High-net-worth clients targeted by Abbey service.(Abbey National)(Brief Article)

Abbey National is setting up an IFA wealth management service for high-net-worth individuals by the end of the year.

The project, codenamed Prosper, will offer independent advice on a range of investment products. Abbey is intending to use Prosper to provide advice and access to products managed by leading fund managers worldwide.

The service is aimed individuals with [pound]50,000 or more to invest and will give investment management advice on a range of products.

Prosper is deigned to offer customers a flexible service, operating through a variety of communication channels.

Customers will be able to communicate and receive information regarding their investment through face-to-face advice, over the phone and via the internet.

Abbey has developed specially designed advice centres for Prosper to make the service more accessible.

The first advice centre will open in London's West End, with more planned for Manchester, Leeds, Birmingham, Bromley and Watford.

Media relations manager Ciaran Baker says: "This service, based on a personal relationship, will attract a new segment of customers. We see this is an area where we can offer consumers a good flexible service."

Chase de Vere investment adviser Justin Modray says: "It is a good move that banks are offering independent advice. Anything that gives the public more access to independent impartial advice is excellent news on the part of the consumer.

"But it is too early to tell the quality of the advice that will be offered. It is a brave move but it will take Abbey National a while to fully take on board wholly independent advice."