Newspaper publisher The Times has teamed up with Best-invest to launch a white-label advised and direct service.
Times Wealth Management Services offers investors a choice of transaction-only, advised, discretionary and wealth planning accounts.
News UK business development director Neil Martin says it is an “exciting milestone” for The Times. He says: “When it comes to money, trust is crucial and The Times and Sunday Times have been the papers of record for the latest money, investment and business news and advice for more than two hundred years. Thus the titles are well placed to offer a competitive service that our readers are hugely interested in.”
Bestinvest chief executive Peter Hall says the partnership aims to fill the void left by the high street banks’ retreat from the advice market and scoop up the orphaned investors.
Private equity firm Permira, which has all but completed its purchase of Bestinvest, is also finishing due diligence on Deutsche Asset & Wealth Management’s Tilney regional advisory business.
The Platforum managing director Holly Mackay says: “The buying and selling of investments is becoming commoditised and guidance and relevant information will be key.
“We think we’ll see more groups with both content and audience clout entering this market, typically with a joint venture. But the difficulty as always is juggling perceptions of bias at the same time as keeping rival advertisers happy.”