Tilney Smith & Williamson-owned platform Bestinvest is to “transform” into a hybrid advice service.

The revamped platform will go live after the tax-year end.

It will offer free coaching, affordable advice, low-cost ready-made portfolios and digital tools.

The hybrid digital service from the Financial Planning and wealth management firm will combine online goal-planning and analytical tools with a human touch.

Savers will be able to access help from qualified advisers via free investment coaching and choose affordable fixed-price advice packages.

Where personalised advice is required by a client, such as a review of their existing investments or a recommendation for an appropriate portfolio, this will be available for a low one-off fee of between £295 and £495.

Bestinvest has also launched a range of low-cost, ready-made ‘Smart’ portfolios.

The ‘Smart’ portfolios will go live from 1 February and will have ongoing costs starting at 0.34% pa.

There are five new Smart portfolios designed as “ready-made investment options” to suit various risk profiles.

They will be invested in passive investment funds but actively managed by Tilney Smith & Williamson’s investment team.

The total cost of investing in the Smart portfolios, including a new reduced account fee of 0.20%, comes to 0.54-0.57% pa. Tilney claims that this is significantly cheaper than most robo-advisers

Account and portfolio level insights include interactive charts so investors can see how their overall portfolio and each account has performed over time, as well as the annualised return since inception. This will enable comparison with market benchmarks.

Platform users will be able to set a retirement goal and monitor whether they are on track to achieve it and identify potential actions.

The platform also plans to introduce a range of additional digital tools to help investors plan for other specific goals such as buying a home and funding a child’s education fees, enabling investors to build their own financial life plan.

Bestinvest is also cutting a number of fees.

Share trading costs will be cut by a third to less under £5 from 1 February. Bestinvest will continue not to charge any dealing fees on funds purchases, sales or switches.

Investors in the existing ‘Expert’ portfolio range will see their account fee drop to 0.20% pa on balances up to £500k, and then 0.10% up to £1M. No account fees will be levied on balances above £1M.

Bestinvest is also halving the fees paid on accounts holding investments other than ready-made portfolios for balances between £500k and £1M from 0.20% to 0.10%.

The current annual £100 + VAT SIPP administration fee will be scrapped alongside several other ad hoc SIPP. The account fee tiers for SIPPs will be harmonised with those for ISAs, Junior ISAs and General Investment Accounts.