Fairstone advisers will be able to access the new MPS alongside others already on offer by other managers via its service.

Charles Stanley will build and manage a customised range of risk-targeted portfolios.

The wealth manager’s MPS will take an active asset allocation view, implemented using both active and passive vehicles to minimise cost.

The MPS will be managed by Charles Stanley’s head of asset management Dan James, and portfolio manager Chris Ainscough.

Sean Osborne, group head of sales at Charles Stanley, said: “At Charles Stanley our aim is to work together as partners to create a customised MPS offering that is both true to the unique investment philosophy and process of our team, as well as one that is built on the expertly managed Fairstone advice process.

“This tailored approach means that we are able to support Fairstone’s advisers with model portfolios that are well-suited to their clients’ needs, as well as provide a strategic partnership that includes sharing engaging content, specialist market insights and national distribution channels, ultimately to help deliver the four outcomes of the Consumer Duty.”

Fairstone advisers will also be able to access Charles Stanley’s insights, market commentary and distribution channels.

Adam Smith, COO at Fairstone said: “We’re delighted to partner with Charles Stanley on what is a key component of Fairstone’s offering. After a thorough review of the market, Charles Stanley’s investment expertise and breadth of research was evident. We believe that this partnership will further support our advisers in providing added value and choice for our clients to support in the service excellence that they have come to expect from us.”

National Financial Planning firm Fairstone oversees £15bn in funds under management on behalf of more than 55,000 wealth management clients.

Wealth manager Charles Stanley has 35 Financial Planners working alongside 169 investment managers in 23 regional offices.