AA Financial Services claims its new telephone-based IFA service will tackle the poor levels of customer service it says are inherent in the industry.
The AA says its research shows many financial services customers are dissatisfied with the “very poor” post-sale experience they have received from IFAs and direct-sales teams.
It claims its IFA service, which was revealed exclusively by Money Marketing in January, is unique in offering a post-sale product review service which recommends to clients when they should switch providers to get a better deal.
Mortgages will be reviewed on average every five years, when borrowers will receive advice on whether they should remortgage or stick with their existing loan.
The AA is teaming up with a range of providers to offer “best of breed” products, including annuities, term insurance, mortgages, savings and investment bonds. The main thrust of the service will be execution-only but independent advice will be given on request. The AA aims to move into online financial planning next year.
IFA managing director Mark Taylor says: “The AA brand is well positioned to offer a range of personal finance advice that consumers can trust. Our aim is to cut through consumer confusion with straightforward explanations and clear information to help them make informed decisions.”