Workplace pensions robo paraplanner for AE switches launches

F&TRC is launching what it describes as a ‘workplace pensions robo paraplanner’, designed to make it easier for advisers to help employers review auto-enrolment schemes.

The financial research consultant has created the new service to support advisers assisting employers considering switching AE provider, to enable them to understand whether they can get better service or potentially lower charges by moving, or to validate remaining with their existing provider.

F&TRC has created a benchmarking process measuring multiple data points from auto-enrolment providers covering 95 per cent of the market by number of employee members. The system automatically generates a bespoke analysis of suitable pension schemes based on specific employer requirements and priorities.

F&TRC director Ian McKenna says: “The market has moved on considerably since auto-enrolment was first introduced. Schemes that were originally empty shells now have sizable invested assets and providers services, which creaked in the early days, have now improved vastly – or not, in one or two cases. There is now more choice, greater flexibility, better terms – including reduced charges – and easier switching. This is a great opportunity for advisers to conduct an in-depth review and provide solid reasoning for sticking or switching. This area is a huge opportunity for advisers to grow fee income while at the same time delivering real value by identifying where employers can find better service and lower charges.

“While there is much of talk about robo advice, we believe at the current stage of evolution many employers want professional guidance from an adviser, hence we have built a robo paraplanner harnessing the powerful analytical capability of our established research engine to take much of the hard work out of creating reviews. This provides a trusted source of information for advisers, quickly and easily which will, in turn, help provide the best deal for both employers and savers.”

Laurus Associates director Karen Barwick says: “We have been using F&TRC’s Quality Analyser software as part of our recommendation process for several years now. It gives us a level of detail that makes it easy for our compact team to compete toe-to- toe with much larger firms.

“The launch of the Workplace Robo Paraplanner will enable us to help employers better understand where they can achieve real savings for their staff. This will give us a great opportunity to grow our business further”