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By Aimee Steen | Published Sep 25, 2012

BlackRock transition tool to launch on Aegon platform

Investment manager BlackRock is to make its adviser transition tool available on Aegon’s platform.

The firm is also in talks to launch it on other platforms in the market, it said at a media briefing today.

The BlackRock Adviser Toolkit transition tool was soft-launched in July. Ali Bernat, vice president of the BlackRock value-add team, said it has so far been used by a few hundred advisers but he expects numbers to rise as it becomes available on platforms.

It is designed to help advisers “make informed decisions” on how to make the transition to a fee-based model. The tool allows the user to input details such as the number of clients, the number of hours each part of the service takes and typical assets under management.

The tool then shows how much, in terms of money or percentage of assets, the adviser would need to charge to sustain the business with the target income.

Bernat said this allows advisers to consider where their costs are and tweak how they work to present an efficient proposition to their clients.

“Fees are a difficult one because there hasn’t been that much guidance,” he said. “A lot are thinking of the most flexible way to get around the issue.”

Tony Stenning, head of UK retail at BlackRock, said there is still a way to go before advisers and consumers are fully prepared for the RDR.

“This whole process was designed for consumers and there is a huge lack of awareness and knowledge,” he said.

Stenning added that, in a recent survey of 88 advisers, only 12 per cent of clients were reported as aware of the implications of the RDR.

Bernat said while the transition tool is designed for advisers to use, it is built with the consumer in mind as it will help advisers decide on the most appropriate charging model.

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