Charcol is branching out from its mortgage-only brokerage to create a
fee-charging wealth management service in investment, life and pensions.
Advisers will be recruited for the service which will advise fully on
life, pensions and investments alongside mortgages. It is seeking advisers
with G60 so it can move in to specialist pension areas such as drawdown,
transfers and equity release. Charcol has around 130 advisers.
Merrill Lynch Investment Managers retail markets and products director
Roderic Rennison has been recruited to head the development of investment,
life and pension products.
The wealth management service is integrated with Charcolonline which can
now give online Isa advice. It will offer stakeholder pensions from between
eight and 12 providers in the next few weeks. For more complex pension
planning, customers will be directed towards face-to-face advice.
Advice given online and on the phone is on a commission basis.
Face-to-face advice is fee-based, dependent on the complexity of work
involved. A monthly fee for providing an ongoing service will be offered.
Charcolonline has launched its Isa fund supermarket with 260 funds from 18
fund firms, including Schroder, Aberdeen and Invesco.
Charcol managing director Toby Strauss says: “We want customers to know
that once we start a relationship we will maintain it. We know our mortgage
customers think our service is great but we do not go back to them.”