Frequently Asked Questions
Further to our notification regarding the changes to our custodian arrangements, we have produced these FAQs to help our clients understand the impact of the changes taking place. Should you require any further clarification or have queries, please feel free to reach out to us.
Why is 4 Shires changing custodians?
4 Shires is appointing a new custodian, James Brearley, due to Jarvis withdrawing from the SIPP market. This decision was made to support our business needs and your financial interests more effectively.
What are the benefits of transitioning to James Brearley?
A key benefit of switching to James Brearley is that cash held in your account will now earn interest, at a rate of 3% per annum, which was not available with Jarvis.
Will there be any impact on the management of my portfolio during the transition?
The transition to James Brearley is designed to be seamless and will not impact the management of your portfolio. It will involve some administrative steps that 4 Shires will guide you through.
What administrative steps are required from me during the transition?
You will need to:
- Attend an in-person meeting.
- Review and sign new agreements with 4 Shires and James Brearley.
- Sign the Transfer Authority for the new Custodian for your accounts.
- Arrange your portfolio’s transition date.
Why do I need to sign a new Investment Management Agreement?
As your original agreement referenced an outsourced arrangement with Jarvis a new agreement will need to be signed that describes the new terms which you will have directly with James Brearley.
The new investment management agreement has some new clauses and terms. Why?
Since the last agreement was written a number of new regulations have been brought in, particularly Consumer Duty, which has a number of protective elements required for us to provide to you. Considering this we have taken the opportunity to revise some of the terms.
What is an “in-specie” transfer?
An “in-specie” transfer means that your share holdings will be transferred directly from one nominee account to another without needing to be sold and bought back, minimizing market out of time and potential costs.
How will fees be handled with James Brearley?
Fees will be calculated daily and charged monthly, aligning with James Brearley’ fee schedule, transitioning from the previous quarterly fee run.
If I am billed monthly will I be paying more?
No. The annual % rate will be the same but split by into monthly amounts based on the value of the portfolio.
How will the change affect my SIPP, if I have one, with Platform One / Gaudi?
You will need to open a new SIPP wrapper with Talbot & Muir since Platform One is closing the Jarvis SIPP wrapper. The transition aims to minimize time out of the market by transferring most investments directly and handling residual cash transfers efficiently.
What if I choose to remain with Platform One?
If you decide to stay with Platform One, you will need to open a Pro Icon SIPP managed by Platform One and arrange a transfer of your Jarvis SIPP to this new SIPP at James Brearley. However, this is not recommended by 4 Shires.
If I have a SIPP with Westerby or Talbot & Muir, what will happen?
Both these providers are supported by James Brearley so the transfer will just be at the Trustee level without any need to change SIPP provider.
Who are James Brearley?
James Brearley & Sons is a well-established investment management, share dealing, and custody service provider based in the North of England, managing assets and cash totalling over £3.8 billion. They are regulated by the Financial Conduct Authority (FCA) and a member of the London Stock Exchange.
Are other wealth managers moving from Jarvis?
Yes. Several other firms have moved or will be moving from Jarvis for similar reasons, and a number of these have moved their clients to James Brearley.
How long will the transition take?
We have been assured that the actual transition should take 3 days. From experience there may be some administrative hold ups in one or two scenarios. We will be working hard to minimise these.
Will there be any cost to me because of the transition?
4 Shires will absorb any transfer and stamp duty costs.
Will any of the reports change?
The quarterly valuation reports will be very similar to what you are provided currently and will still have the 4 Shires branding.
Will I have talk to James Brearley from now on?
No. Your day to day relationship will remain with the team at 4 Shires.
What should I do if I have immediate questions or concerns?
Please contact 4 Shires directly for any immediate questions or concerns regarding this transition.