Adviser fees

Ongoing adviser fees are calculated in the normal way on a joint account as they are for any other account, there is no difference. The fee is set at account level as a percentage and is deducted monthly.

Ad-hoc adviser fees are the same as well and you have to make sure there is enough uninvested cash on the joint account in question before processing the fee. The charge is applied straight away and there is a weekly fee run every Friday for ad-hoc fees. See our article explaining how fees are calculated, here.

Platform fees

The way that platform fees work on a joint account is slightly different. On any other wrapper, the platform would calculate a client’s total AUM figure across all of the accounts held to deduce a chargeable rate using the tiered platform fee and proportionately apply this to each of the accounts held for that client.

For a joint account the platform calculates the total AUM figure for each of the clients separately. So it will calculate the total AUM for Client A including the joint account assets and then also the total AUM for Client B including the joint account assets and deduce what the chargeable rate would be for both clients. The lower of the two rates, is the one that is applied to the joint account.

Platform fees for all other non-joint accounts held by the two clients are calculated separately, excluding joint accounts and applied in the normal way.