View more on these topics

Websites claim to end face-to-face advice

A Surrey IFA has set up two internet sites which claim to provide full online advice without the need for face-to-face meetings.

Churchouse Financial Planning says most websites claiming to offer online advice only give information and clients are then required to make an appointment with an adviser.

The advicemadesimple.com and pensionsmadesimple.com websites say they differ in that they take clients through a full fact-find, implement the resulting recommendations and provide regular online reviews.

Churchouse says it has given the FSA all the details and the services meet all its compliance requirements.

Once a client logs on, the firm’s terms of business appear and it is made clear that it operates on a fee basis.

The client types in their objectives, individual circumstances and existing financial arrangements. The adviser then generates a full report which costs £699 for the advicemadesimple service and £499 for the pensionsmadesimple service. The client must then decide whether to implement the recommendations at an additional cost of £399.

A £499 fee will be made for each further review under advicemadesimple while reviews under pensionsmadesimple cost £399.

Director Keith Churchouse says: “We think this is a revolution in the industry but nobody can see it yet. One of the things that people have not been able to do online is get financial advice without arranging a meeting.

“There will always be a place for the high-street IFA but we believe that in 10 years time a good percentage of financial advice will be available online. We know this is going to be the way forward but the question is whether it will be our system or someone else’s.”

Recommended

Down to earth

CBK principals Peter Chadborn and Andy Baker have taken the plunge to raise money for charity by skydiving from 10,000 feet. After 30 seconds of free-falling, they parachuted down and landed intact 10 minutes later. Chadders has raised 851 for the NSPCC so far but is hopeful that the tighter sponsors among you will cough […]

Own goals

The tug of war over ‘ownership’ of borrowers could have TCF implications

Aifa calls for reduction in costs to execute PBR

Aifa says the FSA must be held accountable for the massive cost that the introduction of principles-based regulation will impose on the industry. Speaking at a Treating Customers Fairly conference in London, sponsored by Prudential, Aifa deputy director general Fay Goddard said: “This is costing the industry millions. We are very much about accountability. As […]

Broker

Is Norwich Union right to say that too many people who would be better off in a personal or stakeholder pension have been put into higher-charging Sipps?Yes 60%No “I am surprised by this. I cert-ainly have not done this and I do not agree with what Norwich Union are saying.” Garth Atherton, Thomas Beales Yes […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment