HSBC cuts financial advice fees for Premier customers

HSBC UK is reducing its financial advice fee to 1% as part of a promotion running until the end of the year for Premier customers. 

The bank redesigned its Premier proposition earlier this year. In addition to the new lowered fee, HSBC UK has reduced the minimum asset threshold needed for customers to access its Premier investment management service, from £250,000 to down to £100,000.

Earlier this year, HSBC UK relaunched its Premier proposition with a host of new features, designed around the key themes of wealth, health, international and travel. The health benefits include access to digital GP appointments and a range of other free services. 

HSBC UK has also launched a switching incentive for new Premier customers, with eligible customers able to claim a VIP shopping experience at Selfridges stores nationwide, inclusive of a £500 gift card and other perks. 

It also launched a brand-new banking app for its 15 million customers, which includes a new interface and a range of new money management tools. One new aspect of the design is the core navigation, which for the first time highlights the bank’s wealth products.

On top of this, the bank prepares to open its first UK wealth centre in the coming weeks, where it will offer wealth management services to its mass affluent and high-net worth customer base, as well as enhancing its branch network with new Premier spaces. 

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.

“It’s important that financial institutions work to make financial advice accessible for more customers. We are committed to providing wealth products that support our customers as they progress on their financial journey throughout their life. Providing cheaper access to financial advice is an important part of this, which we now offer at one of the most competitive rates on the market.”