Adviser firm Chapters Financial has launched an online-only simplified advice service for the mass market.
The SaidSo website gives clients a 20 page financial planning report, including a summary of their situation, assets and recommendations for £299 delivered within 10 working days. Customers can then pay £159 if they want the firm to implement the recommendations and £129 per review.
Calls for advisers to offer simplified advice products have intensified following the move to fee-based models following the RDR, and the freedom and choice pension reforms announced in the March Budget. The Government says many more people will need to take regulated advice to navigate the new choices following the Government-backed free guidance sessions.
Chapters Financial director Keith Churchouse says the firm has been working on an online-only product since 2006 and that SaidSo will help bridge the gap left by RDR which forced advisers out of the market, and banks stepping back from offering advice after the financial crisis.
He says: “We’ve been working on the delivery of financial advice online without the need for a phonecall or a face-to-face meeting since 2006. Post-RDR the advice gap that we always envisaged would be there has opened up.”
He adds: ”Insurance companies have dealt with high net worths – who are normally over 45. But there’s a whole generation of web-savvy people who wouldn’t dream of face-to-face meetings. We have to capture that market but also the mass affluent who maybe were dealt with by banks and other intermediaries who are no longer in the market.”
Churchouse says SaidSo’s target market will be 30-to-45-year-olds “who are settled in their property and are starting to think about their financial planning seriously”.
There will be no minimum requirements for people using the service.