Alexander Forbes to lure independents
Pension fund administrator aims to mine customer base by giving advisers access to clients, intellectual property and investment platform
Alexander Forbes is betting on independent financial advisers (IFAs), a select few of whom will get access to 1-million clients who have proved hard to reach in company pension funds it administers. It hopes to sell more of its products to this client base in this way. Only about 3%-5% of Alexander Forbes’s clients had retail solutions with the group, which offered savings, investment and insurance products, CEO Andrew Darfoor said on Tuesday. By partnering with 50 qualifying IFA practices, to which it would give access to its clients, intellectual property and investment platform, Alexander Forbes hoped to penetrate this customer base, he said.Alexander Forbes, the country’s largest administrator of stand-alone pension funds, has undergone a number of leadership and business strategy changes over the past year, including the appointment of Darfoor in August 2016. It posted a 3% rise in operating profit for the year to March, a far cry from the 10%-12% annual growth targeted in its ...
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