7IM offers direct platform for orphan clients

7IM has launched a direct platform for orphan clients who no longer have an adviser.

The wealth manager says it was seeing demand from orphan clients and did not want to turn them away if they ceased to have a relationship with their adviser.

The fee structure is the same as for its advised clients, plus a minimum fee of £20 a month.

7IM says there is no minimum investment amount, but clients would need at least £80,000 for the charges to be viable. 

7IM head of platform Verona Smith says: “Our platform for advised clients remains our main source of platform business.

“But we were seeing demand to hold some clients’ assets directly, where clients had decided they no longer wanted a relationship with their adviser.

“In those situations we strongly encourage clients to find another adviser, but where they choose not to we want to be able to offer them the ability to keep those assets on the platform.”

Smith says 7IM currently has less than 100 clients on the direct platform.

She adds: “We are not going out and trying to get business.”

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