Stockbroker Charles Stanley is moving beyond its high-net-worth client base to target mass affluent clients with the launch of a direct-to-consumer business to challenge Hargreaves Lansdown.
The FTSE 250-listed stockbroking and wealth management group has poached Chartwell director Rob Hudson (pictured) to spearhead the new business, which will also feature a restricted advice service. The firm aims to link its Fastrade share service and its Cofunds-powered funds supermarket Fundschoice to develop the proposal.
‘The two businesses need to offer a joint offering à la Hargreaves Lansdown,’ said Mike Lilwall, Charles Stanley executive director. ‘It is a business of joining the two up, it will not be the launch of a new platform,’ he said. ‘We aim to offer more to the mass affluent…it is an area we think is increasingly important.’
The FTSE stockbroker already has a financial planning arm but has plans to develop a restricted service for mass affluent clients who need advice, added Lilwall. Hudson has resigned from Chartwell, where he was managing director of its Chartwell Direct execution-only platform and will join Charles Stanley, which has £14.3 billion of assets under management, in April. Close Asset Management bought Bristol-based Chartwell for £17 million last year.