Money MOT Service Fees Increase from January 2024
Published / Last Updated on 23/12/2023
We have not increased our Money MOT Silver, Gold and Platinum Service fees since November 2018. Before 2018, we had only ever increased our fees twice since 2000.
This means that with the latest increase, we have only increased our fees 4 times in nearly 24 years trading, and this is the first increase to Money MOT service fees in the last 5 years (2018) and 6 years before that (2012).
We do not increase our fees lightly, as you know we always time and risk cost all fees rather than charging ‘blanket’ %s to all and genuinely try to absorb as many increased costs as we can with better efficiency but business costs as well as cost of living increases over the last 5 years and in particular in the last 2 years mean:
- We are now loss making across all Money MOT services.
- Whilst this is a service to clients rather than a ‘profit centre’, we cannot afford to continue to offer Money MOT services at a loss.
- Fees must therefore be increased to at least cover our operating costs.
Inflation Impact Over Last 5 Years (source Office for National Statistics and Roberts Clark’s own figures)
Since November 2018:
- 26% compounded CPI inflation.
- 37% compounded Average Wage inflation.
- Our general office costs are up 26%.
- Our payroll costs are up 93% since 2018.
- Our professional indemnity insurance costs are up a massive 406% since September 2018. That’s an increase of over £30,000 pa.
- Our industry is ridiculed with rogue advisers, compensation claims, insurance claims, FCA fees, financial services compensation scheme (FSCS) levies and financial ombudsman service (FOS) levies.
- The good firms pay for the bad.
We have been making a loss on Money MOT services rather than break even since lockdown and we sadly most now increase our fees from 1st January 2024. These fee increases range from around 20% to 25% and hope they remain at a similar level for another 5 years.
You will not see any increase in costs until your Money MOT annual renewal date and we will contact you at least a month before this, unless you contact us beforehand, to discuss your ongoing service and whether you wish to amend, increase, decrease or cancel ongoing Money MOT services. Please see:
Money MOT Fees Shop: Money MOT
Money MOT Video: Money MOT Review
Money MOT Articles Channel: Money MOT
What’s Included in the Different Money MOT Service Levels?
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What’s Included? |
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Gold |
Platinum |
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‘Full’ Access 9,000+ Pages Online |
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‘Full’ Access 2,000+ Money Videos, Tools and Calculators |
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Weekly Money News Round-up via Email |
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‘Client Only’ Full Website Access to articles, tools, videos |
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‘Traffic Light Alerts’ on Risk of Market Rises or Falls |
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4 X Full Quarterly Newsletters per year |
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2 X 30min ‘Guidance’ Consultations per year |
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File and Policy Maintenance |
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Unlimited Telephone ‘Ask An Expert’ Service |
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Yearly Fund Performance and Policy Report |
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Yearly Fund Performance and Fund/Policy/Tax Advice |
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Out of Hours Directors Private Email Addresses |
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Out of Hours Directors Private Mobile Numbers |
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Quarterly Fund Performance and Policy Report |
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Quarterly Fund Performance and Fund/Policy/Tax Advice |
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Other Useful Links: Contact Call Back Calculators Our Fees
