National firm Lighthouse will be the preffered provider of financial advice to the 450,000 members of the National Education Union under a new deal.
The three year contract will see Lighthouse offer retirement planning and investment advice to the union, which was formed through the merger of the Association of Teachers and Lecturers and the National Union of Teachers last year.
The union is now the fourth largest in the TUC.
Before the merger, Lighthouse acted as an adviser to ATL members, but has now added the 336,000 members of the NUT to the deal.
The tie-up is the latest union contract targetted by Lighthouse, which also has partnerships with Unison, the Royal College of Nursing, the Royal College of Midwives, FosterTalk and the Social Workers Union.
Lighthouse chief executive Malcolm Streatfield says the deal “underlines further the quality of service and financial planning support which Lighthouse provides for all participating members in affinity relationships” and “the board remains committed to developing further affinity partnerships throughout the UK.”
Lighthouse offers restricted advice. It launched an in-house investment arm, Luceo Asset Management, by partnering with Octopus Investments and the Zurich platform in 2016.
The range of risk-rated portfolios, which Streatfield has described as the “default position” for the client, amassed £20m in its first nine months, but the firm has defended any potential conflicts as it expanded its offering with additional active and passive funds last year.