Aegon has completed the transfer of Nationwide Building Society’s financial-planning service into its business.
This has resulted in over 300 new jobs at Aegon and the creation of its new service, Aegon Financial Planning.
The extension to the existing strategic partnership between Aegon and Nationwide was announced in August 2023 and is a “significant step forward for Aegon’s ambition to become the leading digital platform in the UK”.
Aegon Financial Planning will sit within the governance of Origen Financial Services and provide ongoing support for Nationwide customers around investment products.
Origen has been a wholly owned subsidiary of Aegon UK for over 10 years and is a financial-advice business.
Aegon UK has been the investment partner for Nationwide customers since 2016.
Nationwide has the financial-planning needs of around 90,000 customers and £5bn of assets.
Aegon chief executive Mike Holliday-Williams said: “It gives me great pleasure to welcome more than 300 new skilled and experienced colleagues to Aegon UK.
“We’re extremely positive about this new business service, and the scale of the strategic move that is energised by the £5bn volume of assets under advisement.
“The completion of the transfer marks a significant step in Aegon’s strategy to be the leading digital platform in the UK, driving forward our pension and investment propositions in our key retail and workplace markets for the benefit of all of our customers, advisers and employers.
“Our customers can be secure in the knowledge that Aegon UK is committed to providing them with the support they require to look after their immediate and long-term financial wellbeing.”
Origen chief executive Tim Orton added: “Since announcing the extension of our strategic partnership in August 2023, we have been working to ensure a smooth transition and continuity of service for our Nationwide customers, and I’m delighted to welcome our new colleagues as we embark on the next part of this journey.
“The addition of Aegon Financial Planning acts to complement our existing corporate, wealth and private-client services, ensuring all our customers can access effective advice to help them build a brighter financial future.”
Oh dear, another mess