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Aegon eyes D2C offering for orphan clients

Aegon is looking at developing an online direct-to-consumer proposition for orphaned clients.

The insurer says it also plans to make the service available for advisers to refer lower value clients they no longer wish to serve.

Aegon UK managing director of retail and intermediaries Duncan Jarrett says: “The financial advice market has altered dramatically since the introduction of the RDR.

“There is now a significant advice gap for millions of customers who cannot afford to, or do not want to, pay for advice. Economics will also dictate that advisers focus their resources on higher net-worth customers, leaving many customers under-served.

“We are currently investigating how we could build a digital self-service solution for those customers who no longer have an adviser. We are also looking at ways to work with advisers who may wish to offer this same solution to those of their clients who they can no longer afford to serve profitably.”

Aegon has also suggested it will in future offer preferential service to advisers that use the Aegon Retirement Choices platform.

Jarrett says: “There are obviously a number of firms we have close working relationships with and we intend to cement those relationships further with face-to-face support and also build new profitable relationships too. That’s just good business sense.

“Of course, we will continue providing excellent levels of support and service to all other firms and will continue to develop simple, technology-led, ways of engaging and interacting with everyone we do business with.”

He adds: “Where an adviser has or is going to take the ARC platform we are committing to face-to-face business development teams alongside a full implementation and training team to help advisers embed the platform in their business. It is not volume driven, it is based on offering a full support mechanism for advisers that want to use our platform.”

Money Marketing revealed in June Aegon was closing all of its regional sales offices as part of a major restructure, resulting in up to 160 job losses.

At the same time, Aegon announced it was focusing resources on its ARC platform, and has since doubled the size of its platform implementation team.

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  1. As an investor I object to the term “orphaned client. |I do not belong and never have belonged to any adviser, platform of provider. The whole idea of Agency is now redundant and the sooner everyone gets used to this the better. Quite what Aegon mean by “a number of firms we have close working relationships with” I don’t know. It all sounds a bit too cozy for me and certainly old fashioned.

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