ING, the Amsterdam-based financial services group, will no longer provide free investment advice to clients. Instead, investors will have to make their own decisions – execution-only – or leave recommendations to an ING banker, the Financieele Dagblad said on Friday.
ING is stopping with the free service this autumn, saying only 5% of investors used it. But clients of ING Private Banking will be able to continue their relationship with their personal adviser, the bank said.
Many ING clients have already moved over to investment management services. Those still undecided are to receive a letter next month giving them an option for execution-only or investment management.
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