Charles Stanley has launched a hybrid advice solution called OneStep to help address the UK’s advice gap.
For a fixed, one-off fee, clients get access to online tools, guides, and time with a financial planner to review their personal circumstances.
Individuals sit down in a series of online meetings with a qualified financial adviser to discuss their goals and challenges, and possible options.
At the end of the process, clients leave with a personalised plan, and their Charles Stanley planner will follow up and answer any additional questions, offering further support.
The ‘hybrid advice’ model aims to deliver value to individuals who want to take their first step on the advice and planning journey but are seeking “light touch guidance” with the reassurance of speaking to a qualified professional before reaching a fully-fledged financial planning service.
Charles Stanley director of foundation financial planning Lisa Caplan, said: “At what is a difficult and uncertain time for adults all over the country, there is a risk that the advice gap will continue to grow. People are either disenfranchised, don’t know where to start, at an advice event crossroad, or feel priced out.
“This is exacerbated by an increasing raft of misinformation and confusing financial jargon online and on social media. We are particularly focused on the growing market that is post google but pre planning.”
The OneStep solution includes four focused modules, each one developed by financial planners with the aim to provide tailored guidance.
These include: a financial health check to help individuals understand their current finances, a pension savings plan to aid them in understanding if savings are on track to provide them with the retirement they want, a retirement plan and an inheritance plan to help people calculate their potential liability and options are available.
Caplan explained that people often feel stressed, do not know where to turn and do not see themselves as wealthy enough for a service they feel “is designed for the super-rich”.
“This service is a first step for people who need hands-on guidance with the reassurance of a professional to talk to,” she added.
“It offers a digital and convenient service, without losing the human touch of talking through individual circumstances. The aim is to help more people to get the advice they need and support them to reach their future goals.”
The OneStep modules are currently open to Charles Stanley clients and will be available to the wider market from May 2022.
Where appropriate, Charles Stanley said the modules “offer a gateway” for clients who have more complex financial needs to access other services, such as investment management services or financial planning.
sonia.rach@ft.com
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