Company goes back in time for new advice service

STANDARD Life is evoking its history by branding its new advisory service as “1825”.

In February Standard said it would build a UK-wide financial planning business, responding to the pension freedoms that are driving unprecedented demand for advice.

It says the launch “combines the strength of one of the UK’s oldest financial ser vices brands with a modern approach to financial advice”.

Standard has said it will grow 1825 both organically and through acquisition. So far it has an in-house team of 20 alongside 39 from the North of England advisory business Pearson Jones it bought earlier this year from Skipton building society, which had £1.1 billion of assets under advice.

Standard said 1825 would offer a comprehensive financial planning service and a wide range of investment options, including portfolios provided by Standard Life Wealth and suppor t ed by St andard Life Investments.

Advisers use the Standard Life wrap platform but have access to funds and non-investment products from other providers.

Steve Murray, chief executive, said: “It’s never been more complex for people to save, retire and plan for the future, so quality financial advice has become a must-have for many.

“At the same time, there is a capacity crunch in the UK advice market, with many people unable to access the advice they want.”

Last week’s Budget extended the Government’s free Pension Wise guidance service to all those over 50, while Hargreaves Lansdown has launched a guidance service for under £500, but neither offers customised financial planning and advice.