Bestinvest is to offer adviser firms a white-labelled version of its discretionary management service and use of its call centre to deal with clients’ basic advice needs.
Chief executive Andrew Barnes says the company’s model is strong enough to take on the added scale and says he is willing to talk to all firms and not just those whose businesses tie in with Bestinvest.
He says the offer can help advisers deal with smaller/balanced clients, something that the industry will have to address in light of the retail distribution review.
He says: “A call-centre-based advice unit for small/ balanced customers looking for Isa advice is something that we do well. A number of small firms will find that difficult if they do not have the staff to handle those types of customers so essentially we are providing a service for them to keep customers that they may otherwise lose and we can plug it into their business immediately.”
Barnes says the firm has 20 investment professionals looking after 50,000 clients.
Informed Choice director Martin Bamford says: “This seems to be the direction the business is taking and although no complete bespoke discretionary package has come to market yet, I think it can work. The call centre is also likely to get some interest.”