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E&Y drives into advice market

Ernst & Young Financial Management is launching into the IFA market, offering fee-based pensions, investment and protection advice to people with at least £30,000 to invest.

The Transcript service open-ed this week in Scotland and is going live around the UK in the next two weeks with 50 RIs.

E&Y says a recent ABI-sponsored report identified the need for quality independent financial advice. The firm will focus on higher earners looking to maximise tax-free cash through investing in stakeholder and avoiding inheritance tax.

It will offer the opportunity to have portfolios assessed with a report about the best path forward. This initial consultation costs a minimum of £1,200. Further advice is costed on how much is invested.

E&Y Financial Management has been active in the advice market but only in the corporate market to existing clients. This is its first major push into mainstream financial advice.

Chief executive Ken Timmins says: “People have been looking for tax-efficient ways of moving capital and we believe our move into that sector offers a one-stop, fee-based advice service.”

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