Aviva expands financial advice offering
Aviva has added investment advice to its Aviva Financial Advice service.
Aviva’s financial advice customers will now be able to ask for advice on investments, in addition to the existing pensions advice offered by Aviva.
The pensions and investments provider said the expansion of its financial advice service is the result of customer feedback that people wish to discuss wider Financial Planning alongside their planning for retirement.
The new restricted advice service provides investment advice on ISAs, general investment accounts and onshore bonds. It can be accessed alongside existing (or new) pensions advice or on a standalone business.
The service aims to help bridge the advice gap by making the advice offering more accessible to more people.
Aviva said that if an Aviva solution is not right for an advice customer, it will refer them to seek whole of market advice.
Aviva also said that providing advice on investments is key in “helping customers become more comfortable with the concept of risk and return, rather than keeping the vast majority of savings in cash.”
Mary Harper, managing director of Aviva Financial Advice, said: “Whilst cash will always play a part in prudent financial planning alongside other savings strategies to meet a range of savings needs, in the long run, customers’ financial outcomes can be adversely impacted by an over-reliance on this alone, particularly when interest rates are very low. Not only do they not receive the returns they could do, but the value of cash is eroded through inflation.
“That’s why we’re pleased to be able to provide that advice on investments, broadening the level of support we can offer. Our financial advisers will be able to build a personalised investment plan for customers, tailored to their goals matching their needs at a level of risk and return they are comfortable with.”
Aviva Financial Advice was launched in 2016 to help bridge the advice gap fuelled by Pension Freedoms. Originally offering advice on pensions and annuities, it was later expanded to included advice on DB transfers.