Over recent years, we have seen a significant contraction of the DB advice market.
To give a brief history lesson, there were over 3,000 firms giving DB advice in 2018, a number which had fallen to 1,160 at the start of February 2022 and is almost certain to have fallen further since.
In the face of regulatory and PII pressures, a lot of smaller firms have exited the market, having made the decision that DB advice is no longer core to their business. However, we have seen a number of larger firms where DB advice was core to their business exiting the market during this period, either as a result of a change in business strategy or due to regulatory intervention.
For those who remain in the market, conditions are difficult; in 2022 the average CETV fell by around 36%. The number of members looking for advice has fallen sharply in recent months.
Whilst we acknowledge the current headwinds in the market, we fundamentally believe that clients should be able to access trusted and sound financial advice on the options they have with their defined benefit pension.
You spend around a third of your life in retirement; we think that all clients should be able to get advice on the options available to them, not just the very wealthy or those who are lucky enough to work with an adviser who still provides this service.
Choosing a partner to work with for the long term
Origen has been involved in DB pension advice for decades. We have been directly appointed on an ongoing basis by over 70 pension schemes to give advice to their members, including some of the FTSE’s biggest names.
We have been trusted by some of the UK largest companies to give advice, presentations and support to their pension scheme members and employees to help secure their financial future.
We are also working with hundreds of adviser firms who, having decided to stop providing DB advice directly, want to ensure their clients’ needs can be met with a quality advice solution.
This is a market we are committed to for the long term; we have made significant investments in our people, systems and processes to make sure we can meet the ever increasing regulatory requirements, whilst also making our advice delivery process as smooth as possible.
If you have clients who you believe would benefit from Origen’s assistance please contact us today.
CA9176 Exp:02/2024
