The employee benefit market has changed beyond all recognition. Two years ago firms were shocked to see their group PPP renewal scheme income freefall due to AE.
Those IFAs took the hit and moved on. As reported in earlier bulletins https://ifac.eu/employee-benefit-schemes-are-first-over-line-brave-new-world-zero-commission.
Some installed Auto-Enrollment AE - HR solutions for a fee but most moved out, concentrating on advising the directors and senior managers and relying on the throughput of new director appointments for new biz.
Years ago my IFA firm advised the directors of Dolphin Bathrooms and Moben Kitchens , which was amazing because the average stay for each director wasn't long, and many went on to have stellar careers selling other house furnishings, pulling our IFA firm up and into new markets.
Employee benefits is now back in fashion as Rentokil get fined Â£25k for making some mistakes with one of its subsidiaries. An absent minded financial director and the returns didnâ€™t get filed -simple mistake really and one all too common with firms who try and turn their hands to everything to save on cost.
IFAs - get into these schemes and take over these tasks. That way the client-firm is insured, you rapidly become the worldâ€™s greatest expert on filing and the firm reduces risk â€“ that all important metric in 2018 Britain.
DB schemes are also now on a monthly basis making marriages with IFAs. Global Materials technology Company Luxfer Group (formerly British Aluminium, famous in the City for launching the name of Sigmund Warburg as the M&A king way back in 1958) is the latest to appoint an IFA in July 2018. Luxfer has provided all their post age 55 Deferred scheme members access to the scheme preferred IFA.