Aegon to drop Cofunds brand in platform upgrade

Aegon is dropping the Cofunds brand as it moves users onto an upgraded version of its platform.

After acquiring Cofunds in August last year, Aegon has been working on integrating the platform with its Aegon Retirement Choices offering, bringing many of Cofunds’ features into ARC.

Users were due to be transferred to the new Aegon/Cofunds platform by the end of the year, but the decision to dispense with the Cofunds branding puts to bed one of the oldest names in the UK platform market.

The business dates back to 2001 and was under Legal & General control until Aegon’s acquisition, which created a combined platform with assets under administration of around £85bn.

Combined assets have now topped £100bn.

Aegon chief distribution and marketing officer Mark Till says: “In order to provide a consistent and unified service to advisers, it makes sense to brand the service simply as Aegon. Brand is about a lot more than just a name or a website colour scheme, it’s about what you stand for as a business. Cofunds has a proud heritage as an investment business and Aegon in pensions. What we’re creating is a business which builds on both specialisms and puts advisers and their clients front and centre in its thinking.”

Aegon users are set to move onto the upgraded technology in the first half of 2018, by which time Aegon is looking to have incorporated Cofunds functionality such as pre-funding of trades and debit card acceptance.

Aegon/Cofunds one year on: Chief executive on what to expect next

Cofunds users, meanwhile, are due to benefit from a wider investment range.

Natural income, a feature currently available on the Cofunds platform to allow clients to be paid dividend income from their investments separately from any capital growth, will go live to ARC users in the coming weeks.

Training for advisers to familiarise themselves with the new website will also begin shortly.

Recommended

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
74

How much are advisers charging for pension transfers?

Advisers and networks are charging wildly different prices for advising on defined benefit to defined contribution pension transfers, Money Marketing research suggests. As well as a split between charging on a time cost or percentage basis, some firms appear to be charging as much as two times more than others. Firms that offer pension transfer […]

stethoscope-laptop-computer-medical-hospital-medicine-700.jpg

Platform picks new Sipp provider after merger

Platform Interactive Investor has picked Barnett Waddingham to run its Sipps after II’s merger with TD Direct caused the firm to break ties with AJ Bell. Money Marketing revealed in June that AJ Bell and TD Direct would sever their agreement in light of II’s acquisition over “uncertainty” created by the union. While the current […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Step one complete, delete the brand.
    Step two merge features. Well no both get whatever the platforming delivers
    Step three, now its all on one platform can’t cope with 2 charging structure so merge charging.

  2. How stupid, but how typical of old style Life Company mentality.

    Just to satisfy Management’s vanity and need to Empire build, I have to spend valuable time and energy explaining and justifying (or not) why clients should remain with the platform.

    A pox on all of them.

Leave a comment