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.”