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Aegon calls for FSA to reconsider RDR proposals

Aegon is calling for the FSA to consider financial advice concepts including coaches, drop-in centres, personal shoppers and financial superstores as part of its retail distribution review.

Aegon has published the findings of its 18-month consumer research project aimed at discovering what consumers want from a financial adviser.

It has identified consumer needs including a better understanding of financial products, a separation between advice that helps them understand products and advice that helps them buy and long-term planning and motivation.

Aegon says it identified five advice concepts consumers want including a financial guru to give high quality, holistic, ongoing, and personalised financial advice and a financial coach to motivate consumers and keep them committed.

A drop-in centre could provide an initial problem-solving service for people with specific financial problems or needs and a personal shopper could simplify the choice available and provide products.

Aegon says a financial superstore would make buying easier for people with straightforward needs or who have a good understanding of what they want.

Aegon believes its research demonstrates that consumers would respond positively to new models of advice being developed and that the RDR must encourage this.

Aegon head of corporate affairs Francis McGee says: “People looked at support services available in areas of their lives such as fitness and diet and asked ‘why can’t financial services be more like that?’

“There are initial signs that people might be more willing to pay for advice that’s presented in the right way and designed around their lifestyle.”

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