Aegon UK has become the latest life and pensions provider to take a stake in AssureWeb, the e-trading portal for independent financial advisors developed by Misys.
Aegon joins four other product providers – Clerical Medical, Friends Provident, Norwich Union and Scottish Widows – who have collectively made a £9.2m investment in AssureWeb to enhance and develop the portal, as well as committing to payments of £16.8m for services related to usage of the portal. The five providers jointly own 40% of AssureWeb, with Misys retaining a 60% stake.
AssureWeb’s e-trading capabilities are being integrated with mi-solution, the IFA desktop software, launched to Misys network members last week. Over 1000 IFAs have signed agreements to use mi-solution.
Seperately, Misys has launched a 'recruitment > retention > retirement' cash incentives package to member firms taking on new independent financial advisers. Misys will give £7,500 to each member firm authorised, to include the first adviser. The firm will receive another £2,500 for each additional adviser authorised. The firm will also receive an initial licence to use the mi-solution desktop software.
In return for the allowance, a firm after authorisation must remain with the Misys networks for three years and is required to contribute a minimum of £8000 per adviser per year to the network.
Patrick Gale, CEO, Misys IFA services, comments: "Misys is determined to offer substantial benefits to its members ahead of the planned flotation of our IFA-related businesses."