Jonathan Polin, CEO was quoted by the online publication as saying that though advisers say that they segment their clients, in reality they dealt with only two types of clients; class A and the ones they never dealt with.

The platform will offer six levels of service; an execution-only option for legacy business; ‘Adviser Lite’ and the ‘Face to Face Advisory Service’, both offered through the new platform; and high net worth services ‘Managed Portfolio’, ‘Bespoke Portfolio’ and the ‘Savoy Service’.

All the services will be offered through Ashcourt Rowan Asset Management. However, the managed portfolio was made available to users of Ascentric in November.

The in-house platform on which about GBP8 million is being spent will allow to ‘bolt on’ and ‘remove’ certain services based on changing life circumstances.

Meanwhile Polin also said that the transition to a fee-based model had been difficult for the group.

"When I joined the group, the RDR file was empty apart from the number of advisers who had already qualified," he commented.

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