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Remote possibility for lower-net-worth clients

Ascentric says it is hearing from adviser firms that are looking to develop consumer platforms to help them offer an advice proposition to lower-net-worth clients.

Managing director Hugo Thorman says advisers are starting to see business-to-consumer platforms as a way of servicing clients who cannot afford face-to-face financial advice but still need access to financial guidance.

He says: “This is an exciting new area. IFAs are increasingly interested in how they can go direct to clients because they know they cannot service lower-net-worth clients face to face so they are looking at other ways of doing that. The advantage, of course, is that they can manage clients remotely.”

Thorman also sees great opportunities for advisers because the banks are yet to tap into this area.

He says: “Banks do huge amounts but it is whether they have got the determination and will. If they don’t, IFAs will succeed by offering a direct service that will be cheap and cheerful.”

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