays, weekends, time spent away from the office on courses or other distractions.
The combination of target salary, Percentage billable time and number of working days generates your hourly rate, which is automatically calculated and is shown under the ‘adviser hourly rate’.
NB. Make sure that this is reasonable. Unbiased.co.uk estimate that the hourly rate for a qualified adviser is £150 per hour and this is entirely reasonable as an hourly rate for the work undertaken by our partners. As an example a partner who wants to earn £100,000 per annum, with 42% of their time chargeable will need to charge £150 per hour.
The calculator allows you to use your experience and expertise to estimate how much time you will need to spend on the various tasks to complete the Discovery & Assessment work for a client’s particular circumstances.
It is helpful to delegate as much of the work as you can to a junior colleague. This may be using your own administration support if available and/or Sandringham’s paraplanning service. There is the option to record the hourly rate for your own administrator in the calculator.
Try and ensure you gauge as accurately as possible how much time you need to spend on each task. There is no point spending six hours on a task when you have only estimated charging for two hours.
When you have finished this will produce a total fee for the work and the final stage is to generate a PDF by the clicking on the button in the bottom left corner. The PDF can be signed by the client to confirm their acceptance to the fee for the first stage or used as part of an audit trail if charging a fee based on a percentage of the fund as opposed to a fixed amount.
Clicking on the ‘Switch Calculator’ button allows you to move to Stage two of the process; Research & Recommendations. The hourly rates recorded Stage One will be included at which point is again a case of using your experience and expertise to estimate how much time you will need to spend on the various tasks to complete the Research & Recommendations work.