Portfolio + will enable clients to invest directly in ready-made portfolios built, managed and rebalanced by the HL investment research team.

The firm first announced plans to launch the service in its last trading update in May.

Hargreaves Landown’s head of communications, Danny Cox, said the service offers a third way of investing for customers who want their investments managed for them, but don’t want to pay for financial advice.

“This service can meet the needs of first-time investors, who are yet to build up the knowledge and confidence to choose their own funds, right through to retired investors who simply want to leave investment decisions to someone else,” he said.

Customers can choose from six portfolios and opt to invest for either income or growth, within three pre-determined risk levels.

The portfolios, which are constructed using HL Multi-Manager funds, are rebalanced twice a year by the HL investment team.

The service comes with no on-going charges, with investors paying the annual management charge on the underlying funds and the annual platform charge.

The minimum investment is £1,000. Investors can switch or transfer existing ISAs, pensions and investments into HL Portfolio +.

The six portfolios: at a glance

Adventurous Income: an adventurous portfolio designed to generate a rising dividend income, alongside capital growth. The focus is on UK shares, but it also includes some investments overseas. Estimated yield 3.03% (variable and not guaranteed)

Balanced Income: a portfolio holding a mixture of shares and bonds, aiming for income and capital growth with less volatility than the more adventurous option. Estimated yield 3.03% (variable and not guaranteed)

Conservative Income – a more conservative income portfolio diversified across a number of different investment areas, such as shares, bonds and also total return funds to reduce risk. Estimated yield 2.38% (variable and not guaranteed)

Adventurous Growth: an adventurous growth portfolio which includes exposure to areas with greater growth potential and higher risks, like emerging markets and smaller companies.

Balanced Growth: a portfolio holding a mixture of shares, bonds and total return funds which should be less volatile than more adventurous options.

Conservative Growth: a more conservative portfolio diversified across a number of different investment areas, such as shares, bonds and total return funds, to manage risk.