The company’s head of proposition in the Isle of Man said fewer people are looking to save and invest into products that “match specific life stages” following the RDR. He confirmed the firm is looking to innovate as a result.
Mr Willoughby said: “We have seen increased demand for products that are capable of meeting multiple life stage needs, based around multiple advice points since the RDR.
“Feedback suggests that people are no longer looking for a different product at each life stage, but are rather looking for fewer products that can adapt to meet their changing needs – for example, when they are starting out in work and may be income rich, or when they’re looking to retire or transfer money to different generations.”
While the firm refused to confirm specifics, Mr Willoughby said he hoped to be ready to launch later this year.
He added: “We firmly believe that there is an opportunity for product providers to develop innovative new products that meet these changing needs.”
Last year, Axa Wealth International launched an offshore, single-premium life assurance investment bond providing advisers and their clients with access to collective investment schemes, equities, government and corporate debt and derivatives.
Adviser view
Gary Quick, director of Somerset-based Francis Clark Financial Planning, said: “Income is hard to come by these days without skewing portfolios to an unhealthy balance. Coupled with the fact that wealthy individuals are always looking for other ways to save tax-efficiently, anything that can help to meet this need is very welcome.”
