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Hargreaves looks to lower minimum advice threshold to £20k for phone-based advice

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Hargreaves Lansdown is looking at reducing the minimum investment required to access its telephone-based advice service from £50,000 to £20,000.
Hargreaves head of advice Danny Cox says: “We are looking at whether we could make it a viable business opportunity; early indications suggest we can.”
There has been a spate of exits from mass-market advice recently, including Axa, Aviva and Santander.
Hargreaves aims to introduce its clean fee platform proposition by January 2014 and expects preferential deals from fund managers. Cox confirms the preference is to levy a tiered platform charge depending on the amount a client invests, with a minimum price of 28bps.
Murphy Financial associate partner Adrian Murphy says: “Even with a telephone-based service, it is going to be difficult to make a profit.”

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