Nationwide Building Society’s financial planning team will move over to Aegon UK as part of its extended strategic partnership.
All Nationwide colleagues who directly support the investment business, including the financial planning managers, will become employees of Aegon UK.
This will be a total of 350 colleagues who work on or directly support the investment business.
Of these, around 215 are financial planning managers, but also provide development and support roles.
The firms said it will reshape the current relationship to play to both organisations’ strengths and provide a smooth transition for customers.
Aegon has been the investment partner for Nationwide customers since 2016, providing access to its products advised by Nationwide’s in-house financial planning service.
Aegon will continue to be the Isa and General Investment Account provider of choice for all Nationwide customers.
Currently, advice is offered via video to member technology, in branch and over the phone.
The charges are 2.5 per cent initial advice and 0.5 per cent to 0.75 per cent for ongoing advice.
Mike Holliday-Williams, chief executive officer at Aegon, said: “The extension of this partnership supports Aegon UK’s strategy to be the leading digital platform provider in the workplace and retail markets, and to drive forward our pension and investment propositions for the benefit of all of our customers, advisers and employers.
“Both Aegon UK and Nationwide recognise the importance of good quality financial planning, so we are delighted Nationwide has entrusted us to continue to look after the needs of these customers.
“Our customers will enjoy continuity and consistency of service secure in the knowledge that Aegon UK is committed to providing them with the support they require to look after their financial wellbeing.”
The transfer is expected to be completed in early 2024, at which point around 90,000 customers will move to Aegon UK.
FTAdviser understands Nationwide customers are being contacted via post and email from today (August 10), with details of what this means for them.
Rachael Sinclair, director of mortgages and financial wellbeing at Nationwide Building Society, said: “Following a strategic review, we will be working closely with Aegon UK in the coming months to transfer our investment planning service to them.
“As a dedicated pension and investment provider, they are well placed to meet our customers’ ongoing financial planning service needs and to provide access to a broader range of support.
“There will be a smooth transition for customers, as Aegon UK already provides their investment products and platform.”
Aegon already has a financial advice arm which is operates separately, called Origen.
sonia.rach@ft.com
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