The platform world is “very much an evolution and we are accelerating ours”, Aegon managing director retail Stephen Crosbie told Money Marketing.
Crosbie was discussing the launch of its digital platform and its product reporting tool.
The introduction of this tool is the next step in Aegon’s plan to improve the overall user experience.
Through Aegon’s platform, advisers now have access to detailed summaries of their clients’ products and performance over a period they select. This new tool makes it even easier for advisers to tailor conversations with clients, helping them to deliver a more personalised approach in support of delivering Consumer Duty outcomes.
Crosbie added: “The aim is to be the leading savings and retirement platform and make it easier for both advisers and clients to use it.”
Still, “this is an ongoing conversation with advisers” and Aegon is “listening to the feedback it receives from the profession and then giving them what they need”.
Crosbie also noted that independent financial advisers (IFAs) have a choice to pick the best platform, with it being a “very competitive market”.
“The voice of the adviser is being listened to and now we can act,” said Crosbie.
One advantage of the Aegon platform becoming digital is that far less paper is used, which is something advisers’ clients clearly care about from the conversations the company has had.
Crosbie added that Aegon was able to launch the product reporting tool very quickly after the platform’s digital experience movement was announced and explained “the digital experience increased our speed”.
“We want to be recognised as a platform that is easy to work with.”
Additionally, by making the platform digital, Aegon has seen advisers save 40% of their time and effort.
In June 2024, Aegon CEO Lard Friese and Aegon UK CEO Mike Holliday-Williams revealed plans to invest an average of £70m-£80m per year from 2024 to 2027 to future-proof and enhance its platform.
Overall, Aegon UK aims to grow the combined assets under administration (AuA) of its three franchises to over £135bn by 2028 and increase its operating capital generation by around 12% annually, from a base of approximately £120m in 2024.
Aegon UK operates through three primary growth franchises: the workplace platform; the adviser platform; and the advice franchise. Collectively, these serve approximately 2.5 million customers, managing £104bn in AuA as of the end of 2023.
The company also oversees a portfolio of traditional pension and annuities products for 1.3 million customers, and a trading and custody platform for institutional clients.
Aegon plans to enhance the digitalisation and automation of this platform, improve retirement propositions and personalise the customer experience. This is projected to boost net flows to over £5bn annually by 2028, increasing AuA from £53bn in 2023 to over £85bn by 2028.
For the adviser platform, which offers long-term savings and investment solutions, Aegon UK will concentrate on the 500 adviser firms that generate about 70% of its gross flows. The company aims to enhance its proposition, streamline technology and increase automation to improve online customer and adviser journeys.
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