Aegon UK has identified five advice concepts that the public wants from financial advisers, writes P...
Aegon UK has identified five advice concepts that the public wants from financial advisers, writes Paul Robertson. In a Chartered Insurance Institute (CII) discussion document, Thinkpiece, the protection provider laid out its response to the Retail Distribution Review (RDR) Interim Report.
An 18-month consumer research project aimed at discovering what people want from a adviser identified the core consumer needs. These included wanting to better understand products; a separation between advice that helps them understand products and that which helps them buy, and the clarification of what the consumer gains from long-term planning and motivation.
As a result, Aegon has identified five advice concepts: Financial Guru - an independent expert giving high quality, holistic, financial advice and recommends and can access products - similar to RDR proposals for the future IFA; Financial Coach - motivating for financial planning; Drop-in Centre - a problem-solving service for people with specific needs, as proposed in the new Money Guidance programme; Personal Shopper - to simplify choice and provide products to customers' needs; and a Financial Superstore - making buying easier for people with straightforward needs or a good understanding of what they want.
Nick Hurman, author of the document and corporate affairs consultant at Aegon, said: "Advice matters because, done well, it overcomes the inertia and other behavioural biases which, in our own highly personal mixtures, inhibits us all from doing what we should to secure our financial wellbeing."
The document identified initial signs that people might be more willing to pay for advice that is presented in the right way and designed around their lifestyle.
David Thomson, CII director, policy and public affairs, said: "Consumer behaviour is as important as studying demographics and social structures in understanding buying habits and patterns."
