Latest news with #massaffluent
Yahoo
26-06-2025
- Business
- Yahoo
RFG's Bluemonte Jumps Into ETFs
Consider it the third wave of ETFs. First came the issuers focused on index-based strategies in new exchange traded funds. Then, there were the mutual fund shops that added ETF versions of products, or converted existing ones. Now, RIAs are building out products for their mass affluent clients. That is where the $6.5 billion independent advisor platform RFG Advisory's Bluemonte Investment Management finds itself, said president Rick Wedell. The firm recently launched a line of nine ETFs spanning a range of asset classes that fit together in client portfolios, he said. 'You've seen the ultra high-net-worth space do this a lot,' he said, of family office portfolios becoming private ETFs for RIAs serving that space. 'We're doing this at the mass-affluent scale.' READ ALSO: An ETF for the Buy Now, Pay Later Market and The Rise of the Buffer ETF Bluemonte, which is the internal investment management unit at RFG, has been moving assets from existing strategies into the ETFs this week, and there will be about $1.4 billion across the nine new funds by Friday, said Wedell, who is also a portfolio manager on the funds. The new, actively managed products have net fees of 23 to 25 basis points, with the exception of the Bluemonte Diversified Income ETF, which charges 75 bps. The low costs benefit clients, along with the in-kind redemptions allowed in the ETF structure that provide tax efficiency, Wedell noted. Using in-house funds that are designed to work together also helps ensure there isn't overlap or style drift, he said. While the company isn't initially marketing the ETFs externally, there have been some purchases by unknown investors since launch, he said. Some basics about Bluemonte and the new funds: The unit accounts for about $2.5 billion of the $6.5 billion of RFG's assets under administration. The ETFs include large cap core, large cap growth, large cap value, dynamic total market, global equity, core bond, short term bond, long term bond, and diversified income strategies. 'Wealth managers are increasingly shifting to ETFs for scale and tax efficiency,' said Todd Rosenbluth, head of research at TMX VettaFi. 'It's great to see a firm enter the market with a full suite rather than dip their toe in.' This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter.
Yahoo
23-06-2025
- Business
- Yahoo
HSBC UK cuts financial advice fee to 1% for Premier customers
HSBC UK (HSBA.L) is reducing its financial advice fee for Premier customers as part of a promotion the bank is running until the end of the year. It will charge a fee of 1% (or a £960 minimum charge) for those taking advice. Previously, it charged 2.75% in the majority of cases, with some variations. The move is part of wider efforts by the bank to step up its offering for 'mass affluent' customers, which included a relaunch of its Premier account in February. In addition to the new lowered fee, HSBC UK also recently reduced the minimum asset threshold needed for customers to access its premier investment management service, from £250,000 to £100,000. It also recently launched a switching incentive for new Premier customers, offering those eligible a 'VIP shopping experience' at Selfridges stores, with a £500 gift card and other perks. Xian Chan, head of Premier Wealth at HSBC UK, said: 'There are numerous scenarios where a customer might benefit from receiving financial advice, for example if they are planning for the long-term, have more sophisticated financial needs, or are facing a life milestone such as buying a home or preparing to retire.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
23-06-2025
- Business
- The Independent
HSBC UK cuts financial advice fee to 1% for Premier customers
HSBC UK is reducing its financial advice fee for Premier customers as part of a promotion the bank is running until the end of the year. It will charge a fee of 1% (or a £960 minimum charge) for those taking advice. Previously, it charged 2.75% in the majority of cases, with some variations. The move is part of wider efforts by the bank to step up its offering for 'mass affluent' customers, which included a relaunch of its Premier account in February. In addition to the new lowered fee, HSBC UK also recently reduced the minimum asset threshold needed for customers to access its premier investment management service, from £250,000 to £100,000. It also recently launched a switching incentive for new Premier customers, offering those eligible a 'VIP shopping experience' at Selfridges stores, with a £500 gift card and other perks. Xian Chan, head of Premier Wealth at HSBC UK, said: 'There are numerous scenarios where a customer might benefit from receiving financial advice, for example if they are planning for the long-term, have more sophisticated financial needs, or are facing a life milestone such as buying a home or preparing to retire.'
Finextra
17-06-2025
- Business
- Finextra
Sidekick goes live with wealth platform for six-figure earners
Sidekick has launched a new UK digital wealth platform built to serve six-figure earners who've outgrown basic financial products but don't have the millions needed to access private banks. 2 Sidekick is one of a number of entrants targeting the mass affluent market, using technology to offer products and services once reserved for the super rich. The company was co-founded by serial entrepreneur Matthew Ford (CEO) and Peter Townsend (CTO). Ford previously founded the mobile banking platform Pariti, where Townsend was CTO, which was sold to Tandem Bank in 2018. 'People in this bracket often don't realise how inefficient their finances are until it's too late,' says Ford. 'They're hit with 60% tax rates between £100,000 to £125,000 earnings, they're sitting on idle cash, or they're overexposed to their own company without even realising it.' Among Sidekick's offerings is access to private equity-style investing for just £10,000. Eligible individuals can get access to a regulated Long-Term Asset Fund, which allows clients to invest in high-growth private companies through a professionally managed fund without needing the six-figure minimums usually required. Beyond investments, users get access to an account that automatically spreads deposits across a panel of UK-regulated banks behind the scenes, enabling up to £255,000 of FSCS protection - all through a single interface. And, for higher target returns, its Smart Cash product invests short-term funds into actively managed money market instruments, designed to outperform traditional savings rates while keeping funds accessible. Says Ford: 'People earning six figures today still get offered the same tools as someone just starting out - and that's wrong. You shouldn't need a UBS account to access smarter ways to build wealth. With Sidekick, we're saying: you've worked hard, now your money should work just as hard for you.'
Finextra
17-06-2025
- Business
- Finextra
UK digital wealth platform Sidekick launches
Sidekick, a new UK digital wealth platform built to serve six-figure earners who've outgrown basic financial products but don't have the millions needed to access private banks, has launched. 0 Sidekick is one of a number of entrants targeting the mass affluent market, using technology to offer products and services once reserved for the super rich. The company was co-founded by serial entrepreneur Matthew Ford (CEO) and Peter Townsend (CTO). Ford previously founded the mobile banking platform Pariti, where Townsend was CTO, which was sold to Tandem Bank in 2018. 'People in this bracket often don't realise how inefficient their finances are until it's too late,' says Ford. 'They're hit with 60% tax rates between £100,000 to £125,000 earnings, they're sitting on idle cash, or they're overexposed to their own company without even realising it.' Among Sidekick's offerings is access to private equity-style investing for just £10,000. Eligible individuals can get access to a regulated Long-Term Asset Fund, which allows clients to invest in high-growth private companies through a professionally managed fund without needing the six-figure minimums usually required. Beyond investments, users get access to an account that automatically spreads deposits across a panel of UK-regulated banks behind the scenes, enabling up to £255,000 of FSCS protection - all through a single interface. And, for higher target returns, its Smart Cash product invests short-term funds into actively managed money market instruments, designed to outperform traditional savings rates while keeping funds accessible. Says Ford: 'People earning six figures today still get offered the same tools as someone just starting out - and that's wrong. You shouldn't need a UBS account to access smarter ways to build wealth. With Sidekick, we're saying: you've worked hard, now your money should work just as hard for you.'
