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Daily Insurance Industry News
Sunday 18th of November 2018
August 28, 2008

Aegon has recommendations for Retail Distribution Review

by Gill Montia

Story link: Aegon has recommendations for Retail Distribution Review

Pension and protection provider, Aegon, has been talking to consumers about financial advice and discovered that they are asking for a clearer separation between financial advice that helps them understand products and advice that helps them buy products.

A research project that involved 140 participants and has taken 18-months to complete has revealed that consumer want a better understanding of financial products and at the same time want to know when an adviser is in sales mode.

They are also keen to discover the long-term planning benefits of receiving financial advice.

Aegon is recommending that the Financial Services Authority takes account of the findings in its Retail Distribution Review (RDR) and has identified five advice concepts that sum up consumers’ needs:

Financial guru: an independent expert providing holistic and personalised advice, who is not solely selling products, as set out in the RDR.

Financial coach: to get people motivated for financial planning and keep them committed.

Drop-in centre: a problem solving service for people with specific problems.

Personal shopper: to simplify choices available and provide products.

Financial superstore: to make buying easy for those with specific needs or for those that know what they want.

 

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