Why we think pensions dashboard is good for advisers

25 October 2017

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Last week the government announced the pensions dashboard project will go ahead under the DWP.

With this move comes new momentum, making the idea of your clients being able to view all their pension savings in one place feel closer to reality.

We believe the current proposals will benefit advisers. So, as a project sponsor, we're keen to make sure advisers aren’t left out of the thinking. Here’s why.

More potential customers

By having ready access to their current pension savings we expect more people will realise they need to save more. Or at least need advice on what to do next. We strongly believe advisers are best placed to satisfy this need. 

More engaged clients

Being able to see all their pension savings in one place online means clients will be more engaged with their pensions.   This can only be a good thing. A more engaged client is more likely to want a long-term adviser relationship.  

Adviser dashboards

One aspect of the project that’s extremely positive for advisers is advice firms will be able to host a dashboard for their clients. This provides a powerful opportunity to give a better service. We think most major adviser software providers will add this functionality to their propositions and expect advisers to be a leading provider of dashboards to the UK public.

Makes the fact find easier

All too often the fact finding process can take far longer than it needs to. Why? Because a client simply doesn’t know what existing arrangements they have and what they’re worth.  This is exactly what the dashboard will provide; every pension, their values and information on penalties and guarantees on one screen. In a format that can be shared. This will undoubtedly mean less chasing for information.  Meaning you can get on with what you do best - helping your clients make the right decisions. 

We always champion the value of impartial advice. So we’ll continue to keep advisers at the forefront of our conversations, as the pensions dashboard takes shape.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.