HSBC is to convert its whole-of-market advisory proposition into a restricted advice model next year, Investment Week understands.
The bank has around 400 in-branch IFAs at present, offering whole-of-market advice, as well as an execution-only model. However, from next year, it is understood the bank's advisers will become restricted, offering a limited range of funds to customers. The bank's IFAs are currently remunerated via the funds they sell, taking a cut of the annual management charge (AMC), which varies depending on the funds being offered. This will change after the Retail Distribution Review (RDR) is implemented on 31 December, with the bank charging clients directly and buying clean shares classes f...
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