An IFA firm has partnered with an aggregator and launched its first automated, non-advised proposition for protection business.
Colchester-based Plan Money has implemented the automated protection business as the first step in a non-advised arm which will also look to include low cost annuities and investments.
The firm has linked up with comparison site PayingTooMuch.com for its non-advised protection services in a bid to best serve low-value clients.
Peter Chadborn, IFA and co-director, said: ""Rather than turn away low value transactions or low value clients, we will instead be able to direct them to our website and as such they are still engaging with us."
"Historically, most face-to-face advisers deem non-advice to be a step too far but we believe that to ignore consumers rapidly evolving buying habits is to be missing a trick. We envisage clients engaging with us on both levels."
Chadborn added that adviser and aggregator partnership "could well be" a future development in the protection industry.
"There is opportunity for joined up thinking because advisers are good at the relationship bit but not so much the efficiency bit in the way the aggregators are," he said.
"And the aggregators acknowledge that the process does need something else."
Plan Money will promote its two services separately as Plan with Advice and Plan Direct to make the differences clear to clients.
Clients will be able to select the Plan Direct service through Plan Money's website which will link through to PayingTooMuch.com. The firm will also be able to introduce new business lines to the proposition such as: motor, home, energy and travel comparisons.
The firm stated: "In the run-up to the Retail Distribution Review (RDR), many advisers are concerned that they will witness a downward pressure on their profitability due to increased regulatory costs and the introduction of adviser charging.
Michael Ward, managing director at PayingTooMuch.com, said; "I am convinced that more and more business will be researched and transacted online, and pairing advice when requested, with the most competitive comparison services we can build, is a winning combination."
In November Plan Money warned about making clear distinctions between non-advised and simplified advice arms.
He said: "For us it is very much black and white; either full regulated advice or it is not advice. Adviser firms will need to be very clear on this."