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One third of advisers will offer self-direct services

Around one third of advisers say they will offer, or are already offering, a self-directed service to certain clients.

A Cofunds survey of 614 advisers finds 17 per cent already offer such a service while 14 per cent say they will offer it as a new service post-RDR. The remaining 69 per cent say they will not offer this option to clients.

In March, Skandia announced plans to support advisers who wanted to operate an execution-only service for certain clients following demand. It is considering creating co-branded versions of its platform.

Cofunds and Fidelity FundsNetwork both already offer execution-only white-labelled services while Nucleus says it is planning to support advisers in this area.

Last month, Money Marketing revealed that IFA firm Dennehy Weller & Co is offering a non-advised platform powered by Fidelity FundsNetwork which allows investors to choose and buy funds based on their appetite for risk.

Ascentric says it plans to have an execution-only white-labelled service for adviser firms available by the second half of the year while Novia says it is looking into a service but has raised concerns over cost. Aegon and Avalon Investments are also looking at this flexibility.

Axa Elevate is due to launch its direct investor business, Axa Self Investor, via IFAs and to Axa employees during the first half of this year.

Transact already allows clients to conduct simple business through the platform.

In January, Intelliflo announced the launch of a new portal to allow clients of IFAs to analyse their investments and carry out basic transactions, while Avelo is also offering a direct client portal.



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There are 4 comments at the moment, we would love to hear your opinion too.

  1. The rise of ‘self directed’ services are not a surprise. With less clients willing or able to access advice that carries a certain level of fee, then where should they go?

    Also, many clients are seeking info from the web (and dare I say it MAS) and then buying what they think is right. Are they always wrong to do this?

    We are developing such services, but they sit alongside an advised service. If the client gets stuck, they have a place to go and realise that an adviser does add value, experience and support.

    I also wonder if we are going to settle on a more friendly way way of describing these types of services. So far we have execution only (grim), self serve (like a motorway cafe), guided, assisted, Simplified (get that one under trades description act) and now ‘self directed’. I am undecided, but don’t think we have found the right one yet. What do you think is a good name for these type of services?

  2. James

    The new name must be ‘Twatter’, as they only should appeal to individuals with no sense.

  3. @Anonymous 2:15 pm

    Helpful as ever…

  4. James, I think DIY Finance would be understood by all as to what it entails. It is only a matter of time before B&Q launch their own Financial Services offering. There is absolutely nothing wrong with people wanting to do their own research and doing it themselves.

    There is still a market for people who don’t want to do it themselves and are happy to pay a fee for the service. This is precisely why accountants, lawyers, plumbers, electricians, mechanics cleaners and the like exist. You can add financial advisers to this elite list now.

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