Contrarian Investor: The workplace advice gap

CONTRARIAN

Workplace pensions should be a phenomenal opportunity for independent advisers. I spend a huge amount of time talking to the bosses of small- to medium-sized enterprises (SMEs) and two distinct messages come through loud and clear. The first is they know auto-enrolment is coming but they are not sure what to do about it - and are even less enthusiastic about the idea of getting involved with their employees' pension planning.

Yet that general disinterest pales in comparison with their ingrained hatred for the large banks AND financial institutions. In fact, I get the general impression most employers would rather sell their souls into perpetual damnation than give their high street banking partner a look-in. The problem is, that opportunity is not translating into actual business for many adviser networks. A recent report by The Platforum on workplace savings platforms was full of optimistic assessments about the future – with assets potentially doubling by the end of 2012. But the stats told us all we really...