I t is a well reported trend that private investors are choosing to manage their finances online, favouring the ability to view their fund performance 24/7 using their smartphones or laptops. While the need for independent and qualified advice will always prevail when it comes to looking after your future finances, keeping up with changing customer needs is something which financial adviser firms are having to do, and online investing is one way in which Scrutton Bland are keeping up with the trend. Adviser spoke to Grant Buchanan , Financial Planning Partner to find out how he sees the web in the future of financial planning.
Isn’t it a bit strange for an advisory firm to offer a ‘click to buy’ online investment service? Maybe in the past, but we recognised some time ago that not all of our clients have the time or desire to meet face to face and realised that we needed to find a way to match our services to the changing way in which people wanted to look after their finances. People are busy, and meeting during the ‘normal’ working day can be difficult. Modern financial advisers have to acknowledge that now, more than ever, many people are choosing to take out financial products online. As with any transaction made online, there are dangers and some unscrupulous people. But we have worked hard to create a brand which people can trust and so felt that the time was right to offer a web based service.
So, just what is it that you are offering? Our service is called sbinvest and is a non- advised offering which allows you to take out tax efficient investments online. Put simply, we understand that for some transactions, our clients don’t need advice, so sbinvest allows you to make an instant investment from the comfort of your own home, without conferring with an adviser in person. There are two different products available: an ISA and a general investment account. An ISA has an annual allowance of £20,000 for the current tax year, which means that any capital gains, income or dividends are free from tax and is a great way to save. A general investment account has no limit on what you can save, but it does not have any tax privileges so you may be liable to tax on any dividends or capital gains on disposal. Who is sbinvest designed for? This is the great thing, sbinvest suits pretty much any investor. With a minimum monthly investment from as little as £50, anyone can start the saving habit. Even if you have built up ISAs elsewhere, these can be transferred once you have opened up an account, which will help to ensure all your investments are in one place and being looked after. Alternatively, we have had seasoned investors using sbinvest as a vehicle for some significant lump sum investments, it really is a flexible solution.
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