Pension transfer site preps clients for advisers

Ian Beestin, marketing director of Business Moneyalive, said: "We have also worked on the creation of the Final Salary Portal with a large professional indemnity (PI) broker and with a financial services litigation lawyer, so the portal has gone through a really robust process before the series was filmed and animated.

"Given pension transfers is such a momentous decision, providing this series of videos - which takes less time to watch than an episode of Strictly Come Dancing - could help to reduce the time spent by advisers on basic education."

The team at Business.Moneyalive - which rebranded from The Pensions Portal earlier this year - is launching the prototype next week at the Personal Finance Society festival of financial planning on 8 November, and the product is set to go live in mid-December. 

There are tiers of charges for advisers, which can be found on the website, based on the number of advisers in a firm and the likely number of pension transfer cases within a month.

Russell Facer, managing director of threesixty Services, said:  "We are going to flag this to our clients to use as a best-practice approach to the process. Anything that helps with consumer education has to be a good thing. Some might like to talk about it, other might prefer to go through a series of animated videos.

"It is good advisers can get the clients to go through the actual training before they sit down together, which could make the end advisory process more robust. It is also great that advisers can prove the information about DB transfers has been given in an impartial and transparent way."

He added that PI insurers would also find such an approach would be helpful when it comes to underwriting, knowing that an adviser has a robust, documented process, as well as at the point of claim. 

Jamie Newell, managing director of PI provider O3 Insurance Solutions, commented: "If you use the Final Salary Portal, not only will you have better informed clients, but advisers will also be able to demonstrate to PII insurers they have robust risk management and working practices."

Mr Facer added: "Clients often tend to remember what they remember - which is not always everything. So if you can use this to evidence what you have gone through with a client, this can really help advisers."