It is in the interests of our clients and our firm (Partners Wealth Management) that we obtain the best possible result when placing orders with other firms e.g. third-party brokers and fund managers for the execution of client orders or when transmitting orders on behalf of clients. We are required under the rules of the Financial Conduct Authority (FCA) to take all sufficient steps to provide best execution when carrying out such transactions, and to provide clients with a copy of the policy we have adopted to achieve that objective. This policy applies to all execution provided to retail clients through a range of services. This policy should be read in conjunction with PWM Terms and Conditions and our Conflict of Interest policy.
This best execution policy applies to orders in financial instruments such as funds and other securities.
When placing orders with other firms for the execution of orders or when transmitting orders, we will make every effort to ensure the best possible result for our clients taking into account the following factors:
• Price
• Cost
• Speed
• Likelihood of execution
• Size
• Nature of the order
• Current liquidity
• The characteristics of the client order
• The characteristics of financial instruments that are the subject of that order
• Any other considerations relevant to the order
For retail clients, the price and cost of execution of the order will normally be the most important aspect in obtaining the best possible result. We will therefore assume this is the most important outcome for clients transactions unless informed otherwise.
In arranging for the execution of a client’s order:
• We may use a third-party broker or platform to execute the order;
• We may trade as an agent (where our scope of regulatory permissions allows us to do so);
• We may place the order directly with a fund manager.
All orders placed by us are executed through third parties. We will regularly assess the third parties available to us to identify those that will enable us, on a consistent basis, to obtain the best possible result when arranging the execution of client orders. The third parties have responsibilities in relation to best execution and client order handling themselves. We will also undertake periodic monitoring to ensure that they are meeting the relevant requirements and have an up to date Best Execution Policy.
If a client has given instructions to the effect that price is not the most important factor in executing the order, we will make every effort to comply with those instructions but cannot guarantee this. This may be due to either the nature of the order, or the type of financial instrument a client wishes to trade in.
We will make all decisions as to where the orders are placed in relation to the execution venue. We will therefore not accept specific instructions from clients regarding the venue where the order is executed. If we do accept any specific client instructions, clients should be made aware that this may prevent us from following the processes set out in this policy (which have been designed to obtain the best possible results for the execution of orders in respect of the elements covered by those specific instructions).
For orders in collective investment schemes e.g. Unit Trusts, OEICs and Investment Trusts, we will place the order directly with the relevant fund manager/platform provider and/or the operator of the collective investment scheme.
It is our policy that the charging structures will not influence either the selection of execution venues, or the order flow that follows as a result of the execution process. We will therefore not discriminate between the execution venues we use to arrange execution of client orders.
We will regularly monitor the effectiveness of our best execution policy to identify and, where appropriate, correct any deficiencies. In particular, this will cover the execution quality of any third parties. This review will be carried out regularly or whenever a material change occurs that affects our ability to continue to obtain the best possible result for our clients.
All relevant staff are made aware of this policy to highlight and emphasise the importance of best and timely execution.
For further information on how we can help you build and protect your wealth, please contact us.
