The firm has streamlined its previous offering into one ActivePlan service, moving away from its three-tier proposition to having one default service and single charging structure. ActivePlan will have an ongoing advice fee of 80 basis points. This represents a clear reduction in price of 20 basis points against Fairstone’s previous top-tier ActivePlan Plus service, and an increase of just 5 basis points when compared to the previous standard ActivePlan service.
The ActivePlan proposition will ensure every client receives the same core level of service, which can then be supplemented with additional features for clients with more specific needs. As a result, all clients will be able to receive more of the benefits which were previously only available through its ActivePlan Plus offering.
Clients with less complex financial needs can now also benefit from Fairstone’s fully remote advice service Mineral, which offers access to professional advice and personal support via digital channels.
“Over the last 12 months, we have been working hard to ensure we met our new Consumer Duty obligations as well as looking at a new strategic direction for the group which is aligned to these new standards and focuses on simplicity and consistency.
“This is the first time we have updated our service offering in 15 years and clearly this initiative has required a significant amount of change, however, we are doing this from a position of strength. We know our streamlined proposition will mean we continue to provide the best service for our clients while meeting the requirements of Consumer Duty on an ongoing basis; and ensure less variability in our charging structure.
He added: “Our annual Client Index highlights three very tangible outputs; 98% client satisfaction, 94% repeating advice, and millions of investment cost savings for our clients, each of which illustrates the value we bring to our clients in a holistic and balanced way.
“One aspect that remains with our new client proposition is our commitment to pass-through 100% of the investment cost savings from third party providers that we realise for our clients and as of 1st November this now equates to £6.1 million of discounts per annum. This is something of which we are extremely proud.”
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