Standard Life is launching a suite of materials to offer more support to advisers in the DB to DC transfer space.
The material includes a questionnaire for advisers to use with clients to see if they understand the implications of transferring, that helps clients articulate why they want to transfer. Standard says the questionnaire can help clients avoid unnecessary costs if they determine they don’t want to transfer.
The provider has also launched a new support guide that offers ways to reduce costs and streamline the process.
The new materials have been provided in response to adviser feedback that shows they need help with filtering out clients who should not go through the full advice process, as well as help with setting client expectations and recording outcomes.
Standard Life head of financial planning propositions Alastair Black says: “Pension freedom has resulted in a rapidly changing adviser market and DB to DC transfers are one of the challenges to emerge. As these transfers are becoming increasingly popular, advisers have told us they need help to cope with the change. They say it is complicated for the client and time consuming for their business, especially when so many don’t proceed.
“Pension Freedoms have opened up flexibility for many, and transferring will be the right thing to do for some. The new suite of materials is in no way designed to replace the advice or compliance process – the adviser remains very much in charge. What they wanted from us was help in streamlining their process.”
Angell Mallinder managing director Mike Angell says: “The materials developed by Standard Life make perfect sense and will be really useful. We rarely accept DB transfers due to their complex nature but this will really help when talking to clients about their options.”