Former chief executive of Ashcourt Rowan Financial Chris Williams is planning to launch an online and phone-based simplified advisory business called WealthHorizon.
Powered by Parmenion, the service will enable clients to invest and consult with advisers if they require guidance.
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WealthHorizon will offer the option to speak to an adviser based on the level of interaction required by each client and will be launched initially with up to 10 advisers.
The new advisory business is expected to launch this summer with financial support from a group of private individuals including Williams.
The telephone advisers will boost the simplified advice proposition and will refer to external planning firms for more complex advice including estate planning, inheritance tax and tax efficient savings and investments.
Williams has set up the business to fill the advice gap left by the Retail Distribution Review (RDR), for clients unwilling to pay fees associated with traditional advice.
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By GlobalDataWilliams, an Institute of Financial Planning (IFP board member), said: "We are providing a solution for those who are without a suitable way of investing, especially those who want their investments to work hard for them, but do not necessarily have needs which are complicated enough to warrant a traditional financial adviser.
"The RDR has left a gap in the advice market and many people have been left without access to advice," added Williams.
Steve Gazzard, CEO of the Institute of Financial Planning, said: "What WealthHorizon are proposing will address the issue head on and, if the company does deliver on what it is saying, then it could change the face of the consumer advice market for the better. "
