Defined Benefit  

Tilney adopts triage video service

Tilney adopts triage video service

Tilney will be offering educational videos to all people looking to review their defined benefit pensions, after the firm has signed up to Money Alive’s Adviser Portal.

The wealth manager is also applying for the recently introduced Gold Standard by the Personal Finance Society, and will be using the triage videos to meet one of the requirements to achieve the quality badge.

The gold standard badge and guide is an initiative brought to life by the Pensions Advice Taskforce, a group set up by the PFS to increase consumer awareness and protection in areas of complex pension advice.

It includes a consumer guide on good advice and states that firms must help clients understand when advice is appropriate.

FTAdviser reported in May that more than 600 firms have already signed up for the quality mark.

The Money Alive Adviser Portal is made up of a series of 17 short videos, each illustrating a particular issue relating to DB pension transfers, such as what it means to a saver's guarantees if they transfer out, or what it means for taxation if they stay.

The Adviser Portal was first launched as a prototype in November 2017, and a commercial version of the video service has been running since January 2018.

According to Andy Grant, Tilney’s head of financial planning, the Adviser Portal will help the firm manage enquiries as part of its DB triage process, as well as "ensure all DB enquirers will benefit from a thorough, impartial, accredited, video education as part of our process".

He added: "We think the gold standard is an excellent initiative from the Pensions Advice Taskforce and are completely behind its objectives of making sure clients seeking advice in this area are able to access high quality professional advice."

Ian Beestin, co-founder of Money Alive, said: "We have been in discussions with Tilney for some time, and are delighted the Adviser Portal’s ability to offer client education and comprehensive record keeping of client engagement were recognised throughout Tilney’s rigorous due diligence process."

Tilney operates as an investment management and financial planning group, managing more than £24bn of assets.

maria.espadinha@ft.com

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