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Adviser firm launches mass market online service

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.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. Hat’s off to Keith if he can deliver this service at a profit. It’s obviously something that he feels passionately about.

    Personally I don’t think that it is the advisory communities responsibility to bail the FCA out of the mess of their own making!

  2. Good luck to them …but I still don’t see how you can provide a thorough and full independent review, report & recommendations that would stand up to full FCA or ombudsman scrutiny should a prospect take up the recommendations and believe he has reason to complain at a later date.

    The only true online facility will be execution only as with general insurance. Advice based recommendation will never work ( risk free for the adviser) on an online basis.

  3. Good luck to them. I’m sure it has cost them a lot of cash to set this up if the project has been being built since 2006. I really hope it succeeds.

  4. Good luck to Keith Churchouse as I think it could work, but I would not enjoy doing it and it is not how clients come to me. It is not about the money, it is about enjoying the job and that side of the job would be no fun. I also have concerns as to what the FOS Will do.

  5. A good bit of innovation from Keith who I know has real ambition in this space. The way the advice sector is evolving it is things like this that are going to change the way services get delivered to generation Y. Looking forwards not backwards and overcoming perceived challenges must surely lead to success

  6. Well done Keith, please keep us posted on your uptake over the months ahead, as I for one am curious as to the appetite of the market for this type of delivery of service (I won’t be a competitor as it’s not my focus, but I am interested in whether it can become the future for many).

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