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28 January 2014

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2014 is the year of the adviser - your time is now, says NEST

  • Research shows intermediaries like IFAs, accountants and other financial advisers are gearing up to provide automatic enrolment support to UK employers.
  • Payroll providers will also play a critical role.

NEST research published today, NEST insight (PDF), suggests the majority of advisers with clients staging this year are gearing up to take centre stage in supporting employers with automatic enrolment.

NEST research shows 82 per cent of advisers with a significant proportion of clients staging in 2014 have identified ways to help their clients adjust to the reforms. Even among advisers whose typical clients won’t stage until 2015, or later, over half have recognised new opportunities for their business.

With the profile of staging employers now moving into the medium and small business sectors, that is employers with 50 to 250 staff, the opportunity for advisers and other intermediaries to operate in the automatic enrolment sphere has opened up exponentially. NEST research also shows that nine out of 10 employers with more than 50 workers plan to seek advice on the choice of their scheme, while 74 per cent have sought or intend to seek additional support. Clearly the help employers are looking for doesn’t just reside in provider selection. Many will want assistance to help them comply with the regulations and manage their scheme on an on-going basis.

NEST’s research shows that advisers have recognised this. The opportunities they’ve identified are more far reaching than simply helping clients choose a qualifying workplace pension scheme. In fact almost all the opportunities identified by the polled advisers centred on what might broadly be termed ‘compliance services’.

Furthermore many were considering offering support all the way through the compliance process and beyond. This includes not only ensuring an employer is complying with the reforms, but administering their scheme day-to-day.

This more involved and hands on approach from advisers will appeal to the many employers who want to delegate the administration of their workplace pension scheme externally, so their focus can remain on running their own businesses.

John Taylor, director of customer and proposition at NEST, says:
‘The role of advisers in supporting employers with automatic enrolment is now more relevant than ever. NEST recognises the part advisers have to play in helping their clients meet their new duties and this new research supports just how significant their position is.

‘Not only does the research show that advisers have started factoring automatic enrolment into their service proposition, but the extent of support they’re preparing to offer is far more involved than many may have first anticipated. Payroll providers, accountants and other intermediaries also have a critical role to play.

‘NEST works closely with advisers who want to manage NEST on behalf of their clients and we’ve developed our product in recognition of the crucial role advisers will play. Our delegated access function allows them to look after multiple clients through one NEST account for example. We also have a website portal designed specifically for advisers, in addition to webinars and super user sessions so advisers can manage NEST with confidence on their clients’ behalf.'