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Charcol moves into wealth management

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.”

DOCE:

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