Passive investing giant Vanguard is to close its retirement planning service, the company confirmed to International Adviser.
It received regulatory approval to provide retail advice in the UK three years ago.
In April 2021, Vanguard Personal Financial Planning was launched, offering ‘a tailored financial plan’ at the cost of 0.79% a year. It was available to investors with £50,000 or more in their Vanguard accounts that they were ‘willing to put towards retirement’.
In January 2022, International Adviser reported that the famously low-cost investment house was planning a UK personal finance hiring spree.
However, a spokesperson said on 1 March: “We launched the service for clients of our existing platform with specialised retirement needs. However, after careful consideration, we have concluded that our clients are looking for other, more adaptable forms of financial planning from Vanguard.
“We have, therefore, taken the difficult decision to close the retirement planning service. We are committed to the development of further financial guidance and advice services, to give investors the best chance of investment success.”
The Personal Financial Planning section of the Vanguard website is no longer accessible.
