IFA Chartwell has launched a telephone-based direct advice proposition for clients, a move it describes as "next generation advice giving".
The fee-based service, called Direct Advice, already caters for a client base of over 2,000 customers who were previously looked after ‘face to face' by Chartwell's high net worth private client division, but the company is now opening it up to new customers.
Fees will typically be 1% to 2% depending on the requested service. There is also an ongoing advice fee of 62 bps with all commissions from fund managers being paid back to the client. Direct Advice also offers discretionary management of a client's portfolio at no additional cost.
Clients will be serviced by a team of qualified advice "specialists" and Rob Hudson, director of Chartwell Direct, says the skills and knowledge required to offer advice remotely is "at least equal" to that needed when meeting clients in person.
"We're leading the way in this new method of advice provision and believe this type of service can provide ‘easy to access' advice that is so lacking in the market currently," Hudson says.
"As a Group we are already embracing many of the recommendations from the RDR with the development of our own Chartwell Investor Centre platform which is, in turn, facilitating our move to low-cost, fee-based structures moving forward. Never mind new model, this is next generation advice giving."
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