Pilling Ideal Portfolios (PIPs) User Guide & Client Agreement
Contents
1. our standard of living A large but acceptable impact on my our standard of living An unacceptable impact on my our standard of living WL GOALS AND OBJECTIVES I plan to use the money invested with Pilling s for Please initial one or more of the boxes E Retirement income Wealth Accumulation Capital Preservation Education Fees ie Inheritance for dependants P Debt repayment Se er TIME HORIZON Please indicate in this section how soon you may require your investments returned to you We understand that circumstances do change over time Less than 3 years 3 6 years 7 10 years Over 10 years Are there any special circumstances in the future that you would like us to be aware of e g moving house retirement EXPERIENCE AND KNOWLEDGE Please initial the relevant boxes to describe your experience and knowledge of investments Do you have experience of dealing in any of the following Shares Bonds Fixed Interest Funds Unit Trusts OEICS Complex Stocks Synthetic ETF s Replicated ETF s Hedge Funds Warrants Derivatives How many years experience do you have trading in these products Dee Cl lu O SOURCE OF FUNDS Please provide a brief description of the source of funding for the portfolio e g savings existing investments proceeds from property sale pT Third Party Authority Full name address and telephone number PT Restrictions on authority to act on your b2. O CO ORDINATOR Mike Tattersall PORTFOLIO MANAGERS Pilling amp Co Investment Managers KEY FACTS Launch Date 23rd April 2005 ISA SIPP compliant 20 000 minimum PORTFOLIO CO ORDINATOR Terry Applegate PORTFOLIO MANAGERS Pilling amp Co Investment Managers Medium and High risk growth return non UK investments 12 month performance to the 23 December each year for the last five years 2014 2013 2012 2011 2010 Growth PIP 0 6 32 8 16 3 6 9 22 6 Select Opportunities PIP 2 0 31 6 17 8 9 6 24 5 FTSE All Share Index 0 0 13 6 11 1 9 6 14 0 Income PIP 6 9 18 1 13 9 7 8 13 1 FTSE 350 Higher Yield Index 2 1 12 1 64 2 7 3 1 Higher Income PIP 7 0 12 9 1 6 12 1 UK Gilt Index 10 15 years 11 4 1 8 11 6 24 Overseas Growth PIP 2 5 15 4 16 7 21 8 FTSE Global All Cap ex UK Index 12 0 21 0 11 0 9 7 13 9 Past success should not be seen as a reliable indicator of future performance The figures above are before account fees CLIENT INVESTMENT QUESTIONNAIRE This agreement should be completed to enable us to operate a Pilling PIP model under discretionary management Please indicate your preferences by initialling the appropriate boxes signing the form and returning the complete copy of the agreement The Financial Conduct Authority FCA rules require us to obtain such information about your investme
3. PILLING amp CO STOCKBROKERS LTD HENRY PILLING HOUSE BOOTH STREET MANCHESTER M2 4AF TEL 0161 832 6581 FAX 0161 832 0815 Pilling Ideal Portfolios PIPs User Guide amp Client Agreement Your Name Your A C No s Your Pilling Date of Contact Completion Please note that the value of your investments and the level of income produced can fall as well as rise and you may not get back the full amount that you invested Past performance is not a guide to future returns Any opinions expressed should not be construed as advice for investment in any product or security featured Some shares may use part of the capital invested to provide an income If you are uncertain about the suitability of any investments you should take independent advice including tax advice before investing The information herein is based on current HMRC rules which are subject to change Any opinions or information provided has been based on sources we believe to be reliable Pilling amp Co staff and or principals may hold investments featured All investments are subject to our current terms and conditions and charges which we reserve the right to change Whilst every effort is made to ensure accuracy we cannot be held liable for errors or omissions A copy of our internal complaints procedure is available on request together with the Financial Ombudsman Service FOS leaflet explaining their operation Pilling amp Co is registered under the Data Protecti
4. an also be bought via a Pilling Nominee Account Due to the spread of investments we suggest the minimum investment should be 20 000 per PIP You may add further money to the PIP later if you wish providing it does not breach any contribution limits for ISAs and SIPPs PIPs are only available on a discretionary basis which means that we make changes to the portfolio when we think it best to do so You will be sent contract notes when any changes are made and we provide you with a full report on the progress every six months Changes may be prompted by An underperformance within a sector A sector falling out of favour A change in the management of the fund A change to the economic environment Charges If you would like to sell existing stocks to invest in a PIP we will not charge commission on the sale of these investments Our normal commission of 1 65 on the first 10 000 and 0 5 on any balance will be charged on all transactions inside the PIP this includes the switching of investments Our custody fee is 0 5 per annum charged six monthly in arrears on the total value of ALL your accounts with Pilling amp Co The fee has a minimum of 40 and a maximum of 140 In other words any value over 28 000 is free so you may wish to consolidate your investments from other managers Our management charge is also lower than our normal discretionary rate at 0 5 plus VAT per annum on the value of your PIP assets This
5. ance Number Bank Yes iz No If Yes you must enter it below Sort Code A CNo 8 digits only Customer ref if applicable You can find your NI number from a payslip form p45 or p60 a letter from HMRC or the DWP or a pension book Date of Birth Please provide two different forms of identification one from list A and a second from either list List A List B Valid full UK passport or certified copy Current council tax demand letter or statement Valid full UK driving Licence or certified copy Current bank statement not printed off the internet Recent evidence of entitlement to a state or local Current credit debit card statement not printed authority funded benefit off the internet HMRC demand statement notification Utility bill from the last 3 months not printed off the internet Certified copies must be signed by a professional person such as solicitor accountant GP or teacher etc Is this application for a PIP to be purchased in a new or existing service account please tick liz New Service Account Existing Service Account Which type of service account is it to be purchased in Jisa SIPP PIP Nominee O Income Subject to your PIP selection How would you like your income treated I wish to retain any income as cash on deposit in my account See page 4 I wish to have income paid quarterly into my bank or building society account
6. ehalf pO We will accept the instructions and divulge information about your investments either verbally or via client web access to the third party you name for the purposes of dealing in all types of products as well as the movement of your investments and the payment and receipt of your money until cancelled by you in writing Unsolicited Calls Telephone calls or visits by us to discuss Yes E No E investments of the type you normally deal in without your express invitation Please take note that you may forgo certain statutory rights to cancel deals you enter into as a result of an uninvited call If you wish to authorise unsolicited calls but subject to certain restrictions please list them here Oooo OUR DEFINITION OF RISK It is a fact of life that capital growth or a high income return can only be achieved with some degree of risk The greater the potential growth or income yield the higher will be the risk We suggest that you think about the risks inherent in the investments you are making and in very broad terms for your guidance we classify the three major risk categories as follows LOW RISK These can include cash and fixed interest sterling denominated securities issued by major governments and corporations In addition unit trusts OEICs and ungeared collective investments investing principally in the above are acceptable Please note however that a high exposure to gilts and other fixed interest securities might con
7. ement Services e We will manage for you the PIP portfolio that you have chosen on the PIP contribution form e We shall have full discretion and without prior reference to you to enter into any kind of transaction or agreement for your account in or relating to the type of investment you have elected for e Other than the periodic reviews statements and valuations or unless requested by you or your Personal Investment Manager you will not be contacted with regard to any aspect of the operation of your account e You will receive a contract note confirming the details of each transaction carried out on your account within a few days of dealing e Our Charges and Fees for the PIP services are as stated on page 2 of this document We reserve the right to alter charges with one month s written notice e Investment Objectives we will proceed on the basis that your investment objectives and risk parameters are as set out by your selected model portfolio We may from time to time write to you to confirm that these objectives are unchanged and in any event should you wish to modify them you must notify us in writing as soon as possible e Execution Only Arrangements transactions conducted on your behalf will always be entered into under the principles of suitability and best execution However on some occasions you may wish to instruct us to carry out transactions which you will not expect us to be responsible for advising you ab
8. give details above PIP Contribution Form I enclose my cheque for to fund my PIP Application Please use cash in my existing ISA E SIPP E PIP Nominee E Please sell the following holdings detailed below to fund the PIP No of units Name of Security Office use only shares INVESTMENT RISK amp OBJECTIVES Please select your risk tolerance and investment objectives below by inserting the amount of money you wish to invest in your selected PIP s PIP s are model portfolio s and therefore have predetermined objectives Please ensure you have read our definition of risk on page 8 If you are unsure which PIP is best suited to your investment needs please discuss with your Investment Manager before completing this form Income PIP Medium Risk Balanced Return with Income Bias Higher Income PIP Medium Risk Income Return Growth PIP Medium Risk Balanced Return with Growth Bias Select Opportunities PIP Medium High Risk Growth Return Overseas PIP Medium High Risk Growth Return Please note the minimum investment into a PIP model is 20 000 Investing in any asset class will involve risk at varying degrees and this may result in you not receiving back the original amount you invested There are many factors to consider such as timing and external financial events Signed Date 12
9. is levied proportionately every six months at the time of our report The individual funds also charge annual management fees which will be reflected in the unit price Details of these charges will be available on the managers websites PILLING IDEAL PORTFOLIO GROWTH INVESTMENT AIM To provide a balanced return of growth and income superior to the FTSE All Share Index over medium and longer term by exposure to world equity and fixed interest markets via a medium risk portfolio of unit trusts OEICs and investment trusts KEY FACTS Launch Date 23 August 2001 ISA SIPP compliant 20 000 minimum PORTFOLIO CO ORDINATOR Mike Tattersall PORTFOLIO MANAGERS Pilling amp Co Investment Managers Medium risk balanced return but growth biased mainly UK investments PILLING IDEAL PORTFOLIO SELECT OPPORTUNITIES INVESTMENT AIM To provide long term capital growth superior to the FTSE All Share Index through exposure to equity and fixed income markets together with unlisted investments via a medium to high risk portfolio of unit trusts OEICs and Investment Trusts KEY FACTS Launch Date 23 August 2002 ISA SIPP compliant 20 000 minimum PORTFOLIO CO ORDINATOR Nigel Moore PORTFOLIO MANAGERS Pilling amp Co Investment Managers Medium and High risk growth return mainly UK investments PILLING IDEAL PORTFOLIO INCOME INVESTMENT AIM To provide an income return comparable to the FTSE 350 High Yield Inde
10. money held in banks in the UK e Custody of Your Investments we will register your investments in the name of St Anns Square Nominees Ltd or a nominated sub custodian subject to written agreement with Pilling amp Co e Transfers of Income and Capital we will arrange for any income or capital sums arising from your portfolio to be sent to you in accordance with your written instructions e Termination of Agreement either party may terminate a discretionary agreement by giving one month s notice in writing You will remain liable for any transactions entered into before notice is received or instructed during the notice period and you will pay any charges or fees due to us under the appropriate Agreement on a pro rata basis e Itis hereby confirmed that where this Agreement is signed by more than one person we are the joint owners of all cash securities or other property held for us and that on the death of any one of us such ownership will automatically accrue to the survivor s who will continue to be bound by the above terms and conditions as if they had signed alone e I have read and understood the contents of this Discretionary Management PIP Services Agreement including the Terms and Conditions of Business and agree to be bound by them e I understand that Pilling amp Co cannot make any promises as to the future performance of the portfolio maintained on my behalf and that so long as they act in good faith they cannot accep
11. nt objectives financial resources and personal background as may be necessary to ensure the suitability and quality of our investment advice or the extent of discretion exercised on your behalf Account Title a c No Self Spouse Other Surname Forename s Nationality Occupation Marital Status Number of Dependants ages Income Taxed 45 40 20 Other 45 40 20 Other Income from Employment Income from Pension s Other Income Value of Home s Value of other Property Savings Investments including those held at Pilling Other assets Mortgage s outstanding Overdraft Loans Credit Card etc Other Debts CAPACITY FOR LOSS To assist us in understanding your appetite for risk please tick one of the following statements that best describes the effect that a 25 reduction in investment value or income generated from your investments would have on your lifestyle For example you have invested 100 000 that earns income of 4 000 per year Should the investment fall to 75 000 and the income to 3 000 would you be able to cope financially Please note these figures are for illustration purposes only and are in no way a guarantee of maximum losses No material impact on my our standard of living A small but acceptable impact on my
12. on Act as a controller of information Pilling amp Co Stockbrokers Ltd is registered in England and Wales No 9220456 and is authorised and regulated by the Financial Conduct Authority FCA No 652114 and are members of the London Stock Exchange and W M A PIP0515 The Pilling Ideal Portfolios As a stockbroking and wealth management firm our Investment Managers have regular contact with the country s leading fund management groups It is difficult for a single fund management group to have sufficient expertise across all sectors and geographic areas So we research which fund managers are best in each particular area and cherry pick the best for you The Pilling Ideal Portfolios PIPs are five portfolios of funds carefully selected by our Investment Managers These are the Income PIP the Growth PIP the Higher Income PIP the Select Opportunities PIP and the Overseas PIP When selecting a fund or trust it is essential to know The fund manager and his ability The portfolio strategy both current and looking ahead Sector and or geographic weightings Tracking error where applicable and volatility Gearing strategy for investment trusts only Discount premium situations for investment trusts only Currency hedging strategy for overseas fund We continually monitor these points by having regular meetings and dialogue with managers The PIPs can be bought in your Pilling ISA amp SIPP portfolios They c
13. out their investment merits e Portfolio Review and Performance Report we will send you an in depth analysis and review of your own portfolio every 6 months a statement a reconciliation of its performance and a general economic report e Basis of Performance Measurement the percentage increase or decrease in the value of your portfolio since your last report will be shown alongside the percentage change over the same period in the level of an agreed benchmark e g FISE All Share Index that is appropriate for the PIP selected See descriptions on pages 3 and 4 e Basis of Valuations investments quoted listed or regularly dealt on a recognised investment exchange will be valued at their middle market quotation on that exchange unless stated otherwise Unquoted investments will be valued at cost or such other value as we may consider appropriate at the time Current exchange rates will be applied when valuing holdings in foreign currencies We reserve the right to adopt any other method of valuation when we have reasonable grounds for believing that another approach more accurately reflects the market value of a particular investment e Your Money we deal with your money in accordance with the client money regulations of the FCA If we purchase or recommend a purchase of a foreign stock there may be a possibility that a dividend or interest payment could be held for a while in a foreign bank that does not have the same protections as
14. stitute a high risk policy since their capital values and the real value of the income that they produce are affected by interest rate fluctuations and inflation MEDIUM RISK Medium risk investments may include other fixed interest investments shares in FTSE 100 Index constituent companies well established FTSE Mid 250 companies perhaps ex FTSE 100 stocks and where possible eg where the capital commitment is great enough a judicious spread of shares in large and medium capitalized companies Unit Trusts OEICs Investment Trusts and similar packaged investments in the major western markets UK Europe North America as well as internationally diversified examples of such funds are included Some sector specialist ethical and single company country funds can be used as part of a diversified portfolio Modest portfolio allocation in smaller companies in the major western markets via managed collective investments is also acceptable Insurance company and investment management company managed or multi manager products are generally acceptable either as part of a portfolio or in isolation HIGHER RISK High risk covers all other types of investments not mentioned above and can incorporate weighting or even exclusive concentration on smaller capitalized or recent start up businesses junior markets and trading facilities eg AIM and Plus quoted shares or venture capital vehicles Collective and packaged versions of the above are acceptable as
15. t any liability for any loss arising through their exercise of this authority or the management of my portfolio nor for taxation charges arising for any reason e I We confirm that Iam not a US person resident or green card holder If you are resident for tax purposes in a country other than the UK please tell us here Se UK in this definition excludes Isle of Man Jersey Guernsey Gibraltar and other Crown dependencies IMPORTANT NOTICE If there is anything that you do not understand or if you wish for further clarification please contact us before you sign and return this agreement Signed X X Full Name Date Signed for and on behalf aa of Pilling amp Co Stockbrokers Ltd Eee Dennis L Morgan Chief Executive 10 Pilling amp Co Stockbrokers Ltd PIP Application form Title First Names in full Surname Your Pilling A C number Permanent Residential Address Postcode You must supply an email address to receive your Email statements valuations contracts and newsletters on line Instructions will be sent to this email address on how to set up your Client Web Access CWA If you do not have access to a computer or an email address paper versions are available by ticking this box Tel Work Home Mobile Only complete provide the following if you are a new client or you need to update your details Your Bank details for payments to you Do you have a National Insur
16. well as offshore non sterling denominated or hedge funds Investments in lesser developed markets eg Asian and Emerging Markets are also included Warrants covered warrants securitised derivatives options and other forms of derivatives also come under this category and you are required to complete a further application form available on request to help us assess whether complex products of this nature are appropriate for you Other investments covered under the Notification of Services Required section of this agreement should also be considered in this category We may invest in securities where the individual risk category of that security is outside your chosen risk profile However the overall risk profile of the portfolio will remain within your risk profile WARNING We make every reasonable effort to ensure that your investments meet with your risk requirements At the time of investment our understanding and the market s opinion in general of a security s risk category will be applied as per your investment model If at a later date it is found that the risk category was incorrect we cannot be held responsible for any financial consequences or liabilities arising from any misunderstandings or mistakes in this aspect of your dealings with Pilling amp Co DISCRETIONARY MANAGEMENT SERVICES Report Dates 23rd February 23rd August This Agreement sets out the arrangements under which we will provide our Discretionary Manag
17. x with growth over medium and longer term by medium risk exposure to world equity and fixed interest markets via unit trusts OEICs and investment trusts KEY FACTS Launch Date 23 August 2001 ISA SIPP compliant 20 000 minimum PORTFOLIO CO ORDINATOR Alistair Hodgson PORTFOLIO MANAGERS Pilling amp Co Investment Managers Medium risk balanced return but income biased mainly UK investments PILLING IDEAL PORTFOLIO HIGHER INCOME INVESTMENT AIM To produce a level of income ahead of the yield on the FTSE All Gilts fixed interest assets and FTSE 350 High Yield equity assets with reduced relative volatility in capital performance Investments will be made across a spread of assets that may include Unit Trusts OEICs Funds and Investment Trusts focusing on fixed interest securities equities property and infrastructure Gearing and use of covered options may be utilised in certain funds where this is expected to result in enhanced yield Medium risk income return investments PILLING IDEAL PORTFOLIO OVERSEAS GROWTH INVESTMENT AIM To provide predominantly long term capital growth superior to the FTSE Global All Cap Ex UK index through the active management of a diversified portfolio with exposure to equity and fixed interest markets via a medium to high risk portfolio of unit trusts OEICs and investment trusts KEY FACTS Launch Date 23 August 2002 ISA SIPP compliant 20 000 minimum PORTFOLI
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