The move is in response to adviser feedback that more help is needed filtering out clients who shouldn’t go through the full advice process, as well as help with setting client expectations and recording outcomes.
The key documents developed to help include:
Client Consideration – a questionnaire for advisers to use with clients to see if they understand the implications of transferring, helping clients articulate why they want to transfer. It can help clients avoid unnecessary costs if they determine they don’t want to transfer.
New Support Guide with Hints and Tips - to help with the transfer process, for advisers and their clients, whether through streamlining the process, or reducing costs.
Rapidly changing adviser market
Alastair Black, head of financial planning propositions at Standard Life, said: “Pension freedom has resulted in a rapidly changing adviser market and DB to DC transfers are one of the challenges to emerge.
“We rarely accept DB transfers due to their complex nature but this will really help when talking to clients about their options.”
“As these transfers are becoming increasingly popular, advisers have told us they need help to cope with the change. They say it is complicated for the client and time consuming for their business, especially when so many don’t proceed.
“Pension freedoms have opened up flexibility for many, and transferring will be the right thing to do for some. The new suite of materials is in no way designed to replace the advice or compliance process – the adviser remains very much in charge. What they wanted from us was help in streamlining their process,” Black said.
Mike Angell, managing director at Angell Mallinder, said: “We rarely accept DB transfers due to their complex nature but this will really help when talking to clients about their options.”