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Fidelity launches restricted advice service

Fidelity Wealth Management will offer investment and retirement services.

Fidelity launches restricted advice service

Fidelity has launched a restricted advice service in the UK.

The service, Fidelity Wealth Management, currently offers investment and retirement services, but plans to add estate planning, tax optimisation and financial planning to its offering in the future.

In its terms of business document, Fidelity says its recommendations are ‘limited to Fidelity products and services and/or investment solutions from a defined range of Fidelity investment options.

‘These products and investment solutions are administered on the Fidelity FundsNetwork platform. If we don’t offer a fund, product or service that’s suitable for your circumstances, we will tell you.’

For investment advice, the firm charges 1% of the investment amount subject to a minimum fee of £1,000 and maximum fee of £10,000, and 0.5% of the amount invested for its ongoing review service. Initial meetings will be free of charge.

For ongoing clients, there is no additional fee for investing new money using their annual ISA or Junior ISA allowances, increasing regular contributions or moving previously-advised invested money between products. 

Customers can select the services that are most relevant to their needs, as well as how frequently they speak with an adviser, and can attend meetings through several channels including telephone or video call.

Simon Gibbons, head of UK wealth and personal investing at Fidelity International, said: ‘There is a continued and growing need for financial advice services that help consumers optimise their wealth as effectively as possible.

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

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

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