He added the firm does not think the growth in D2C is a blip, and was looking to tap into that growth.
“And thirdly, over time, [we want] the ability to structurally integrate both asset management and the foundation services into our execution-only brands. So we sort of see synergies and operational leverage as being a part of this new division.”
Porteous added that the firm thinks asset management has so far been under-sold in the intermediary space.
“We're excited about taking that externally, and as part of that offering, we're offering a new discretionary service, which is aimed at those intermediaries and will be rolled out over the next few months. “
The news comes a month after Aviva confirmed it was also looking to launch a simplified advice offering for a lower cost.
At the time, Lindsey Rix, chief executive officer of UK Savings and Retirement at Aviva, told FTAdviser it would look to launch this offering over the course of 2021.
She said: “It’s still early days. I am pleased with how the team has transitioned and the early signs I am seeing on flows and the number of customers we are talking to.
“We have good plans for what we might want to do over the course of this year to help expand and offer broader wealth advice but I want to see that the proposition we have today and changes we made last year are working and delivering for our customers.”