Fund-based charges also apply, with a core management charge on customers’ total assets (excluding cash) rather than on separate products.
Customers will be able to see all of their investments in one place, with the ability to transfer existing pensions and Isas to the platform, consolidating more assets and reaching lower price tiers.
Mel Kenny, chartered financial planner at Radcliffe & Newlands, said: “Quite simply a financial advisers worth and business is in the planning and the advice. Those happy to bypass the adviser are expensive people to chase after and therefore direct propositions should complement.”
Phil Stevenson, chartered financial planner at Ark Financial Planning, said he did not have a problem with the move, pointing out Aviva is probably pitching at the lower end of the market for individuals looking to execute transactionally and cannot afford to take advice.
“I am looking for clients who want to engage with an adviser, who see the benefits of working with an adviser and are prepared to work with an adviser over the long term.”
But Harry Katz, consultant at HA7 Consulting, was rather more disparaging of the move, stating that “after a very short time using this new platform people will begin to realise the value of using an adviser”.
peter.walker@ft.com
