Advisers should approach companies to offer their services to help firms find their feet with the introduction of auto-enrolment, Stephen Major, principal of Belfast-based Major Financial Services, said.
In an interview with FTAdviser, Mr Major highlighted that although companies will need to inform their staff about auto-enrolment, they will not be able to offer any advice on choosing funds and this is an opportunity for advisers to work with companies.
Mr Major is currently on tender for a company to offer advice to its 500 employees.
He said: “What started it off is I had a referral to the finance director about something and then I brought up auto-enrolment. Following this, he received a letter from The Pensions Regulator stating what would happen if he didn’t comply with auto-enrolment
“He has been inundated with phone calls from other advisers and other networks to come and speak to him but he said that as he has gone this far now with me, and doesn’t see the need to involve other advisers. So that will now go to be tendered with two other companies and hopefully we will be able to sit down and have further meetings.”
However, Mr Major warned that it is a very time-consuming exercise, “but if we don’t talk to our clients and business owners no one else is going to”.
He said: “There is an auto-enrolment advert on TV which has high profile stars in it but I don’t feel that the correct message is being put across to employees. We need to help them get the message.”