The SimplyBiz Group has appointed Onvestor to its pension transfer referral panel, which carries out defined benefit transfers for advisers.
The firm is replacing Tuto, which is no longer operating in this market, and will sit alongside the other firms on the panel - Broadgate Financial Management, Grove Pension Solutions, Pensionhelp, and Creative Wealth Management.
The service allows advisers who are either unable to, or choose not to, operate in the DB transfer market to refer their clients to the third-party service.
Gary Kershaw, compliance director of the SimplyBiz Group, noted that Onvestor offers "a unique proposition which combines technology with a sound advisory model".
He said: "We already work closely with Onvestor on a service which helps member and client firms of the group find suitable solutions for less profitable clients, so we are confident of their client-centric approach and the attention they pay to the detail of their operational processes.
"In recent months we have seen the demand for advice on pension transfers remain fairly level but, with a number of firms exiting this area of advice, I felt the time was right to add another partner to what is already a very comprehensive panel of specialists."
Michael Basi, Onvestor’s chief executive, said the firm was pleased to join the panel.
He added: "We are confident that the addition of DB transfer advice to our existing range of services available to SimplyBiz member firms who partner with us will continue to help them focus on the clients they are able to, and want to service, with Onvestor providing outstanding care to those referred for our unique service."
In July 2017 SimplyBiz launched a DB pension transfer bureau in partnership with Creative Wealth Management, after its former partner Selectapension’s service was suspended.
FTAdviser reported in January that Selectapension’s DB transfer arm entered into liquidation.
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