HSBC has partnered with the Chartered Institute for Securities and Investments in what could bring financial planning to the mass market.
The CISI head of financial planning, Jacqueline Lockie, believes HSBC's re-expansion in the advice market will help fill the advice gap between HNWIs and lower-income earners and investors.
"I definitely think it will [help fill the advice gap]. For people like HSBC, they have had issues in the past like most banks with the quality of advice with a large advice network, so they are starting off relatively small but they are looking to start with a professional base of qualified advisers to international standard to provide that consistent, robust advice", she said New Model Adviser.
They are not just opening their doors and giving everyone financial advice and off they go, they are aiming to give structured and robust advice"
"That makes compliance and other issues around advice easier for them because of this new, robust process. They are not just opening their doors and giving everyone financial advice and off they go, they are aiming to give structured and robust advice," she added.
Most main-street banks shut down their financial advice services when the FCA introduced stricter regulations in 2013. However, the trend of reducing in-house advice services started even before the Retail Distribution Review (RDR).
HSBC and CISI are set to start the advice assessment process in early 2020.
"We met with them and they are developing their system where they will be able to give full financial planning services to those clients.
"But, we discussed this with HSBC and there is a will that they are able to expand that because of the scale of the services to offer this service to less-affluent people and that is their ambition," Lockie said.
HSBC customers with a minimum of £1,000 can receive advice through an online portal, called My Investment, a telephone advice service or face to face in branch.
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