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Execution-only will retain poorer clients after RDR

Adviser firm HHPG Wealth Management is launching a direct-to-consumer proposition next month aimed at clients who cannot afford advice after the RDR.

The Cardiff-based firm is looking to offer execution-only functionality across pension, investment, protection and Isa products, as well as a general insurance offering.

Director Richard Harry says the firm, which has 18 advisers, expects the service to be used by clients who will no longer be able to afford advice.

He says: “Advisers must look to offer execution-only services to try and retain those clients.”

The firm has so far set up agreements with Partnership to deliver its direct annuity offering and Legal & General, Bright Grey and Friends Life to supply protection products.

The annuity service will cost £250 per transaction, the investment service will cost between 0.15 and 0.2 per cent of assets invested and the protection service will cost £15 per transaction.

HHPG is in talks with Cofunds and Axa over who will provide the white-label technology on the project.

Jacksons Wealth Management managing director Pete Matthew says: “I think it is inevitable that advisers look to the execution-only space as part of their service. Millions of people are looking for online direct services and advisers want to take a piece of that business.”

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