Helping you to achieve your goals and objectives
AT THE START
Wherever possible, we arrange face to face meetings with one of our trained professionals. Information on our company and services is provided, together with our terms of business. We will ask you some detailed questions to establish the types of investments and services that will be most suitable for you. All information provided is treated as strictly confidential.
A financial planning report is submitted and agreed, and the necessary steps taken to put it in place.
Minden is committed to the relationship we have with you. Regular periodic reports and updates are provided on your investments, and our consultants are on hand to review your plans, should your circumstances change at any time.
We work to ensure our clients are treated in a fair, honest and professional way. The following outline some of processes and procedures we have in place:
European regulations require clients to be categorised in one of the following two categories:
- Professional Clients are those possessing the experience, knowledge and expertise to make their own investment decisions, and to understand the risks they incur. Professional clients include all financial institutions, insurance companies, collective investment schemes (UCITS), pension and provident funds, as well as all Eligible Counterparties (a subset of Professional Clients, mostly composed of credit and financial institutions).
- Retail Clients are not Professional Clients and are usually private individuals, although companies may also be included.
Minden automatically categorises its clients as retail clients because this affords the highest level of rights and protection. Retail clients must be provided with detailed explanations of the investments and policies under review, the potential risks involved as well as the possible rewards. Reports from providers similarly must contain full and detailed breakdowns of performance and asset allocation as required under MiFID. Advisers must also ensure that all recommendations made to Retail Clients are suitable given the particular client’s knowledge, expertise and experience in financial products.
Professional Clients are regarded as having sufficient experience, knowledge and expertise in financial products and therefore not to need the same level of information and support.
Retail Clients may request to be treated as Professional Clients for particular products and investment services: all such requests must be made in writing to Minden in the first instance.
Professional Clients may request to be treated as Retail Clients in order to secure a higher degree of protection. Again, all such requests must be made in writing to Minden in the first instance.
Client profiling and investment suitability form the basis of all Minden’s advisory services. In order for Minden to make a recommendation regarding an investment service, it must ensure that it is suitable given the client’s financial situation, investment objectives and knowledge and experience of the investment product and/ or service being offered.
Should the necessary information not be available (or incomplete), Minden will not be able to proceed with recommending any investment product or service.
For Professional Clients, ensuring investment suitability extends only to examining their financial situation and investment objectives: it is assumed they possess the necessary knowledge and experience of the investment product and/ or service being offered.
No direct charge is made to clients for our advice and assistance. Where business is placed through Minden, the company will earn a share of the fees levied by product providers. All applicable fees and charges are clearly set out in each provider’s brochures, schedules, prospectuses and key features documents.
Where a specific additional charge is to be made for our work, the client’s prior agreement in writing is always obtained.
Minden does not handle client monies. All client funds should be transferred directly by the client to the contracted provider of the product and/or service. All income and redemption payments made to the client by the product providers, will similarly be made directly to the client.
All investments are registered in the name(s) of the investor(s).
In most cases, all documentation relating to your investments is sent directly to you by the provider(s). Where documents are sent to Minden, we will forward to you all documents showing ownership of your investments as soon as practicable after receipt. Where a number of documents relating to a series of transactions is involved, we will normally hold each document until the series is complete and then forward them to you.
All financial institutions provide client reports on their investments on a regular basis. This can be quarterly, six monthly or yearly. Minden maintains records of client holdings and can provide valuations on request. A regular valuation service is available, currently at no charge, but Minden reserves the right to impose a fee for this service.
Minden offers independent advice, but occasions may arise where we or one of our other clients may have some form of interest in business being transacted for you. Should this happen or we become aware that our interests or those of one of our other clients conflict with your interests, we will write to you and obtain your consent before we proceed.
Full details of the company’s conflict of interest policy can be made available to clients on request.
You or your appointed agent may inspect contract notes, vouchers and entries in our records, (whether kept manually or electronically) which relate solely to your investments. As we treat all our clients’ records as confidential, we reserve the right not to give you copies of your records if to do otherwise would be to allow access to files containing records about other clients.
As required by MiFID, Minden correspondence records are held for a period of at least 5 years. This information is kept electronically and/or as a hard copy.
Where insurance or investment business services are provided by other authorised companies then circumstances may arise which warrant the disclosure of more than just your basic contact details. On these occasions, such as obtaining compliance and regulatory approval, or comparing quotes and illustrations from different providers, additional personal information held by Minden may be disclosed on a confidential basis to such authorised companies.
As required by current EU legislation, before Minden can provide any product or service it is obliged to validate client identification and source of funds.
Specific requirements may differ from case to case, but for individuals, Minden will always need a proof of identity and a proof of residential address for each accountholder. For companies, Minden requires proofs of identity and residence for directors and authorised signatories, and in addition, copies of the Memorandum & Articles of Association, and certificates of incorporation, shareholdings and directors.
Full details of the documentation required will always be made available to clients prior to establishing a relationship.
Minden is obliged to maintain and update client identification records and will, from time to time, request updated certified or original copies from its clients. Should the client refuse or inordinately delay the submission of the necessary anti money laundering documentation, Minden is required to notify the client that it will no longer provide services, and advise the product provider(s) accordingly.