UK wealth manager Brewin Dolphin is reportedly planning to introduce an online wealth management services to capture a share of the growing market for ‘DIY saving’.
Through this new service, the adviser is intending to tap non-advised wealth management industry that is sought by retail investors who can’t afford advised services.
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Although Brewin hasn’t disclosed any concrete plans, the firm is working on an award-winning model portfolio service to be delivered directly to the customers, according to the Financial Times.
In its year-end results for 2013, the company stated that there is rising demand for a simplified, lower cost service, besides advising direct to client proposition as one of its five growth portfolio for 2014.
The financial advice demand among retail investors grew on the back of regulatory changes, with revived British pension system pushing people for auto enrolment for workplace pensions.
In March, Chancellor George Osborne declared that pensioners are no longer liable to purchase an annuity and would be free to do what they want with their retirement savings.
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By GlobalDataBy launching a DIY savings service, Brewin Dolphin can be the first quoted company to offer a low-cost model portfolio service direct to the consumer.
