A Reading-based IFA firm has been picking up business following several referrals from RBS, one of its directors has said.
Mark Dolby, one of the directors of Beaufort Asset Management, said the bank had been referring clients to his firm for approximately a year.
He said: “It is focused on the auto-enrolment area and workplace pensions. RBS does not have an offering so we have been getting referrals from them.”
Mr Dolby said the work had varied from dealing with firms that employed “just 16 people” to “a three or four-man band” and businesses with more than 50 members of staff.
He said he believed the bank – which had been referring approximately two clients to his firm a month for the past year – was referring clients on as a way of helping and retaining them on a more general basis.
He said: “RBS is in it for the long game. They see themselves as providing services as a whole, really.”
But he added that there could be further instances of advisers taking work previously handled by the banks.
He said: “If we have got the right advice and trust to give the right advice then we could be doing more business like this.
“Auto-enrolment for us is a foot in the door in terms of new business. On the back of this work, other business has come in.”
He also said that changes in the banking industry’s approach to advice could benefit more IFA firms.
Mr Dolby said: “It appears the banks, in some cases, are getting rid of people like wealth managers and focusing on being more of an old-style bank.
“In many cases we could be dealing with that demand.”
Right to reply
An RBS spokesman said: “We are always looking for more ways to help our customers and encourage our people to make intelligent and professional introductions and referrals where they feel it can benefit a customer.”
