Why we're reaffirming our adviser commitments

30 October 2019

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At Royal London, we champion the value of impartial advice, we firmly believe it creates the best outcomes for clients like yours. Recently though, it’s become clear that some of our competitors don’t value impartial advice in the same way.

In light of this, I think it’s an opportune moment to reaffirm our adviser commitments and explain why we’re investing in these beliefs now – and for the future.

Mind the engagement gap

In recent times, our industry has changed beyond recognition. We now have a market shaped by the introduction and evolution of auto enrolment, pension freedoms and now MiFID II. These transformative, regulatory changes have massively increased the number of people saving for retirement, the way they take their retirement savings and the advice they need along the way.

However, with 4 in 101 people admitting to having very little understanding of how their pension works – the engagement gap is widening.

The need for advice

This is coupled with the ever-changing digital environment of today where customers move towards a new chapter of open banking and the expectation of managing all their finances in the palm of their hand.

The reality is people are focused on their needs in the here and now, instead of retirement. So when the savings people have grown over their working life and the options they have at retirement collide – what was once only an engagement gap, becomes an advice gap.

The opportunity in change

It’s our ambition that more people in society have access to the impartial advice they need at an affordable price.This is an opportunity for advisers, found in not only the typical client but in the unprecedented levels of people now saving more for retirement, and the scale these investable assets will provide in the future.

Not to mention, the exciting prospect of Pensions Dashboard, bringing with it the chance to automate processes – freeing up time for advice.

With these opportunities on the horizon, and the market growing and profitable – it’s a great time to be an adviser. We aim to partner with advisers to help them make the most of this. We’ll do this by championing the value of impartial advice, and by offering tools and services to help you deliver your services profitably.

When others retreat, we advance

It’s safe to say some of our competitors don’t view the value of impartial advice in the same way. Many see business with advisers as a transaction, offer advice direct to clients or claim them as their property once they’re through the door.

At Royal London, our approach is entirely different. We choose to engage clients with their long-term savings by investing in the technology they expect, at the touch-points they need. All while pointing them to their adviser’s expertise and valuable services.

We do this because we believe the best outcomes and experiences will always be anchored in quality financial advice. It’s in the customer’s, best interests that this advice is absolutely impartial and delivered without provider bias.

Our adviser commitments

With all this in mind, we’re reaffirming our adviser commitments. Because while the world around us moves and shifts, our commitment to advisers remains constant.

We believe the best advice comes without compromise. That means it has to be impartial and it has to be delivered with a full understanding of the customer’s needs. That’s why we’re sticking to what we do best - delivering value for money propositions, investing in excellent customer service and giving you the tools and support you need to deliver your services efficiently and cost-effectively.

We’ll actively encourage our customers, your clients, to seek impartial advice from you at every appropriate opportunity. But we’ll never leave them without the support they need – and we’ll always be guided to take the action we believe is in their long-term best interests.

We choose to distribute our products and services through intermediaries because we truly believe that’s the right thing to do. Of course, there will be times when we need to engage with your clients on matters that affect them - but we won’t get in the way of your relationship with them.

Watch Isobel Langton, CEO Intermediary, reaffirm our adviser commitments in our latest video.

Source: Resolver, March 2018

About the author

Isobel Langton

CEO Intermediary

Isobel’s background is steeped in life and pensions. Having worked for Irish Life in a number of roles in the UK, she joined Royal London shortly after it acquired United Assurance Group (UAG) where she was responsible for integrating customer service for all of Royal London and UAG. She then moved to Scottish Life as a member of their leadership team focusing on customer experience, with roles leading Customer Services teams and Business Transformation initiatives. In June 2012 Isobel was appointed as the Group Customer Services Director, where she brought together the Customer Service businesses across our life and pensions brands. Isobel moved to her current role at the end of February 2014.

Last updated: 30 Oct 2019

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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.