Bestinvest has launched 14 risk-rated managed portfolios as part of its new advisory offering.
The service, which launched this week, is open to investors with a minimum of £50,000, including joint portfolios, access to an adviser.
Bestinvest’s advised clients now have access to the platform, which has only been available to execution-only clients since its launch in May.
Bestinvest says 500 of its 4,000 advised clients have chosen to migrate to the Select platform so far and it expects between 2,500 and 3,000 to move across by the end of the first quarter of next year.
Bestinvest director of advisory and direct Lee Dooley says: “Investors will get access to a wider range of investments on the Select platform, such as low-cost funds, tracker funds, ETFs and investment trusts, some of which are not available on Cofunds and FundsNetwork.”
The fee-based service will charge 1 per cent a year of the value of the portfolio, plus VAT.
The asset allocation decisions will be made by Bestinvest chief investment officer Graham Frost and his team of eight.
Dooley says the number of funds in the direct client portfolios is limited to 20 and will be more concentrated than the five multi-asset portfolios that the firm runs.