Aegon Retirement Choices platform has now hit the £1bn benchmark for assets under administration, with Aegon UK labelling this year’s rapid growth as “phenomenal”.
Arc was the first platform in the UK to combine an adviser platform with a workplace savings platform, Aegon UK said.
Aegon UK claims Arc is now the fastest growing platform in the market, despite being a late entrant to the platform market as it launched in the second half of 2012.
The firm added the ability to switch from accumulation to decumulation has been seen as an important development in the market, while the “unique gating functionality” also allows advisers to choose the level of access to give to clients and create a shared financial planning experience.
Adrian Grace, Aegon UK chief executive, said: “While I’m delighted we have hit the £1bn mark, it’s the pace we have built, delivered and grown this proposition that pleases me more.
“This has gone from a concept to a market-leading platform in the space of three years, which is quite simply unprecedented.
“This success is testament to the truly innovative platform we have built. We have focussed on technology, efficiency and meeting the needs of the end customer - and this has paid off in a big way.”
In 2014 Aegon anticipates new business growth, but will also focus on upgrading its existing customers onto ARC.
Mr Grace added: “This is only the start of our journey, we have extensive plans to build our proposition for customers, employers and advisers. We want all our customers to benefit from the innovation of ARC and this will be one of our key objectives next year.
“Our proposition is based around the needs of our customers, but the advised market is absolutely crucial to our success. We have built our new proposition with a shared experience in mind and with clear advice points, where we believe advice is essential.
“This is about providers and advisers working together in the best interests of our customers.”