Hargreaves Lansdown has chosen Smith & Williamson and Brooks Macdonald as third party discretionary managers.
The firm, which caters roughly 10,000 discretionary clients via its portfolio management arm, has selected the two firms to provide a more tailored approach to high net worth (HNW) clients.
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Danny Cox, head of financial planning at Hargreaves, said: "Hargreaves carried out a beauty parade of wealth managers earlier this year, which resulted in Smith & Williamson and Brooks Macdonald being selected. But Cox said the company’s 100 or so IFAs will be free to select an alternative discretionary manager for clients if they prefer."
Mickey Morrisey, head of IFA sales and a partner at Smith & Williamson, said: "They have about 100 financial advisers and we are able to offer their clients a bespoke discretionary service."
Last month, Hargreaves unveiled plans to launch a direct-to-consumer discretionary service that targets smaller clients with a minimum of £10,000 to invest through its Vantage platform.
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