Torquil Clark has launched a telephone-based simplified advice service, using four risk-based portfolios to allocate investments.
The service, TQ Active Money, has an initial charge of 1.5% of the investment amount, with 0.5% for ongoing advice.
Consumers will be able to ring a freephone number and a financial adviser will conduct a fact find, assessing their attitude to risk and the type of investments they feel comfortable with.
The four risk-based portfolios are made up of six collective investment funds and can target income or capital growth.
Clients will receive an annual report, including a portfolio valuation and any recommended changes, and will be able to call their adviser "whenever they like".
Torquil Clark said the service is staffed by "qualified and experienced independent financial advisers" and was aimed at consumers who did not want to make their own investment or pensions decisions, but could not afford full financial planning.
Tom Biggar, head of investments at TQ Active Money, added: "The Retail Distribution Review will inevitably create a larger divide between those who can afford to take financial advice and those whose portfolios are just too small to justify the cost. TQ Active Money is able to bridge that gap, providing a comprehensive service.
"The whole aim of speaking to an adviser is to make the complicated, uncomplicated. TQ Active Money is able to provide this over the phone, and at a lower cost than using a traditional adviser."
The Financial Services Authority issued its guidance on simplified advice earlier this month, insisting it would still be subject to the same Financial Ombudsman Service complaints rules.
Letter to Women and Equalities Committee
Decumulation panel debate
'Third of market could go'
September CPI at 2.4%