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Post by faeryl on Jan 2, 2017 10:59:12 GMT
I don't know about timings for collection but I have read previously they don't collect fees until they are happy with the performance of the account.
Ie high percentage of cash deployed.
I still have 0 fees collected but some owing.
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Post by d_saver on Jan 2, 2017 11:11:53 GMT
I'll add my vote for a custom date range on the tax statement as the fixed UK tax year range is no good to me either really. Same report with a user definable date range would be very useful.
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stub8535
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Post by stub8535 on Jan 2, 2017 12:06:26 GMT
I don't think percentage of cash deployed is the trigger faeryl. I had a message saying fully funded in December, since then diminished to less than 80%, and no payment of fees taken. When I queried this some time ago with Steve he indicated that they would take fees only when earnings were decent. Subjective statement that I did not press.
Steve Findlay please give us an indication about when, in our individual investing history, the trigger point may be, without wishing to nail the decisions down too much thus removing some of your flexibilities.
With the way the platform operates it could take 9 months to a year to see more accurate, consistent returns, with cash drag averaged outside of initial investment period, to give "decent earnings" a clear definition in context.
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Post by stevefindlay on Jan 2, 2017 15:48:57 GMT
I'll add my vote for a custom date range on the tax statement as the fixed UK tax year range is no good to me either really. Same report with a user definable date range would be very useful. We will probably do this, but it's not a priority right now (statements set on flexible dates). In the mean time, if you need certain information for a tax period that isn't the normal April year end - I.e. because you've invested through a company - then please just contact us with your query.
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Post by stevefindlay on Jan 2, 2017 15:54:49 GMT
Possibly a dumb question but I can't seem to find an answer ........... stevefindlay - when are the BM fees actually collected ? - my account shows all fees since I started as 'outstanding' and £0 as 'collected' ........... Not a dumb question at all! We've held off collecting fees for many (most) smaller accounts (<£25k) as the impact of rounding has a material effect (we round fees up to the nearest 1p and round interest down to the nearest 1p, with a catch up on both). We will start looking to collect fees on the smaller accounts when (1) we've updated the system to round fees down (2) each account looks sensible. In short, this is likely to be in the next month or so. Please note though, that any outstanding fees are collected when funds are withdrawn.
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sandbrain
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Post by sandbrain on Jan 5, 2017 14:13:09 GMT
stevefindlay I don't think my eyesight has failed me but I don't see anywhere I can view a detailed cash account statement. I'm looking for a report to view/download a table showing account deposits, withdrawals, investments, interest received, fees charged, etc. - ideally between user-defined dates. This would also be useful in lieu of a tax statement.
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stub8535
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Post by stub8535 on Jan 5, 2017 22:50:44 GMT
Possibly a dumb question but I can't seem to find an answer ........... stevefindlay - when are the BM fees actually collected ? - my account shows all fees since I started as 'outstanding' and £0 as 'collected' ........... Not a dumb question at all! We've held off collecting fees for many (most) smaller accounts (<£25k) as the impact of rounding has a material effect (we round fees up to the nearest 1p and round interest down to the nearest 1p, with a catch up on both). We will start looking to collect fees on the smaller accounts when (1) we've updated the system to round fees down (2) each account looks sensible. In short, this is likely to be in the next month or so. Please note though, that any outstanding fees are collected when funds are withdrawn.
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stub8535
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Post by stub8535 on Jan 5, 2017 22:52:44 GMT
Is the £25k you quote the invested funds or total transferred in including unallocated?
Interesting that you would take fees from someone who is withdrawing unallocated money or am I misinterpreting your statement?
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Post by stevefindlay on Jan 6, 2017 7:53:28 GMT
stevefindlay I don't think my eyesight has failed me but I don't see anywhere I can view a detailed cash account statement. I'm looking for a report to view/download a table showing account deposits, withdrawals, investments, interest received, fees charged, etc. - ideally between user-defined dates. This would also be useful in lieu of a tax statement. Tax statements are already in the system. A link to a summary statement will appear on your dashboard on April 6th for you to use. Monthly statements are coming, and are currently being worked on. We may produce the cash flow detail you mention, but this isn't currently a priority item on the development list.
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Post by stevefindlay on Jan 6, 2017 7:57:07 GMT
Is the £25k you quote the invested funds or total transferred in including unallocated? Interesting that you would take fees from someone who is withdrawing unallocated money or am I misinterpreting your statement? (1) Total funds, although it's not a hard rule. (2) Yes, slight crossing of wires. We're only talking about clients who've had funds invested, earned interest and are then withdrawing funds (but haven't yet paid any fees). Remember, fees aren't charged on funds which are not deployed.
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stub8535
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Post by stub8535 on Jan 6, 2017 11:33:38 GMT
My point, Steve, was that someone who failed to read the statements about cash drag who then want to move the money elsewhere without bm investing it would, from my interpretation of your words, end up paying the accrued fees at that point which seems unfair and not what I expect from your site.
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Post by d_saver on Jan 6, 2017 11:55:28 GMT
Just a comment. The 'Your Portfolio' number on the right of the dashboard could be confusing for new users. As one myself, I spent some time looking thought the faq etc to see what the number actually refereed too at first. At first I thought it was percentage deployed. I'm still not 100% sure, but believe it's the average term of the loans in the portfolio. I could not find this explained anywhere and it's probably 100% clear to people like yourself, but for some new people, it may be a little confusing first off.
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amphoria
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Post by amphoria on Jan 6, 2017 12:44:49 GMT
Just a comment. The 'Your Portfolio' number on the right of the dashboard could be confusing for new users. As one myself, I spent some time looking thought the faq etc to see what the number actually refereed too at first. At first I thought it was percentage deployed. I'm still not 100% sure, but believe it's the average term of the loans in the portfolio. I could not find this explained anywhere and it's probably 100% clear to people like yourself, but for some new people, it may be a little confusing first off. It's the total number of individual investments.
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Post by stevefindlay on Jan 6, 2017 13:21:58 GMT
My point, Steve, was that someone who failed to read the statements about cash drag who then want to move the money elsewhere without bm investing it would, from my interpretation of your words, end up paying the accrued fees at that point which seems unfair and not what I expect from your site. I should make my words clearer. Sorry: - fees are only charged on invested capital - fees should be (over time) ~1/8th of interest (i.e. 1% fee vs 8% gross interest equal 7% net) (this is a cross-check, not a guarantee) - fees will only be due, and collected on invested capital (which should have earned interest) - no fees are due on un-invested cash. Ever. So, in two scenarios: A - partial withdrawal (1) Client invests, say £2,000 (2) After a short period of time say £1,500 is invested and they want withdraw the remaining £500(3) By this point they have earned, say £10 of interest (of which £6 is cash and £4 accrued) and £1.25 of fees (which aren't yet collected) (4) They receive their £500; there is no fee deduction, as there is sufficient cash etc in their account to cover the outstanding fees B - full withdrawal (1) as above (2) they want to liquidate and withdraw everything (3) as above (4) They initially receive: £2004.75 (being £2,000 + £6 cash interest - £1.25 fees) (5) They then receive a further £4 as the accrued interest converts into cash (no further fees are due during this interest wind-down period) Hope that clears it up!
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Post by stevefindlay on Jan 6, 2017 13:23:34 GMT
Just a comment. The 'Your Portfolio' number on the right of the dashboard could be confusing for new users. As one myself, I spent some time looking thought the faq etc to see what the number actually refereed too at first. At first I thought it was percentage deployed. I'm still not 100% sure, but believe it's the average term of the loans in the portfolio. I could not find this explained anywhere and it's probably 100% clear to people like yourself, but for some new people, it may be a little confusing first off. It's the total number of individual investments. We agree it could be improved though - we intend to include the deployment percentage in this chart. This is in the development pipeline - timing tbc. ( amphoria - thank you for the reply)
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