British financial planning firm Brewin Dolphin is to close investment services for clients with portfolios valued at under £50,000 due to the high cost of offering full service to these customers.
Brewin Dolphin said that it will offer affected clients execution-only portfolios as an alternative.
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Stephen Ford, head of investment management at Brewin Dolphin, said: "Over the past decade it has become clear that our clients prefer to delegate the day to day management of their investments to Brewin Dolphin and we believe that by doing so, the vast majority of clients have the potential to achieve better outcomes.
"We are now reacting to this change in client needs by re-focusing our proposition and resources around helping more people with their money on a discretionary basis," Ford said.
"We are still committed to our existing clients who decide to stay with an advisory service and we are also simplifying our proposition by withdrawing some other outdated and less suitable services such as certificated accounts and portfolios with less that £50k," Ford added.
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