Nationwide is now able to offer customers the option to make regular premium investments on an adviser charging basis after delays introducing its RDR-ready service.
The building society operates a single-tied investment advice service through Legal & General. Until now, Nationwide has been unable to accept regular premium business and branch advisers could only advise on lump sum investments.
The regular premium option only relates to investment business. Nationwide, alongside other building societies that partner with L&G, have not been able to offer pensions to its customers on an adviser charging basis as the L&G (UTM) Stakeholder Pension Plan was not able to facilitate adviser charging.
In December Nationwide said it had suspended pension sales until an alternative product which facilitates adviser charging is put in place.
Nationwide charges 3 per cent for initial advice and 0.5 per cent for ongoing advice. For regular premium business, customers will be charged 3 per cent of monthly premiums over 48 months. The minimum monthly payment is £20 a month.
Customers also pay a platform charge starting at 0.65 per cent for assets up to £11,000, dropping to 0.29 per cent for investments between £11,000 and £20,000, and 0.24 per cent on investments over £20,000.
Money Marketing first revealed what the banks were charging for advice in January.
Nationwide head of protection and investments Rob Angus says: “We want to build strong relationships with our customers and help them achieve their long-term goals, offering them easily accessible advice and a choice of options to suit their needs.
“While other high street providers are moving away from mass market advice or setting high minimum amounts before they start offering advice, Nationwide is committed to helping customers who want to broaden their options.”