Following RDR, Advisers Preparing For Auto-Enrolment
Nest, the auto-enrolment provider funded by the government, is leaning on advisers to get ready for an influx in demand for auto-enrolment support next year, the FT Adviser reports.
Nest has revealed that 45,000 small and micro employers are set to stage in 2015, almost three-quarters (74%) of which have already shown a desire for support.
The continued need for support has meant that numerous auto-enrolment experts have gathered in order to aid employers in adapting to their new roles, usually using tools from organisations including Unbiased and Intrinsic. Intrinsic’s AE in a box software and payroll solutions, for example, has received more than 300 sign-ups.
CEO of Nest, Tim Jones, has said that evidence points to advisers “skilling up” to become the go-to person for all their clients’ requirements, from scheme selection to payroll integration.
A NEST webinar on how to administer the scheme as a third party saw over 3,000 members attend, and more than 5,000 members have now signed up to Nest’s Adviser news. On adviser websites, more and more people are now identifying themselves as auto-enrolment specialists.
The RDR (Retail Distribution Review) is said to have fuelled the number of advisers seeking to offer auto-enrolment support. Richard Bartlett of Intrinsic Financial Services, has said that “in a post-RDR world”, advisers are viewing the automatic enrolment market as a great way of growing their adviser customer base. This also allows them to offer solutions for other needs they may have; for example, mortgage, protection and pension advice.