Banks back advising


Article by Adele

As we’ve reported before all the mainstream Banks are now back in the advice business. Having all left the business en masse back in 2012 when the Retail Distribution Review did away with commission and moved to fee-based advice, they are now back almost 10 years later.

As Independent Financial Advisers we’ve always offered something much more than the Banks limited tied advice services, but that doesn’t mean to say that that Banks aren’t needed in the advice market – they are.

One of the good things Banks can do is to provide advice on a mass market scale, which small advisers can’t do. This is an important service because it introduces the benefits of advice to a wider audience helping more people to do more with their savings. Doubly important in today’s environment of misleading online advertising and high-risk cryptocurrency temptations.

HSBC for example, have now almost got a full advice service right down to saving £100.

Clients can still access their face-to-face adviser service, where costs start at 2.75% of invested assets. But those with assets of £50,000 can access their virtual advice service online. The “robo advice” service costs 0.5% initially and then has service charges of 0.65% on the platform and funds.

What they are hoping to introduce is an extension of this service all the way down to £100 investments or £50 a month regular savings.

That would be a real benefit.

Once more people can access the benefits of advice it can only help more bespoke advice firms like ours as people get used to the tangible financial benefits of advice. People can then choose whether to consult Chartered Financal Planners like me.

How to tackle Inheritance Tax liabilities

Christina Clegg Financial Planning Services explains what you can do to offset Inheritance Tax liabilities.

Our team has over 100 years of experience in financial services - so why not arrange a free initial meeting with a Chartered Financial Planner and find out how we can help? Call us on 01282 614444 or drop us an e mail to

Awards and Accreditations

Pension Transfer Gold Standard
Financial Vulnerability Taskforce
VF 23
Vouched For 2022
Vouched For 2021
Vouched For 2020
Vouched For 2019
Vouched For 2018
Vouched For 2017
Vouched For 2016
Vouched For 2015
Vouched For 2014

The representative was very good and we were happy with the meeting.

Mr & Mrs B

I will be recommending Adele to act for colleagues I work with, who will need the same advice as I have received in the future.

Mr M

We’ve only been clients for a couple of months, but we both feel that we have made the right decision. After first meeting Adele she put our minds at rest.

Mr & Mrs P