Personal Pension  

New AE service fuels growth for Wealthcare

New AE service fuels growth for Wealthcare

A new service that takes the pressure off small business owners faced with the pensions auto-enrolment minefield is fuelling growth for financial advisory firm Wealthcare.

Bury-based Wealthcare has launched AE on a Plate.

The service is a paperless, online service aimed at companies with between one and 30 employees.

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It deals with all the administrative tasks required of employers to implement auto-enrolment, which The Pensions Regulator estimates would take them 103 days to complete themselves.

Stephen Cainer, joint managing director of Wealthcare, said initial demand has exceeded forecasts and that the service, called AE on a Plate, is proving a major catalyst for revenue growth this year.

Solicitors’ practices, accountancy firms, manufacturers and bar and restaurant operators are among the businesses to have signed up, according to Mr Cainer.

Other businesses to sign up include bakeries, estate agents, web designers, charities, recruiters, hairdressers and beauty salons, he said.

Mr Cainer said: “As regulated advisers, we wanted to bring to the market a cost-effective, compliant package that meets the needs of small businesses and complements our range of corporate benefit services.

“Initial take-up has surpassed our expectations and the feedback has been extremely positive. We are confident that AE on a Plate will help drive strong growth in Wealthcare’s revenues this year.”

A ‘set menu’ is designed for business owners to choose from which will suit most small firms, or they can select an ‘a la carte’ bespoke option if they have more complex requirements.

Nigel Sycamore, director at Clear Workplace Limited, said: “Small and medium-sized enterprises need all the help they can get with auto-enrolment so when the advisory community steps up to the task it is a good thing.

“Many IFAs recognise the potential of auto-enrolment but don’t have a strategy to capitalise on it; while at Clear Workplace we encourage them to outsource the auto-enrolment function to us, I applaud Wealthcare for devising their own solution and wish them every success with it.”

ruth.gillbe@ft.com