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Client education portal launches retirement income video journeys

7 March 2019

Money Alive has added two retirement income video journeys to its client educational material on its Adviser Portal.

The company says the new journeys – Flexible Income and Guaranteed Income – have been added to its material around DB pensions transfers, following the FCA’s recent Retirement Outcomes Review “and demand from advisers wishing to use the Adviser Portal approach in other areas of their business”.

Money Alive co-founder Ian Beestin says the videos are written by industry experts, accredited by the Pensions Management Institute and use research including the ABI’s Ideas 42 and the FCA’s Smarter Communications.

The videos are intended to be watched by clients ahead of meetings with the adviser firm. This, Beestin says, “can help save time in meetings and showcase many of the areas an adviser firm needs to consider when giving advice and where they can add real value to a client considering at-retirement options.”

The portal interacts with and records client activity. After the client has watched each video, the portal will ask them to click on ‘Complete video’, where they are asked to confirm whether they watched the entire video and also whether they understood it. If they didn’t understand the video or they have any questions they click ‘No’ and there is a facility to note any questions they may have. Those questions are shared in real time with the firm’s dashboard, which means they can then be addressed as appropriate by an adviser or a paraplanner.

This helps demonstrate that the firm has a robust process and case management, and can reduce an adviser firm’s risk, Beestin adds. “For example, the videos have proved valuable with DB pension transfer triage, as they provide impartial education that has led to individuals filtering themselves out of the process.”

For each series of videos, Money Alive provides a paragraph to include within suitability reports which references the video journey the client has been through.

Money Alive launched in January 2018 and initial pushback from adviser firms, Beestin admits, was that clients wouldn’t watch over an hour’s worth of video about financial services. “But we have made the videos as engaging as possible, filming all around the country and including animations, and encouragingly, of over 2,700 video journeys to date, 83% of people who watched the first chapter of a video went on to watch all of the series.

“Feedback is that what clients like is that the videos are impartial, they are seen as separate from the financial advice firms, they are written by industry experts and they have the accreditation of the Pensions Management Institute.”

Flexible Income and Guaranteed Income videos

The Flexible Income Journey (drawdown) is in 9 chapters: Introductory guide, Maintaining drawdown income, Death benefits, Shopping around, Tax, Scams, Debt, Means-tested state benefits. It concludes with a case study designed to cement the clients learning and understanding. It takes 24 mins to watch.

The Guaranteed Income Journey (annuity) is in 8 chapters: Introductory guide, Inflation, Joint life, Guaranteed death benefits, Health & lifestyle, GAR and Shopping around. It concludes with a case study and takes 29 mins to watch.




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