New service cuts the cost of financial advice
Accessing good independent investment and pension advice just became simpler, cheaper and more efficient, thanks to a new service from Torquil Clark called ‘TQ Active Money'.
The new telephone based advice service revolutionises the way advice is accessed and paid for, replacing the need to make an appointment with a bank or building society, or arrange an adviser to visit at home.
Staffed by qualified and experienced independent financial advisers, TQ Active Money offers to meet a broad range of needs, from where to invest for school fees to reviewing an existing ISA portfolio in preparation for retirement.
Without the overheads costs of providing a face to face service, TQ Active Money is able to provide a much cheaper way for investors to access quality advice.
Importantly, as the Retail Distribution Review approaches and the introduction of fee based advice, TQ Active Money provides a more affordable service to those who do not want to make their own investment or pensions decisions, but can't afford or don't want to pay for a full financial planning service.
Coupled with the convenience of the service, offering a dedicated advisor at a time to suit the investor, whether by email or phone, TQ Active Money is already attracting investor interest.
How the service works
The first call to a TQ Active Money Adviser using the freephone number focuses on taking time to get to know and understand the client and their needs, as well as their views on attitude to risk and the type of investments the client feels comfortable with. This information is gathered into a questionnaire by the adviser.
From the information gathered in this call, the adviser draws up a detailed plan of how they intend to help the client achieve their financial goals. This is sent in the post, alongside any other important information for the client to review.
TQ Active Money makes the approach to planning easy to understand and importantly, easy to keep track of. Four risk based portfolios are used as the fundamental basis of the service. The portfolios are a product of extensive research and monitoring by the company's highly respected Investment Committee. Each portfolio is targeted to suit the individual clients risk profile and investment objectives and are made up of six collective investment funds, specifically picked to carry out the objectives of the portfolio, which can include income or capital growth.
If the client is happy with the course of action suggested, TQ Active Money's adviser, alongside their support team, will implement the recommendations made. This could involve either making a new investment or reorganising existing investments quickly and efficiently.
Throughout a clients relationship with TQ Active Money they are able to call on their TQ Active Money adviser whenever they like. Each year clients receive an annual report from their adviser providing an insight into the performance of the markets and economy and the individual portfolio along with a valuation. The report also includes any recommended changes that should be made to the portfolio.
The advice process means that TQ Active Money is able to reduce the cost of investment and pension advice. The typical charge includes an initial charge of just 1.5% of the investment amount and 0.5% for ongoing advice. This compares to traditional face to face advice which typically costs 3% initial charge plus up to 1% for the ongoing service provided. This is supported by the fact TQ Active Money is able to use the reputation and strength of its parent company to negotiate discounts on fund manager charges, to ensure clients never have to pay more than they need to when investing through the service.
Tom Biggar, Head of Investments at TQ Active Money said: "The Retail Distribution Review will inevitably create a larger divide between those who can afford to take financial advice and those whose portfolios are just too small to justify the cost. TQ Active Money is able to bridge that gap, providing a comprehensive service.
The whole aim of speaking to an adviser is to make the complicated, uncomplicated. TQ Active Money is able to provide this over the phone, and at a lower cost than using a traditional adviser.
Our advisers are fully qualified and up-to-date in the latest trends and topics on investment, our investors have the reassurance that we are regulated by the FSA. All of this from an established company which has providing independent financial advice to the public for over 21 years."