There is no quick fix to solve the problems of the current distribution model, according to Aegon UK chief executive Otto Thoresen.Speaking at the Money Marketing Live roadshow in Manchester on Tuesday, Thoresen said that the regulator, customer, provider and adviser are stuck in a vicious circle which produces consumers who are not confident or demanding. Thoresen said a number of business models are needed to tackle these issues, targeted at different customer types and he said they could be split by age or wealth. If split by age, he said simple financial advice to younger people could be delivered through digital TVs, the internet or mobile phones and when they get older they would be moved on to a more complex advice model where IFAs would be key. As part of these proposals, Aegon is to conduct a quarterly research survey with IFAs to seek their views on the provider-distribution model. Thoresen said: “It is about ensuring the flow of customers continues to IFAs throughout their lives. If you start them young and allow them access to information through media such as the internet which they understand, then later they can be moved to another type of business model to suit their needs as they change.”
Standard Life Bank is urging brokers and lenders to get to grips with technology or risk losing business. The bank’s study shows that 32 per cent of brokers do not recognise they may lose business if they are not available online to consumers. The firm also says lenders do not always set the best example […]
Before the proposed review of contracting out of Serps progresses any further, can we have a sensible debate about how contractingout advice is going to be measured? I believe, based on past experience, that any review would probably make the following assumptions: l That future Governments will never abolish or reduce the state benefits under […]
Newcastle Building Society has added a three-year stepped discount product and a two-year fixed product to its mortgage product range.The discount mortgage offers an annual discount from 3 per cent to 1 per cent on the building society’s current standard variable rate until the end of January 2010.Both products have a minimum loan of £15,000 […]
British Insurance has brought out an income protection plan that differs from many plans on the market in its flat rate premiums for all applicants.
EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.
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The workplace presents a significant opportunity for advisers, yet many are still shunning this sizable market, experts argue. The pension freedoms and auto-enrolment have increased the unmet need for advice in the workplace. Some larger employers and pension trustees are no longer content to leave employees to fend for themselves among scammers and fraudsters and […]
Neil Woodford has rejected gloomy UK growth forecasts from the Office for Budget Responsibility revealed in yesterday’s budget, arguing the country is on track to achieve annual growth around 2 per cent. According to the OBR, growth this year will be 1.5 per cent, and fall to 1.4 per cent in 2018. Through 2019 and […]
Trade bodies tend to live in a cloistered environment while advisers keep the industry on its toes