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.
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.
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.
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.
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.
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.