Close Brothers advisers to offer restricted advice

Close Brothers Asset Management says its advisers will be providing restricted advice post-RDR.

Close Brothers, which acquired National IFA Cavanagh in 2011 for £26.2m, says because it will be promoting its own investment products it has decided to class itself as providing restricted advice.

The company says if Close Brothers does not offer a client a suitable in-house investment product, or if the client wants a different investment provider, its advisers are free to recommend other fund managers using the firm’s research process.

It adds Close Brothers advisers are paid the same whether they recommend an in-house investment solution or a third party product.