2nd January 2015
A financial advice firm is offering a ‘simplified advice service’ and a full financial review for £299.
The service being offered by Chapters Financial in Guildford, Surrey will provide simplified advice through its new online financial planning website saidso.co.uk.
The site will take customers through an interactive questionnaire to identify how well the individual understands risk and what their risk tolerance level is when it comes to investment. It will also go through other aspects of financial planning such as savings and pensions and help individuals set objectives and goals.
A 20-page financial planning report is then produced that will provide a summary of the individual’s financial situation, assets and recommendations for what they do next. It will cost £299 and be delivered within 10 days. Customers can then pay a further £159 if they want the advice firm to implement the recommendations and pay a further £129 to review those choices in the future.
Keith Churchouse, director of Chapters Financial, told financial adviser trade publication FTAdviser that he wanted to reach 15,000 consumers by the end of the year and hopes to target those in their 30s and 40s.
‘I’m looking at this from an age perspective, 30 to 40-year-olds communicate almost solely online, so this system is aimed at that growing mass affluent market that is no longer services by banks or financial advisers,’ he said.
He added that there was a gap in the financial advice market following the implementation of stricter regulation of financial advice in 2013, known as the retail distribution review (RDR). Many have said that the tougher rules mean mass affluent consumers are no longer attractive to advisers who are now focusing on high-net-worth individuals.
‘[30-40-year-olds’] needs are not too complicated yet, but Said So will bridge the gap left by RDR, giving proper financial advice without the need for a phone call or a face-to-face meeting.’