VitalityInvest has unveiled the next stop in its proposition, allowing accessibility to discounted fees to its customers.
From 22 July, all new clients to VitalityInvest will be given automatic access to its Healthy Living Programme, regardless of any qualifying criteria such as being a customer of Vitality health and life insurance policies. New customers could potentially pay 0 per cent in product fees every year, depending on the level they reach in the programme (bronze, silver, gold or platinum).
Clients will be guaranteed 0 per cent product fees in the first year (excluding fund management fees which range from 0.4 per cent to 1 per cent), the same as platinum level members. Those that reach platinum status will continue to pay 0 per cent fees, going up to a maximum of 0.4 per cent (tiered down for larger amounts invested) for those on bronze. VitalityInvest is also offering no product charges payable on amounts over £250,000 for the life of the plan – no matter what level they have reached.
VitalityInvest chief executive Herschel Mayers said feedback from IFAs was that the Healthy Living Programme was initially too restrictive, allowing only life and health insurance policy holders access. “We wanted to see if we could broaden the product and make it more appealing to everyone.”
“People don’t understand the importance of investing, and the value for it,” Mayers says, so the aim of making Vitality Core available to those investing through VitalityInvest is to attract more investors.
In addition to the changes, the discount will be extended to third party funds, not just VitalityInvest-managed funds.
Mayers adds: “A crucial aspect that is often overlooked is living a long, healthy life once you retire. This is important to clients and yet the financial services industry doesn’t always bring health and wealth together. That’s what we have done since we launched VitalityInvest in June 2018, but today we’re making it easier than ever before for our customers to prepare for a long and healthy retirement.”