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The latest survey by the Auto Enrolment Advisory Group has revealed some surprising results from advisers.
The survey, which was completed by advisers who’ve signaled their interest in a complete service proposition in the Auto Enrolment market, has highlighted the areas advisers have stated they’d like help with, and the results have rather surprised us.
Approaching clients and prospects
A staggering 80% of the advisers said although they had existing relationships with accountants, they’d like support to confidently sit down with these accountants to discuss auto enrolment.
It was a similar story for advisers with existing relationships with businesses directly, 64% revealed they’d like support to confidently discuss auto enrolment solutions with these businesses.
When it came to running auto enrolment workshops then over three quarters of advisers raised their hands to say yes they’d like help in this area.
This was a surprise for us as we’d expected these numbers to be closer to the 50% mark for this initial support.
Initial Meeting with businesses
80% – 92% said they’d like support with a tried and tested fact-find to use with the client, guidance on how to use the first meeting to make it as beneficial as possible for both parties, a clear structure on which to layout the scope and price of the work involved.
What didn’t surprise us as much was the 92% who said importantly a clear pricing structure designed to ensure their work is profitable and ensures the generation of initial fees and reliable recurring income.
All of the conversations I’ve been involved with around auto enrolment, it’s always been how to charge for this service that’s been the biggest areas of ambiguity for advisers.
92% of advisers also agreed having a professional report produced (that was more in depth and detailed than those available through providers) for the adviser to present to their client would be of value, and additionally 72% said they’d benefit from guidance to help them collate the information needed to produce such a report.
Delivering and Implementation
When it comes to implementing the clients auto enrolment needs compliantly, once again the vast majority of advisers raised their hands to say they’d like support.
88% are looking for a clear process, with clear responsibilities so they can be confident the AE solution is delivered compliantly every time and help with the production of a communications strategy to meet both the initial and the on-going communications obligations.
While 80% value access and support in building a market leading middleware custom designed to their clients.
Ongoing Support
An overwhelming 92% of advisers said they’d like the production of an annual report, designed to ensure they can continue to support their client with ease.
What really pleased us was the 88% who said they’d appreciate and benefit from an “Auto Enrolment” Technical Resource Hub designed to update compliance support and best practice.”
The results of this survey surprised us all, but has demonstrated the desire and need for an end to end service proposition in the Auto Enrolment space for advisers. It’s why we’ve set up this service. How are advisers supposed to be confident in this field when the majority of them haven’t had any experience yet?
80% of advisers who completed the survey have businesses with staging dates from May onwards. Although clearly from these survey results they’d like to attracting new business today.
To see the full survey results – click here.
You can let us know your thoughts by completing the questionnaire (it takes 3 mins tops) and/or leave your comments below, we’re genuinely interested in what other advisers are doing and providing the right support for those who’d like it.
You can take a gander at the Services and see what it’s all about.