Advisers operating a multi-tie proposition alongside whole of market advice expect to be able to write business more profitably at less cost, says Sesame.
The findings come as Sesame announces that over 500 advisers have signed up to its Sesame Select proposition in the first two months since its operational launch. Based on Sesames experience so far the majority of financial advisers taking advantage of new multi-tie business models are looking to run them in tandem with existing whole of market propositions. Advisers are seeing this as an opportunity to enhance the advice service available to their clients.
Sesame Select is a directly regulated proposition offering a broad range of competitively priced products from AXA, Legal & General, Norwich Union, Prudential and Standard Life. It has been designed to appeal to elements of advisers existing client banks, along with a generation of consumers who have never sought professional advice.
Steve Young, sales & marketing director at Sesame, says: Interest in Sesame Select from advisers has been very encouraging and early adopters are realising the greater flexibility and choice now available to them following depolarisation. With pressure on existing business models, advisers opting for our proposition are telling us that blending different advice models is easier than they thought and can give them the best of both worlds.
Advisers have more choice about how they engage with clients and increase productivity, which can only be a good thing. We believe the combination of five leading financial brands, improved service standards and higher commission rates, combined with access to our range of services, makes Sesame Select a compelling proposition.
Sesame say access to externally managed funds through the five providers was also an important contributory factor in the success of Sesame Select. This enables advisers to access an extensive range of over 270 investment funds from 38 of the leading investment houses.
Talbot Financial Services in Kendal, Cumbria is one of the firms that has recently signed-up to Sesame Select.
Howard Cook, director of TFS, says: “Sesame Select enables me to segment my clients more effectively and give those that its appropriate for a slicker, better service using five well known and respected providers. However for those that do not fit that profile, I still have the ability to move to the whole market. This will give me savings in administration and processing time, all of which currently add significant costs to my business.
Cook adds: Sesame Select promises to provide us with simpler and more efficient business processing, better service and the ability to become more knowledgeable in a narrower range of products. Our long-term objective is to have a robust and successful business to pass on to those who succeed us and I believe Sesame Select will assist in this aim.”