Intelligent Pensions is offering a deal to retiring IFAs to act as relationship managers for their clients on a non authorised basis. The company, which specialises in the "at retirement" market, sees major attractions for financial advisers to act as "lay advocates" for clients looking for a high quality but cost effective ongoing management service for their pension funds.

The company believes that the financial penalties in terms of both qualifications and capital adequacy will force many advisers out of the industry, at a time when their clients feel their experience and guidance is most needed. Under their proposed arrangements clients will agree a remuneration split in relation to pension advice under which the retiring adviser will be paid a retainer on either a fixed or percentage basis to attend annual review meetings. The "advocate" role will specifically exclude providing financial advice, but will allow the retired advisers to use their experience to ask relevant questions and give comfort to their former clients while avoiding any risk to themselves.

Managing Director, Steve Patterson, says "In the overall scheme of things this must make sense. After all we have clients whose retired solicitors, accountants or bank managers sit in on meetings, in a purely non professional sense, just to give out some comfort and trust in what is being said."

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