Interactive Investor has acquired Trustnet Direct’s platform business and announced a number of other deals.
The company, who has completed its acquisition of TD Direct Investing earlier this year, was already in a partnership with Trustnet Direct offering it white label services.
Other partners, including Telegraph Investor, The Motley Fool and SharePrice, will also transit into II’s brand.
Aside from price, brand is the other key feature for consumers choosing an online investing service. With its additional scale, interactive investor is looking to build its brand and the move away from white labelling shows its focus on that.
The company says the transition will be “seamless” for customers.
II chief executive Richard Wilson says: “We have made significant progress towards our ambition to become the retail platform of choice for engaged investors, with best-in-class research, tools and support, low-cost flat fees and excellent customer service. We look forward to offering all our customers enhanced benefits, giving them greater control over their financial futures.”
Interactive Investor confirmed yesterday it will charge investors a flat fee, instead of a percentage-based fee.
Head of Platforum Jeremy Fawcett says: “A fixed annual fee is rare for adviser platforms with most charging based on a percentage of assets held. However, fixed fees are offered by a number of D2C services and they are increasingly getting traction as investors become more price conscious.”
Fawcett adds: “Following its recent acquisitions, Interactive Investor will be the first scale player to offer this pricing model and we think this is a significant development for online personal investing. It works particularly well for those with larger portfolios although Interactive Investor is competitive at the more typical £50k level.”