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Bestinvest targets orphan clients with portfolio analysis service

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Bestinvest targets orphan clients with portfolio analysis service

Discount broker Bestinvest has launched an online and telephone-based service aimed at clients orphaned by the retail distribution review (RDR).

The service, called the Free Investment Report Service & Tool (First) will analyse an investor’s portfolio, free of charge, and compared it to Bestinvest’s own models to assess its asset allocation, risk exposure, quality of holdings and costs.

The service will cover more than 11,500 investments including open ended funds, investment trusts, unit-linked pension funds, investment bonds, exchange traded funds, stocks and shares and personal pensions.

Bestinvest will establish a telephone-based team, website and postal service. Bestinvest staff will also complete reports for clients.

Alongside the launch of its new service Bestinvest has published a report into the decline of face-to-face advice and the rise of execution-only services called The Death of the Salesman and the Rise of the Self-Directed Investor.

The report found that 30% of investors were concerned that their adviser was biased, with 32% of investors are either unwilling (12%) or less likely (20%) to use an adviser when RDR comes into force and they are charged an explicit fee next year.

Peter Hall, chief executive of Bestinvest, said: ‘First offers a lifeline, with no hidden catches, for the many hundreds of thousands of investors who are about to be orphaned from the advice market.

‘Building on our track record as a pioneer in developing high-quality services for self-directed investors, this is an exciting strategic initiative for Bestinvest which affirms our longstanding commitment to be there for investors whether they have modest savings or are very wealthy.’

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