WPS believes the need for such a solution has partly been born of a shortage of experienced and qualified independent financial advisers – caused by the implementation of the Retail Distribution Review – just at a time when a large number of businesses need specialist advice around forming corporate pension schemes.
Auto-Enrolment Solutions will offer advice and guidance around auto-enrolment products and solutions, allowing companies of all sizes manage their responsibilities around staff pensions. The website is designed to offer an easy and user friendly guide to implementing the legislation.
Users of the service will also benefit from the use of a helpline, which they can use to speak to one of the venture’s qualified financial advisers for more specific guidance.
WPS Financial Group, incorporating SIP Wealth Management and WPS Wealth, has a turnover of over £1.2 million and funds under management of over £300 million.
Jon Francis, Director of WPS Financial Group, said:
“The introduction of RDR has meant fewer financial independent financial advisers. Yet this has come at a time when companies in particular need advice more than ever due to the implementation of auto-enrolment, which forces companies to put pension schemes in place for their staff.
“This is a tsunami of a change for businesses just at a time when there are also fewer financial advisers available to help them. It is a classic supply and demand problem. We believe a user-friendly transparent website such as Auto-Enrolment Solutions will help many firms make informed decisions about how to best make such schemes available.”
Gareth Richards, director of WPS Financial Group, said: “We have already helped many businesses put in place bespoke pension schemes to comply with these new rules. But the legislation is coming into force in a number of stages and more and more smaller companies are now realising the onus this places on them. There is a demand for information in the market and that was what drove us to develop this site.”
