"Advisers have told us they need help to cope with the change. They say it is complicated for the client and time consuming for their business, especially when so many don’t proceed."
Feedback from advisers found that many need help with filtering out clients who shouldn’t go through the full advice process, as well as help with setting client expectations and recording outcomes.
Standard Life has therefore offering a new support guide to help with the transfer process, whether through streamlining the process or reducing costs.
It has also launched a questionnaire for advisers to use with clients to see if they understand the implications of transferring, helping clients articulate why they want to transfer.
Alastair Black, Head of Financial Planning Propositions at Standard Life, said: “Pension freedom has resulted in a rapidly changing adviser market and DB to DC transfers are one of the challenges to emerge. As these transfers are becoming increasingly popular, advisers have told us they need help to cope with the change. They say it is complicated for the client and time consuming for their business, especially when so many don’t proceed.
“Pension Freedoms have opened up flexibility for many, and transferring will be the right thing to do for some. The new suite of materials is in no way designed to replace the advice or compliance process – the adviser remains very much in charge. What they wanted from us was help in streamlining their process.”
