The US asset management firm, famed for its development of index funds, set up the service in the UK market two years ago.

Vanguard, the US investment titan, is closing its retirement planning business.

The decision to shut the service comes only three years after Vanguard won regulatory consent to provide retail advice. At that time, it offered a service to investors with at least £50,000 ($60,115) in their Vanguard accounts that they were willing to be used for retirement.

“We launched the service for clients of our existing platform with specialised retirement needs. 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,” a spokesperson told WealthBriefing in a statement. “We are committed to the development of further financial guidance and advice services, to give investors the best chance of investment success.”

In August 2022 Vanguard Asset Management launched two new ESG focused exchange traded funds, the Vanguard ESG Developed Europe All Cap UCITS ETF and the Vanguard ESG North America All Cap UCITS ETF.