7IM launches service for ‘orphaned’ clients

7IM launches service for ‘orphaned’ clients

Seven Investment Management has launched an execution-only offering for customers who are “orphaned” and no longer use a financial adviser.

There is a minimum charge of £20 per quarter and a minimum investment of £100,000.

However, the rest of the charges for the service are the same as for the firm’s intermediary platform, at 0.3 per cent for the first £500,000, 0.25 per cent for £500,000 to £1m and 0.15per cent for investments over £1m.

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The platform currently has less than 100 clients.

Speaking to FTAdviser, 7IM’s head of platform marketing Verona Smith said that historically a customer had to have an adviser to be on the platform and that “orphan” clients would have been taken off the platform in the past.

“We’ve changed the terms and conditions so those clients can be on the platform - it is more of a reactive position for us.”

Ms Smith added that the platform was not right for customers who wanted an instant savings account, for example.