Thursday, 15 January 2015 09:20
New Financial Planning service created by Saga and Tilney
A deal has been struck by Saga and Tilney Bestinvest to jointly create a new investment and Financial Planning service for the UK's over 50s.
Saga Investment Services powered by Tilney Bestinvest will be operational in the second half of 2015.
The aim is to develop a range of bespoke services and solutions to "draw on Tilney's investment and Financial Planning expertise and Saga's access and insight into the needs of the nation's over 50s".
Saga and Tilney Bestinvest believe the demand for high quality financial information and access to trusted advice has never been greater, with an extra £1.5 billion released to spend or invest in 2015 due to pension reforms.
Peter Hall, chief executive of Tilney Bestinvest, said: "This partnership, which is based on shared values, will enable us to bring our award winning expertise to a much broader range of people."
According to a recent study from the independent Centre for Economic and Business Research, those aged 50 and over hold 77.3% of all the UK's financial wealth (£1.2 trillion) and 70.8% of pension wealth (£3.4 trillion).
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Lance Batchelor, group chief executive of Saga, said: "Through this we aim to bring the level of expertise that has generally only been available to very wealthy individuals. Getting a better deal for customers is Saga's guiding principle.
"The investment and Financial Planning needs of the majority of Britain have not been well served by the financial services industry to date."
He said: "I believe it (the partnership) represents the best opportunity for Saga's customers and shareholders to develop an investment and Financial Planning service."
Saga, which said it has about 2.7 million customers, will identify relevant people within its database of 10.6 million over 50s.
Saga's existing personal finance business, which provides services such as credit card, share-dealing, equity release and also some £5bn of savings, will continue to operate separately.
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Saga Investment Services powered by Tilney Bestinvest will be operational in the second half of 2015.
The aim is to develop a range of bespoke services and solutions to "draw on Tilney's investment and Financial Planning expertise and Saga's access and insight into the needs of the nation's over 50s".
Saga and Tilney Bestinvest believe the demand for high quality financial information and access to trusted advice has never been greater, with an extra £1.5 billion released to spend or invest in 2015 due to pension reforms.
Peter Hall, chief executive of Tilney Bestinvest, said: "This partnership, which is based on shared values, will enable us to bring our award winning expertise to a much broader range of people."
According to a recent study from the independent Centre for Economic and Business Research, those aged 50 and over hold 77.3% of all the UK's financial wealth (£1.2 trillion) and 70.8% of pension wealth (£3.4 trillion).
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Lance Batchelor, group chief executive of Saga, said: "Through this we aim to bring the level of expertise that has generally only been available to very wealthy individuals. Getting a better deal for customers is Saga's guiding principle.
"The investment and Financial Planning needs of the majority of Britain have not been well served by the financial services industry to date."
He said: "I believe it (the partnership) represents the best opportunity for Saga's customers and shareholders to develop an investment and Financial Planning service."
Saga, which said it has about 2.7 million customers, will identify relevant people within its database of 10.6 million over 50s.
Saga's existing personal finance business, which provides services such as credit card, share-dealing, equity release and also some £5bn of savings, will continue to operate separately.
Get FREE daily news summaries direct to your inbox. Sign up on the homepage now.FREE daily news summaries direct to your inbox. Sign up on the homepage now.
Follow us on Twitter and get frequent news alerts @FPM_online.
Or follow Editor Kevin O'Donnell - @FPM_Kevin or staff writer James Nadal - @FPM_James.
For the latest Sipp, SSAS and retirement news visit our sister news site www.sippsprofessional.co.uk and on Twitter @SippsPro.
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