Brewin Dolphin withdraws advice for sub-£50k clients

Brewin Dolphin will withdraw investment services from clients with less than £50,000.

Following the implementation of the Retail Distribution Review this year, the company said it has found the cost of offering full service to these customers is “unsustainably high” and therefore not suitable for some portfolios. Clients with less than £50,000 will instead be directed to the company’s execution-only offering.

The company would not reveal how many clients the change will affect.

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Stephen Ford, head of investment management at Brewin Dolphin, said: “Over the past decade it has become clear that our clients prefer to delegate the day to day management of their investments to Brewin Dolphin and we believe that by doing so, the vast majority of clients have the potential to achieve better outcomes.

“We are now reacting to this change in client needs by re-focusing our proposition and resources around helping more people with their money on a discretionary basis.

“We are still committed to our existing clients who decide to stay with an advisory service and we are also simplifying our proposition by withdrawing some other outdated and less suitable services such as certified accounts and portfolios with less than £50k.

“We have already started communicating with the affected clients and they will be given plenty of time to consider either our revised propositions or an alternative service elsewhere.”