Bestinvest launches 'low cost' investment advisory service

Wealth manager Bestinvest has launched an investment advisory and discretionary managed portfolio service which it says will drive down the price of advice for customers.

Both services utilise the Bestinvest platform, which launched earlier this year, and are designed to meet retail distribution review (RDR) rules.

The investment advisory service offers investors with £100,000 or more (including joint portfolios) access to an adviser who can assist them in constructing a diversified, risk adjusted, portfolio using unit trusts, investment trusts, trackers, low cost active funds and ETFs.

There are no fund dealing fees, initial or switching charges, and access to SIPPs and ISAs does not require a set-up or annual fee.

The Managed Portfolio Service adds to the firm's suite of discretionary services, offering investors with portfolios of £50,000 access to fund research, portfolio construction, professional advice and ongoing active management.

It will offer 14 model portfolios and rebate 100% of any trail commission received, in line with RDR rules.

"The launch of these services means Bestinvest is now RDR ready and in a position to provide market leading advice to our clients at a lower costs," said Bestinvest director of advisory & direct, Lee Dooley.

"We are very excited about the opportunities that RDR will bring and look forward to working with the fund management industry in offering investors more choice at lower cost. "