Sesame Bankhall Group has announced the initial product providers for its restricted advice proposition.
The proposition will launch in the third quarter and includes Aegon, Aviva, Friends Life, LV=, Partnership, Prudential, PuProtect and Zurich. A few more will be added to the final list.
Sesame chief executive George Higginson says: “We are committed to promoting and supporting professional financial advice and offering our customers choice. Our restricted advice proposition is a brand new technology-driven service that has been designed with valuable adviser input for the new regulatory world.
“With PI insurance and regulatory fees also under pressure, we are providing greater certainty and security for firms by including these costs as part of the service. SBG is extending its range of options so that advisers can choose to do business in the way that is most suitable for their clients and their firm.”
Loch Fyne Financial management director Douglas McIntyre says: “While this sort of restricted service would probably not be suited to high-end clients who value independence, there are lots of people out there who this would be of benefit to, particularly mass-affluent clients who want to pay less for advice.”
Wingate Financial Planning director Alistair Cunningham says: “There are obviously a lot of names missing form the panel as it stands and I would expect to see a few more added before the proposition is launched properly. It certainly seems a bit light of some high-profile names at the moment.”
Last November, Sesame announced it had signed a deal with Australian software provider Iress to provide SBG’s front, middle and back-office software. Iress will power the restricted proposition.