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Saga and Tilney Bestinvest create advice service for over 50s

Saga and Tilney Bestinvest are to launch a joint venture which will offer investment advice and financial planning for the over 50s.

The business will be branded Saga Investment Services powered by Tilney Bestinvest and will launch in the second half of this year.

Saga will inform the proposition design of the business and Tilney Bestinvest will provide the advice capability.

Services will include investment advice, discretionary portfolio management, financial planning and execution only. The offerings will be available by phone, post, online and face-to-face.

The business will be headquartered in London with a team of nationwide advisers.

Saga and Tilney Bestinvest will each own 50 per cent of the business. The board will consist of six directors – three appointed by each firm – as well as a managing director and finance director who are yet to be appointed.

Saga’s existing personal finance business, which provides services such as credit cards, equity release and savings, will continue to operate separately.

It says it will identify people within its database of 10.6 million over 50s who could benefit from the new service.

Saga group chief executive Lance Batchelor says: “The investment and financial planning needs of the majority of Britain have not been well served by the financial services industry to date. We will develop a range of services and solutions tailored to the needs of people, rather than the convenience of financial institutions.

“Through this joint venture we aim to bring the level of expertise that has generally only been available to very wealthy individuals.

“Making the best of your savings will become increasingly important as people exercise the new pension freedoms, which are expected to unlock an extra £1.5bn in 2015 alone.”

Tilney Bestinvest chief executive Peter Hall says: “Whether people want to have their investments managed for them, have the support of an expert adviser, or to manage their own investments, we want the new business to be recognised as the market leader for meeting the investment and financial planning needs of the over 50s.

“The joint venture will design bespoke services and solutions that will be simple, easy to access and great value for money.”


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