Bestinvest goes hybrid with 'affordable advice' add-on
Bestinvest is to relaunch as a service combining DIY investing, free financial coaching, digital tools and access to a range of low-cost portfolios as well as offering “affordable advice” at a fixed rate.
It said the platform will shift to a hybrid digital service that combines low cost investing with access to "qualified professionals through free investment coaching" and, if desired, choose affordable fixed-price advice packages.
The platform said the combination of tools would help people "plan for their future, keep on track for personal goals, and become better investors".
It added it had also launched a range of low-cost, ready-made "Smart" portfolios, while also improving its resources for investors who like to select and manage their own investments.
The revamped platform is set to launch after the tax year-end. The Smart portfolios will be available from 1 February.
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Simonetta Rigo, group chief marketing officer of Tilney Smith & Williamson, said: "The launch of this new hybrid service is a major development which will make good on Tilney Smith & Williamson's chosen purpose of ‘placing the power of good advice into more hands'.
"There are millions of people in the UK who work hard for their money but lack confidence when it comes to investing. Many have cash left languishing in the bank being eroded by inflation or have multiple pensions which they are unsure about. By providing them with the tools to set real goals and estimate whether they are on track to achieve them, we can help investors ‘bring tomorrow forward' and identify the actions they might take today to get them on track to achieve their objectives, or even reach those goals at an earlier point in time."
She added the new Bestinvest would "provide the best of both worlds: the benefits of a modern, digital service with a human touch through the ability to speak to a qualified investment coach."
Coaching and advice
The business said all clients will have free access to investment coaches, who are qualified financial planners.
It explained clients will be able to book a virtual meeting with the coaches, with the option of completing a digital fact find and risk assessment questionnaire to streamline the coaching discussion.
One-time advice packages will also be available, where personalised advice is required by a client, such as a review of their existing investments or a recommendation for an appropriate portfolio, this will be available for a one-off fee of between £295 and £495.
It said: "These are fully regulated financial advice packages. A Portfolio Health Check - in which an investment adviser examines your investments and makes recommendations - comes at a fixed price of £495 (inclusive of VAT). Meanwhile, the Investing for Your Goals option will recommend a suitable ready-made portfolio, or an asset allocation if the client wishes to make their own fund selections, at a fixed cost of just £295 (inclusive of VAT).
"Following the purchase of either of these advice packages there will be no commitment to further purchases or to an ongoing advice relationship."
