New online services firm Pensions Treasury is aiming to help IFAs attack the markets which are generally dominated by employee benefit consultants.
Former Hargreaves Lansdown head of e-commerce Mark Rowlands is managing director of the firm which matches big employers wanting to ensure they are stakeholder-compliant with IFAs who advise on stakeholder and group personal pensions.
It also aims to help employers benchmark how competitive their pension is with others on the market instead of relying on employee benefit consultants. The service aims to take IFA business pitches to “beauty parade stage” at a fraction of the usual cost of generating warm leads.
Employers can use the service free to call for tenders for their business while IFA users are alerted of schemes up for grabs. The cost for IFAs is £20 a month per registered individual.
The tender invitation is in a set format which allows Pensions Treasury to filter those schemes that the IFA will be interested in pitching for, depending on size of company and scheme and the expected charges.
It is hoping that the service will become a core plank of IFAs' work tools and says it expects to have 75 per cent of the estimated 15,000 advisers who deal in group personal pensions on board within a year.
Rowlands says: “This service gives everything IFAs need to attack the soft underbelly of employee benefit consultants, whose charges can be significantly higher than IFA charges.