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The Financial
Services Authority (FSA) should consider what consumers want from
their financial advisers as part of its Retail Distribution Review
(RDR), says AEGON.
The advice comes from the pension provider following the release
of results from an 18-month long consumer research project to discover
what people want from their financial adviser. AEGON’s sixth
Thinkpiece report, published by the Chartered
Insurance Institute (CII), questioned over 140 people and found
that individuals wanted to better understand financial products
and receive advice that was not biased towards pushing certain products
on consumers.
From the research, AEGON deduced that consumers would benefit most
from concepts such as a financial guru - an independent expert giving
high quality, ongoing, personal financial advice.
The firm also suggested the use of financial coaches, to motivate
consumers for financial planning and keep them committed, drop-in
centres as initial problem-solving services for those with specific
issues and needs, and a personal shopper to help tailor the available
products and choices for a particular customer’s needs. AEGON
finally recommended a financial superstore to make it easier for
those with straightforward needs or a good idea of what they want
to buy it.
“There are initial signs that people might be more willing
to pay for advice that’s presented in the right way and designed
around their lifestyle,” commented Francis McGee, AEGON’s
head of corporate affairs.
“The FSA must remember that one of the original aims of the
Retail Distribution Review was to open up advice to the wider market.
Good quality financial advice is essential to helping people take
out the protection and savings they need for the future –
so let’s work together to make this a reality,” he added.
- Pensions
Age August 2008
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