A new IFA network, specifically targeting the over 50s market, has been launched by specialist finan...
A new IFA network, specifically targeting the over 50s market, has been launched by specialist financial services provider, Saga.
The firm, which already targets over 50s, said the move to provide an IFA service was down to the growing need for financial planning advice in this age group.
The network, Saga Financial Planning, is set to offer advice on life, long term care and equity release products in addition to pensions, investment planning and inheritance tax provision.
The panel of providers is yet to be confirmed. But according to Saga, it will include almost all the major players in the industry.
The network has its sights on national coverage within the next three years. This will begin with developing Saga IFAs in the Guildford, Reading, Brighton and Southampton areas from September this year. The company is aiming to offer face-to-face advice to clients at a venue that suits them, including their own homes.
According to Saga, all advice will be lifestyle based, rather than product led, and customers will pay via commission rather than fees. Network advisers will receive bonuses based on performance for customer satisfaction and compliance instead of commission.
A team of 80 advisers ' eight in 10 regions of the UK ' are hoped to be in place when the network is fully rolled out.
Andrew Goodsell, managing director of Saga Investment Direct, said the network will service the increasing demand for effective financial advice for the over 50s.
'Saga customers have an increasingly diverse and complex set of financial decisions to make. The service we have developed fills a gap in the market by providing straightforward independent advice,' he said.
