Personal finance website Moneyextra is launching a face-to-face advice service this summer as part of a £30m development programme over the next two years.
The subsidiary of Bristol & West, bought from The Exchange in December, has just gained PIA approval for the venture and is planning to recruit 80 IFAs by the end of the year.
It expects to do 60 to 70 per cent of IFA business face to face and the remainder by phone and the internet.
The company's website moneyextra.com currently offers online information and a comparison service for financial products but does not give advice.
The first stage of the venture will be a call centre in Bristol in April offering the public advice by phone on mortgage and investment products. The next stage will see regional centres providing face-to-face advice on a full range of products. The first in London will open this summer, with a team of about 12 IFAs.
Moneyextra says it will remain separate from B&W's other IFA arm, Chase de Vere Investments.
Moneyextra managing director Martin Palmer says: “We are creating a 21st Century IFA offering impartial advice on a broad range of products. As people want to see the whites of someone's eyes, we will only offer limited advice over the internet.”
Lighthouse IFA co-founder and sales and marketing director Nick Hamson says: “This is a positive move for IFAs as it is a recommendation of face-to-face advice.”