A staggeringly large portion of the UK population approaching retirement will never seek professional financial guidance. Retirees often lose out when planning how to organise their estate. This choice to not seek advice can be for a few reasons: the prohibitive cost, not believing they have options, and little previous financial experience. Motivated by the changes made to legislation in April 2015 affecting drawdowns, Standard Life set out to tackle the trend of under-advised customers pulling funds from their pensions in non-tax-efficient ways. Sparking the question, could Standard Life offer premium advice to customers at a low cost?
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We created a digital service capable of guiding even the most nervous users through an easy-to-understand financial recommendation. Initial signs are promising. The pilot had a 73% completion rate. Customers with complex needs successfully moved to phone-based customer service to finish the service.