Charles Stanley reveals hybrid advice will cost £900
Wealth manager Charles Stanley has revealed that the one-off fee for its new hybrid advice service 'OneStep' will be £900 (£750 plus VAT).
The wealth manager confirmed to Financial Planning Today that no other advice fees would apply to the new hybrid advice offering.
The fee does not cover any investment costs or further advice.
Charles Stanley calls OneStep a “new solution for UK adults” who want affordable financial guidance.
At £900 the one-off fee is considerably cheaper than many fully-fledged Financial Planning initial financial plans which can cost between £2,000 and £10,000, followed by ongoing fees. However, OneStep is seen as a 'gateway' to further Financial Planning and not a replacement for traditional Financial Planning services. It is up to the client whether to continue the process after the initial plan.
For their one-off fee clients get a four stage “foundation” Financial Planning service that includes online tools, guides and time with a Financial Planner to review their personal circumstances.
Clients get a series of online meetings with a qualified adviser to discuss goals, challenges and possible options. At the end of the process, clients receive a personalised plan. A Charles Stanley planner will also offer further support if the clients wish to continue receiving advice.
Charles Stanley is one of a number of Financial Planning and wealth management firms rolling out ‘hybrid’ advice services which combine heavy reliance on digital tools with more limited access to human financial advice from a qualified adviser, usually online.
Charles Stanley says recent research from consumer financial research firm Boring Money suggests that 28% of people would be willing to pay a one-off fee for financial advice.
The firm says the service is designed to appeal to people who may not need or be able to afford a full Financial Planning service but want the reassurance of knowing their finances are moving in the right direction and have been professionally reviewed. The service may also help bridge the so-called advice gap.
Charles Stanley expects key life stages – such as the birth of a first child or grandchild, retirement, the death or illness of a loved one, and external economic factors – to trigger a need for one-off advice to help build a financial plan.
The four modules of OneStep offer a financial health check, help with pension savings planning, retirement options support and IHT advice. Each module is drafted by trained Financial Planners.
Lisa Caplan, director of Foundation Financial Planning at Charles Stanley, said: “This service is a first step for people who need hands on guidance with the reassurance of a professional to talk to. It offers a digital and convenient service, without losing the human touch of talking through individual circumstances. The aim is to help more people to get the advice they need and support them to reach their future goals.”