Fidelity starts offering customers ‘restricted’ advice

Investment platform Fidelity International has launched a new restricted advice service called Fidelity Wealth Management in the UK today after months of preparations.

Initial advice meetings will be free, but charges will be levied on customers for ongoing advice and for any Fidelity services and products they want to use thereafter.

Ongoing advice will cost 0.5 per cent of the total sum invested, while further one-off advice will cost up to 1 per cent of the total sum invested up to a cap of £10,000. 

Investment platform Fidelity International has launched a new ‘restricted’ advice service called Fidelity Wealth Management

The advice can take the form of a single meeting or annual review and be conducted via telephone, video conferencing, or in-person once lockdown restrictions are lifted.  

The new service will initially offer consumers advice on investing and retirement, but in future this looks set to be expanded to cover estate planning, tax matters and other financial planning services.

Customers will not be under any obligation to sign up to ongoing advice and do not have to buy into any of 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 continued and growing need for financial advice services which help consumers to optimise their wealth as effectively as possible.

‘The introduction of pension freedoms, increased longevity, and the transfer of wealth within generations means this is particularly acute amongst those planning for retirement. 

‘Fidelity Wealth Management builds upon our existing Wealth and Retirement experience, allowing us to offer even greater support and peace of mind for those customers seeking advice.’

The group said: ‘Fidelity Wealth Management will build upon Fidelity’s existing Wealth and Retirement services, bringing them together in a centralised offering for the first time to allow customers to benefit from shared tools, insights and experience from across the business.’ 

Meanwhile, Stuart Welch, global head of personal investing and advisory at Fidelity International, said: ‘The FCA has noted the progress made in closing the UK’s advice gap in recent years, however has stressed there is still significant work needed to ensure those who require help in managing their finances have access to services which can help them with the decisions they face.”

‘The launch of Fidelity Wealth Management, alongside our other platform tools and guidance services, means we are able to offer a wide variety of sources of support to suit a range of customer needs.’

This post first appeared on Dailymail.co.uk