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Fidelity begins to provide customers with ‘limited’ advice

Fidelity launches UK asset management company with ‘limited’ advice on investing and retirement

  • A first consultation is free of charge, but costs will be charged for additional advice
  • The service can be expanded in the future with tax matters and estate planning

Investment platform Fidelity International today launched a new limited advisory service called Fidelity Wealth Management in the UK after months of preparation.

Initial advisory meetings are free, but customers are billed for ongoing advice and any Fidelity services and products they choose to use thereafter.

Ongoing advice costs 0.5 percent of the total amount invested, while further one-time advice costs up to 1 percent of the total amount invested up to a maximum of £ 10,000.

Investment platform Fidelity International has launched a new 'limited' advisory service called Fidelity Wealth Management

Investment platform Fidelity International has launched a new ‘limited’ advisory service called Fidelity Wealth Management

The advice can take the form of a single meeting or annual review and can be delivered by telephone, video conference or in person once lockdown restrictions are lifted.

The new service will initially advise consumers on investing and retirement, but in the future this appears to be expanded to include wealth planning, tax matters and other financial planning services.

Clients are not required to sign up for ongoing advice and are not required to participate in the group’s services after their initial advice has been given.

Simon Gibbons, Head of UK Wealth, Personal Investing at Fidelity International, said: “There is a continuing and growing need for financial advisory services that help consumers optimize their wealth as effectively as possible.

The introduction of retirement liberties, longer life spans and the transfer of assets across generations means that this is especially acute among those planning to retire.

“Fidelity Wealth Management builds on our existing wealth and retirement experience, enabling us to provide even more support and peace of mind to clients seeking advice.”

The group said, “Fidelity Wealth Management will build on Fidelity’s existing Wealth and Retirement services and bring them together for the first time in a centralized offering, so customers can benefit from shared tools, insights and experiences across the business.”

Meanwhile, Stuart Welch, Global Head of Personal Investing and Advisory at Fidelity International said: ‘The FCA has taken note of the progress made in closing the UK’s advice gap in recent years, but has stressed that much work remains to be done is to ensure that those who need help in managing their finances have access to services that can assist them in the decisions they face. “

“The launch of Fidelity Wealth Management, in addition to our other platform tools and guidance services, means we can provide a wide variety of support resources to meet a range of customer needs.”

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