Standard Life has scrapped a self-service platform for low-value clients in favour of a non-advised referral service.
Last year, Money Marketing reported Standard Life was testing a self-serve platform that advisers could white-label. Advisers would receive an introducer fee for referring business to the platform and Standard would provide telephone-based support for clients looking to transact.
But now Standard has scrapped the idea and replaced it with a service that allows advisers to refer clients to it on a non-advised basis. It does not pay a referral fee to advisers.
A Standard Life spokeswoman says: “We started testing this idea before the pension freedoms, which changed the focus for ourselves
“Advisers have clients on their books that they can no longer deal with – either because they don’t want to pay for advice or it just is not viable for an adviser to continue to advise them.
“We now offer advisers a client referral service for clients with Standard Life policies to move to us on a non-advised basis. The adviser decides when and how to refer a client, keeping them in control of the advice relationship.”