Firms offering DB advice shrinking - Aegon - Pensions Age Magazine
The number of firms offering defined benefit (DB) pension transfer advice fell “dramatically” in 2019 to just 41 per cent, analysis has revealed. The Aegon Retirement Advice in the UK report, produced in conjunction with NextWealth and Richard Parkin Consulting, showed that a further 17 per cent of firms used to provide DB transfer advice but have stopped doing so. Furthermore, whilst 4 per cent of firms were looking to start offering DB transfer advice in 2018, 15 per cent now intend to “significantly curtail” the volume of business they intend to do over the next 12 months, with a further 3 per cent expected to exit the market completely. The report explained: "DB transfer advice has been lucrative business for many advisers, driven by high transfer values. "However, these same high transfer values also mean that costs of reparation can be significant where advice is found to be unsuitable.