From Adviser Guide:
Q: What role is there for financial advisers?
Over the next few years employers in the UK will need to get to grips with their employer duties.
Nest is not able to give financial advice, so Graham Vidler, director of communications and engagement at the organisation, said depending on how members approach Nest it would signpost them for advice to unbiased.co.uk or in some circumstances to the Money Advice Service.
To find out how Nest can help advisers and their clients, Mr Vidler said email email@example.com or call 0300 3031949.
Mr Vidler said there were a few reasons why Nest could work well for advisers and their clients:
1) Nest is an easy-to-use scheme that any UK employer can choose to meet their employer duties.
It can either be used on its own or alongside an existing pension scheme an employer may have.
2) Nest makes it easy for employers to delegate access to an adviser to manage the scheme on their behalf.
3) Nest is fully up and running and working with employers large and small.
4) Nest makes it simpler for employers by communicating in clear, plain language that helps to make pension saving easier to understand.
5) Nest’s straightforward communications also mean employers are less likely to spend time dealing with questions from their workers.
6) Nest is a low-cost scheme.
Andrew Towner, director of employee benefits at Cartlidge Morland, said as pension provision can seem very complicated, financial advisers will have a significant role in ensuring understanding by an individual of their pension arrangements and choices, so that suitable financial planning can take place.
Steve Wood, a senior consultant for Helm Godfrey, said it is a highly complicated area and unless an adviser is an expert in corporate pensions, employee benefits and auto-enrolment, the best advice they could offer might be to refer their client to a specialist in the sector.
Some employers may also offer employees the services of a financial adviser when it comes to automatic enrolment as part of a review of their financial affairs.
Mr Wood said: “Encouraging corporate clients to do this could result in a business opportunity for advisers to pick up new clients from their corporate client’s workforce.”
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