Vanguard is set to close its UK financial advice unit on 31 May 2023. Credit: Masaaki Komori on Unsplash.

American asset manager Vanguard is set to close its financial planning arm in the UK after launching the service around two years back.

Known as Vanguard Personal Financial Planning, the business was launched in April 2021 to provide retirement planning services in th.

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However, the business reportedly failed to attract customers who were looking for improved and specialised retirement planning solutions.

Following the closure of Vanguard Personal Financial Planning on 31 May 2023, clients will have the option to transfer their assets to a different retirement adviser.

Clients will also have the option to convert their account to a self-directed platform with Vanguard.

In a statement, a Vanguard spokesperson said: “We launched the service for clients of our existing platform with specialised retirement needs.

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“However, after careful consideration, we have concluded that our clients are looking for other, more adaptable forms of financial planning from Vanguard.

“We have therefore taken the difficult decision to close the retirement planning service.”

Vanguard will issue a refund for all financial planning fees paid by the clients for the service since their joining, according to Financial Times.

The latest development follows Vanguard’s decision to end its association with Net Zero Asset Managers (NZAM), an investment-industry platform created to handle climate change.

The decision was aimed at maintaining the firm’s freedom while providing investment options to its clients.