Aegon platform distribution director Coyle exits

Aegon platform distribution director Martin Coyle has left the provider after a review of its distribution team, Money Marketing has learned.

Coyle is currently on gardening leave for the next few months and is exploring a number of other opportunities in the sector, Money Marketing understands.

Coyle was poached by Aegon in 2012 to drive platform sales ahead of the launch of the Aegon Retirement Choices platform later that same year.

He served five years as business development director at Axa Wealth and two as senior business consultant at Prudential before joining the firm.

Aegon also poached former Axa Wealth head of business services Lou Macari in 2012 as it began its push into the platform space.

Coyle’s departure follows the resignation of Aegon’s chief digital officer and platform development lead Richard Denning towards the end of last year.

It is also unclear at this stage whether Denning, formerly of Novia and Selestia, will end up with a role in the industry or elsewhere.

An Aegon spokesman tells Money Marketing that the firm had decided to make changes to its distribution team after a review of how it was set up to support advisers.

The spokesman says: “Martin left the business recently and we wish him all the best for the future. He left following a review of the operating structure of our distribution function last year. The changes were designed to ensure our retail business is well organised to deliver support to advisers and promote Aegon’s products and services.”

While Coyle and Denning have left the business, Aegon brought back former chief operating officer Tommy Young last year as part of a “short-term” consultancy project providing support on “a number of projects and drawing on his broad experience of the Aegon business”.

Coyle’s tenure has seen Aegon reposition itself as a scale advised platform business with the purchase of Cofunds off Legal and General in 2016.

The provider had to add extra telephone lines and extend opening hours last year, however, as more than 400,000 clients were moved onto a new system to merge the existing Aegon Retirement Choices platform with Cofunds.

Some advisers and investors that were impacted by problems following the Cofunds replatforming in May are in line for compensation, Aegon confirmed.

Around 400 advised clients were locked out of their accounts and there were also problems with the transfer for advisers, with some reporting issues with logging in to the new system and long wait times to speak with customer service staff.

Aegon claims its Cofunds integration will eventually save it £60m a year when it completes the final integration, and saved it £40m in the first year of combining the platforms.

Recommended

What Elevate platform’s fee cut means for advisers

After Standard Life’s Elevate platform announced it was cutting its fees Platforum has analysed the new charging structure to see how Elevate now stacks up against its peers.  Elevate percentage fee against portfolio assets Elevate fees in pounds against portfolio assets Price comparison of Elevate platform fees for different sized portfolios

SJP extends DFM service with acquisition in Ireland

St James’s Place has acquired pensions and investment firm Harvest Financial Services to extend its discretionary fund management offering to new clients in the Republic of Ireland. SJP acquired DFM Rowan Dartington in 2016, which serves UK and Hong Kong clients. SJP says “complementary capability” from Harvest will see these services rolled out to Irish […]

Investment uncovered: Down the blind alley of chasing short-term sector results

Rick Eling, investment director at Quilter-owned advice network Intrinsic, explains how focusing on factors that can be controlled, such as objectives, provides the best long-term outcomes for clients Do you approach investment management by building portfolios in-house, outsourcing or a combination of both?We have built our investment offering on the basis that the client is […]

The Wells Street Journal: Bullsh*t bingo and an overwhelming choice

A weekly account of the curious goings-on in the world of financial services Introducing bullsh*t bingoFNZ-backed technology provider Advicefront has debuted a list of acronyms and words that advisers dislike, helped by the ever-amusing Alistair Cunningham of Wingate Financial Planning. Dubbed “bullsh*t bingo”, the list includes regulators and bodies including the FCA, Financial Ombudsman Service, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com