6th February 2015
Insurer Standard Life is moving into face-to-face advice as it predicts more people than ever will need help with their finances, particularly around retirement choices.
It has launched its own wholly-owned, UK-wide financial advice business after purchasing financial adviser firm Pearson Jones. It plans to make a number of regional acquisitions to grow its advice arm.
It said the move was driven by ‘fundamental changes that are driving unprecedented demand for advice from customers’.
Although half of mass affluent individuals approaching retirement will enjoy a steady income from a defined benefit pension scheme, but this is dwindling so people have to make their own decisions about retirement income. The new pensions freedoms give retirees more scope but also the need for more advice.
Standard Life said the move to defined contribution pensions and the pension freedoms will create ‘a generation of individuals that will see advice as an essential service’.
The advice will be offered face-to-face, on the phone and online.
Barry O’Dwyer, Standard Life managing director, said: ‘As a leading long-term savings business in the UK, this is an exciting next stop for Standard Life. We already help millions of customers to save through the workplace and are a leading provider to the highest quality firms in the advice sector.
‘We’re delighted Pearson Jones will be part of our new business. They have a single-minded focus on helping clients and are an excellent example of a progressive firm.’