UK-based Hargreaves Lansdown is set to launch a new direct-to-consumer (D2C) discretionary service next year.
The proposition will offer a self-selected risk-rated model portfolio service for clients with an investment level of no more than £10,000.
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Managed by Hargreaves’ investment research team, the discretionary service has a total expense ratio of 2 % and features a range of risk-rate model portfolios.
The group already runs a full discretionary proposition that charges around 2% for clients with over £150,000.
The move comes after FCA issued guidance back in July on what constitutes advice across difference investment models.
Danny Cox, head of financial planning at Hargreaves, said: "We’ve now got clarity from the FCA on what we can do, and clients have told us like having a discretionary portfolio without having to have advice. We see it as adding an additional option for clients."
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