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.
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.
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.
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.
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.