The head of L&G’s private client solutions service said the team has been piloted across the UK with discretionary wealth managers, aiming to provide a “focused” service to help streamline processes and make it easier and quicker for the end investor.
She said: “Our field-based staff, based across the UK, aim to help advisers meet their clients’ needs for tax-efficient financial planning.
“With the PCS service, we aim to give discretionary wealth managers and financial planners a single point of contact. Previously, because L&G has different services, which are based in different areas across the UK and Ireland, it has been difficult to create a more streamlined service.
“The PCS team aims to join the dots and provide users with a single point of contact, delivering a personalised service and a named person for the users to deal with.”
She said this improvement in the relationship between discretionary advisers and L&G would help to reduce costs of administration for the adviser, which could create a more cost-effective service for the end investor.
At the moment, L&G’s PCS has 40 discretionary wealth managers on its books.
Jeff Lewis, director of Edinburgh-based Robson Macintosh, said: “If we outsourced our investment to a DFM we would want to have a personalised service. We used to outsource for a while, but we did not find that an enjoyable experience – one of the providers was using inappropriate investments for our clients. However, there are different solutions for different people.”