Aegon plans to invest in its adviser platform as it moves to turn net flows positive by 2028.
Announced as part of the firm's transformation plans today (June 25), Aegon said the investment in the adviser platform will help it simplify technology and increase automation.
The company plans to focus on the 500 adviser firms that currently contribute around 70 per cent of the adviser platform’s gross flows.
It also has plans to turn net flows on platform positive by 2028 with assets under administration on the platform expected to remain stable at above £50bn through 2028.
The firm's strategy plans to accelerate the transformation of Aegon UK into a “leading digital savings and retirement platform”.
It said this will enable Aegon UK to grow the combined assets under administration of its advice franchise, its advice platform, and its workplace platform to above £135bn by 2028.
Aegon's advice franchise, which includes advice firm Origen and the partnership of Nationwide's financial planning business, offers guidance and advice to workplace platform customers and is expected to drive net flows into the adviser platform.
The firm said: "By embedding the advice proposition in customer journeys, Aegon UK plans to deepen its relationship with its workplace customers and expand to other customer segments, while also further integrating its businesses and reducing costs."
'Good news' for advisers
Aegon UK chief distribution officer, Ronnie Taylor, told FT Adviser the plans were “good news for advisers”.
Taylor said: “Advisers in the UK who are currently using Aegon will be very encouraged by the level of support they’re getting from the group.”
He added that the investment that Aegon plans to put into both its workplace and adviser platforms will also be “encouraging” to advisers as the firm will now be able to do a lot of things that advisers have been asking for.
“There’s a bunch of improvements that advisers want and that’s exactly what we’re going to be spending the money on.”
As an example, Taylor identified model portfolios, stating that, due to their prominence at the moment, Aegon UK will be able to provide “huge support” in this area.
Taylor said data was another area it would improve as, due to the increased demand for data by advisers post-consumer duty, “we’ve got some enhancements on how we provide data to advisers”.
Taylor added: “There’s a number of things that, over the next few years, we’ll be rolling out to advisers.
“They’re all things that improve their efficiency, their offering to clients, reduce risk in the business, all very sensible, practical things.”
The announced strategy was further explained by Aegon UK CEO, Mike Holliday-Williams, who said: “We’re talking to investors and analysts of Aegon Group and we’re talking about the strategy of the business.
“We’re outlining the strategy, particularly across workplace, adviser platform, and our advice business, talking about how they connect together, what our core strengths are, and what our plans are for the future.
