Fidelity International has officially rolled out its UK restricted financial advice arm called Fidelity Wealth Management.
The company started trials in June 2020, with five financial advisers based in the UK.
Fidelity Wealth Management will bring together the firm’s existing wealth and retirement business.
The newly launched arm will offer investment and retirement services, with plans to expand offering to estate planning, tax optimisation and financial planning in the future.
Clients who require advice for Sipps, Isas, and investment accounts will be charged 1% of the invested sum, subject to a minimum £1,000 fee and a maximum of £10,000 ($13,485, €11,073).
If financial advice is provided to a spouse, partner and/or on investments for minor children and grandchildren, the fee will be calculated on the total sum.
Additionally, the wealth management arm will charge a fee of 0.5% of the sum invested for ongoing review service, which can be paid monthly in arrears.
Bridging the advice gap
Simon Gibbons, head of UK wealth and personal investing at Fidelity International, said: “There is a continued and growing need for financial advice services which help consumers to optimise their wealth as effectively as possible.
“The introduction of pension freedoms, increased longevity, and the transfer of wealth within generations means this is particularly acute amongst those planning for retirement. Fidelity Wealth Management builds upon our existing wealth and retirement experience, allowing us to offer even greater support and peace of mind for those customers seeking advice.”
Stuart Welch, global head of personal investing and advisory at Fidelity International, added: “The Financial Conduct Authority (FCA) has noted the progress made in closing the UK’s advice gap in recent years, however, has stressed there is still significant work needed to ensure those who require help in managing their finances have access to services which can help them with the decisions they face.
“The launch of Fidelity Wealth Management, alongside our other platform tools and guidance services, means we are able to offer a wide variety of sources of support to suit a range of customer needs.”
The unveiling of Fidelity WM follows a series of platform acquisitions from Fidelity International over the past few months, including Legal & General Investment Management’s UK Personal Investing and Cavendish Online Investments.
