Comparisons

Comparison with Other Options

Here is a detailed comparison between our service and other types of provider. We explain how uprosper® works differently to others, and how this may be of benefit to our clients.

Cost

The cost of advice should represent value for money and also be considered within the context of the other costs you incur.

uprosper®

Fixed fee for financial advice and planning. We do not charge a percentage of your assets or portfolio.

Do-it-Yourself

No costs for advice but you may be able to save on other investment costs by having an adviser.

Traditional Firms

Typically charge a percentage of your portfolio with either a minimum charge, or with a minimum required portfolio size.

Robo Advice

Variable. Some robo advisers have an additional fee for real human advice. The core offering does not include human advice.

Independence

An independent financial adviser is one which is not restricted to only considering products from one or a restricted panel of providers when building your portfolio. By being independent, the adviser can consider the widest range of products to source the optimal products for clients.

uprosper®

We are completely independent of any providers. When selecting investments and products for clients, the widest possible range of products are considered to source the best options.

Do-it-Yourself

You may be restricted by the platform or broker you choose from seeing or being able to invest in a wider range of funds.

Traditional Firms

Many are independent but there are also many who are restricted. This is something which must be disclosed by them at the outset.

Robo Advice

Nearly all robo advice is restricted. A small number of portfolios are available and your money is automatically allocated to the one which meets your risk profile assessment. The portfolios are not necessarily formed by considering a wide range of investments available in the market.

Advice

Financial advice and planning begins with understanding your unique financial objectives and circumstances, and assessing your attitude to risk. A qualified adviser then applies their knowledge and skills to determine an appropriate plan for your requirements to meet your objectives. This is regularly reviewed to take account of evolving circumstances.

uprosper®

We provide a full financial advice and planning service across savings & investments, pensions, protection and mortgages. Through communication with you, we will fill in any gaps and build a suitable plan for your objectives. We review annually at minimum, but ad-hoc reviews are also easily available.

Do-it-Yourself

Without any advice, there are considerable risks of not meeting your objectives, taking excessive (or too little) risk, or simply not having access to a range of products which would be available through an adviser. Following advice from unregulated, anonymous sources online is very risky.

Traditional Firms

Full advice is offered and your objectives and circumstances are taken into account, with annual reviews. Ad-hoc reviews are not standard, but may be available but liable to additional charges and dependant upon adviser availability.

Robo Advice

Very little true advice is provided because very little about your personal circumstances is known. Your money is allocated to preset portfolios based upon your automated risk assessment. Some types of pensions may not be available. Protection policies are not available nor advised upon. Mortgages are not available.

Inclusion

There needs to be a good fit between client and adviser. Not all options are open to everyone seeking financial advice and planning services.

uprosper®

We try to be as open and inclusive as possible because we're trying to close the advice gap. There is no discrimination about portfolio size. We encourage people to subscribe to our services as early as possible so they can get onto the right path for their financial journey. There is no minimum assets amount or portfolio size.

Do-it-Yourself

Going it alone is risky because your opinions may not be suitable to your circumstances, and those opinions are easily skewed by what you read in the media or online. While generic guidance is readily available online, it is not tailored to your personal situation.

Traditional Firms

Due to their costs of doing business, traditional firms often cannot afford to take on clients with smaller portfolios. Many firms require a portfolio of at least £50,000 and some require as much as £100,000.

Robo Advice

Robo advice is generally available to most, with no minimum portfolio size. However, most robo advice providers do not have the facility for real advice provided by qualified advisers. It is not possible to get advice on some types of pension, or protection policies and mortgages.

Communication

Frequent interaction between client and adviser enables a clear picture to emerge about the client's financial objectives and circumstances which informs the advisory process, leading to better outcomes for the client.

uprosper®

By being digital-led, we are able to communicate frequently and efficiently with our clients. This speeds up all parts of the advisory process, enabling us to fill in gaps in both our, and our client's understanding.

Do-it-Yourself

Without communicating your financial objectives and circumstances to an adviser, there is a risk your investment decisions fail to see the bigger picture. Bias is difficult to recognise, and investment risk is difficult to assess.

Traditional Firms

Communication is appointment-based and more structured with little contact between meetings. Progress may be slower due to the lead time between information gathering, planning and implementation.

Robo Advice

The full automation of the investment process means there is no communication with an adviser. A review of the risk assessment is undertaken annually but there is no human intervention.