HSBC has launched a new investment advice service for its customers looking to invest single lump sums of cash from £15,000 to £100,000.
HSBC’s Stand-alone Investment Advice is being launched as a face-to-face simplified advice service. It’s being introduced at a 30% discount to HSBC’s full financial advice and aims to provide a more affordable service to its customers.
This follows, says the bank, a successful trial of the service and research which shows that this year, half of UK adults are unlikely to seek financial advice when investing money, and that two thirds have already invested without any financial advice. The bank’s research also revealed that almost a quarter of people polled believe that financial advice is too expensive.
The service is available to HSBC customers who have £50,000, or more, of savings, or investments.
If a success, HSBC says it will make the service more widely available later this year.
Head of UK Wealth and Premier Caroline Connellan said: “Many of our customers tell us they want help managing their money to make the most of their savings and we want to make it easier for them to access advice that will help them achieve this.
“Full financial advice is our core offering and is right for many customers, but others want quicker, lower cost advice for relatively simple needs. With many people keeping their long-term savings in cash it seems there is a real need for advice – and it’s why we’re excited to introduce Stand-alone Investment Advice. We believe it will help more customers make important financial decisions for themselves and their families and help them achieve their financial goals.”