Advised clients on the Cofunds platform will be moved to the upgraded Aegon platform in May next year, the business has confirmed.
In an update today, Aegon says the Cofunds retail book will be migrated early in the new tax year.
Aegon says the decision to move those clients at that time follows feedback from advisers who did not want their clients transferred in the run up to tax year end and also wanted time to allow Mifid II to bed in.
Aegon wants to soft launch the retail platform in January to a small number of Cofunds firms for new business only.
Aegon says 75,000 non-advised customers using Cofunds’ investor portfolio service will move to the upgraded platform in December. Those customers have already been sent a letter explaining the process and the upgrade will take place over Christmas.
Aegon chief distribution and marketing officer Mark Till says: “Our focus throughout this project has been to listen to the views of those using these services and a consensus has emerged that most advisers would prefer to start using the enhanced platform once the busy tax year end period is out of the way and once Mifid II has settled in to their businesses.”
Till says: “We’ve taken this feedback on board and will begin the process of upgrading the platform for existing users early in the new tax year.”
He adds: “Our communication programme with advisers and their clients is now underway and they can expect to receive further detail and access to our training resources on the new service and timings in the coming weeks and months including a regular newsletter.”
Aegon confirmed last month it is dropping the Cofunds brand as it moves users onto the upgraded platform.