Advisers have been told they should seize opportunities arising from the growth of workplace pensions.
Speaking at the Chartered Institute for Securities & Investment's financial planning conference today (2 October) Ronnie Taylor, the chief distribution officer for Aegon, said the UK was forecast to be Europe's first €1trn (£0.9trn) defined contribution market by 2021.
He said this represented a significant opportunity for financial advisers.
Mr Taylor said: "Workplace is a key element of the UK long-term savings market that has been through significant change.
"I think it is calling out for a much greater focus from advisers than it is getting now."
Mr Taylor highlighted that auto-enrolment had brought 10 million new savers in the workplace who will be putting 8 per cent of their salary into a pension from next year when contributions increase from their current minimum of 5 per cent.
He said the changes seen in pensions in recent years, including the pension freedoms and auto-enrolment, meant both employers and employees needed help.
Mr Taylor said: "If you are an employer, you have got a lot more to do and much less support to do it. If you are an employee you have got more choice and freedom than you have ever had before but no one to help you navigate your way through it."
He added that companies often had employees which fitted a range of profiles, with the majority of employees likely to be earning close to the average salary.
Mr Taylor said: "I would say it is the high net-worth individuals with more complex needs who require your support.
"This is where your skills and expertise will add true value."
Speaking to FTAdviser in September Mr Taylor said it was getting more difficult for consumers to get access to advice due to declining adviser numbers.
He said Aegon was "looking at various ways, through digital telephony guidance, that we can help explain to customers the advantages of being in a pension and the choices they are going to have throughout their retirement journey."
Aegon completed its acquisition of BlackRock's defined contribution (DC) pension platform in July, having purchased the business back in 2016.
Meanwhile, the Labour party last week called for employees to be given the power to make decisions about their workplace pensions.
Speaking at the annual party conference in Liverpool on 26 September, party leader Jeremy Corbyn said decisions about workplace pensions should not be made exclusively at at board level but employees should have a say in what happens to their pensions.
damian.fantato@ft.com
