Self-invested personal pension (SIPP) provider Embark has launched a "low-cost" investment platform, aimed at both advisers and private clients.
Embark, which currently administers £11 billion of assets, will charge 10 basis points (bps) for third party investment accounts (TPIA) on the new platform. Embark clients who sign up before the end of 2018 will be charged 15 bps for investing in a general investment account (GIA) or an ISA. Clients accessing Sipps will be charged a further 10 bps.
Set up on FNZ technology, the platform offers access to over 4,000 mutual funds and securities and around 3,000 exchange-traded funds, and is set to offer model portfolios from investment managers, including Blackrock.
Phil Smith, chief executive of Embark, said: “There has never been a greater need for financial advice, although in recent years access to ‘full fat’ human advice has largely become the domain of the more affluent.
“The Embark platform is set to materially disrupt the current platform market. It will enable financial advisers to address the advice gap through cutting edge, highly reliable technology.
The platform will focus on individuals with between £25,000 and £150,000 to invest.