Since its launch in 2018 advisers have used Money Alive’s platform to deliver around 4,000 educational journeys to clients comprising over 35,000 videos. Our aim at outset was to support advisers with better risk management, better client engagement and business efficiencies. This is why we are proud to support and be included in the PFS Pension Transfer Gold Standard.
Any consumer who goes to the PFS consumer site will be made aware of the standards, they will be able to select an adviser who holds the Gold Standard (through the MAS website) and also watch a Money Alive Summary Video. As part of the Gold Standard, more and more consumers will become aware of the Money Alive service.
To find out more and join, see the PFS article.
Money Alive fully supports the aims and objectives of the Gold Standard. The Money Alive platform also gathers detailed MI helping to support Principle 8. Our platform supports Principle 1 of the Standard, enabling advisers to engage and educate their DB review clients with interactive, PMI accredited video journeys. Through its meticulous record keeping the Money Alive platform can help firms:
If you’re not an existing client of Money Alive and would like to see how the product is used, see our product demo.
Over the last year we have spoken to many firms about their PII renewal and there has certainly been a lot of press commentary around this over that period. It is undoubtedly a harder market but with proper planning it is still possible to get cover for this class of business.
We have asked leading professionals to give us their ‘Top Tips’ to assist Advisers / Firms with their renewal. It is also essential that you keep accurate records of all DB pension transfer enquiries including those that did not proceed to receiving advice.
If you listen to the Prudential Webinar, “Defined Benefit transfer advice – achieving good client outcomes and managing commercial risk” you will hear Dan speak in depth about PII. It was great to hear Dan confirm that insurers look positively on the Money Alive process:
We have insurers in the market now that, if you use Money Alive, will take a far more positive view of your risk.
Dan Kelly, Onyx Insurance
When looking to renew your PII cover think of it like selling your business to a potential acquirer. You want the proposition to look as good as it can do – both in terms of presentation but also in content.
As with any business the content can sometimes include areas that require more explanation, typically areas of risk that may put off an acquirer/insurer, but there could be a very good reason why the firm has this risk as part of its business. For example, a previous acquisition or business area that the firm wished to support very specific clients with. Whatever the area, recognise this could be a concern or deal breaker for the other party. Rather than look to hide the information be open in that you recognise the risk and highlight what steps you have taken to minimise it; for example increased processes, specialist training or third party reviews. Underscore that the firms culture reflects that you are a good risk for the insurer to be taking. We would typically suggest doing this in a cover letter to accompany the proposal, but make sure this is to the point and no more than 2 pages long.
Offering up solutions to the concerns they may identify and your availability to discuss any areas they wish further, highlights your openness and culture. Give yourself time to prepare a good application as this will put you in the best possible light – 3 months in advance of your renewal allows time for good discussions with your broker and underwriter if desired. Remember if you were doing the acquiring or underwriting, what would you like to know and how would you be reassured?