Brewin Dolphin has launched a D2C offering for customers with up to £200,000 to invest.
BrewinsDirect is available for those with as little as £10,000 and is said to offer an “uncomplicated, low-cost service”. Investors can choose from one of six portfolios, according to their appetite for risk.
Investors are charged a portfolio management fee of 0.7 per cent per year, subject to a minimum of £70. In addition, there is an annual fund charge of 0.16 per cent.
Cash withdrawals are free on rebalancing provided one business day’s notice is given. Outside this, there is a fee of £50 plus VAT.
BrewinsDirect charges £15 per line of stock for transferring out, and £25 plus VAT to close an account.
By comparison, Brewin Dolphin’s advised offering has a 0.75 per cent investment management charge per year for portfolios up to £1m. Its wealth management service costs 2 per cent for initial advice and 1 per cent for ongoing advice.
Platforum head of direct Jeremy Fawcett says: “Wealth managers are stereotypically conservative but they know that the internet is impacting their businesses.
“Brewin Dolphin has a prestigious brand so why not tie this to a robo-adviser style of service? ”