Provider Friends Life has launched an online and over-the-phone financial advice service for existing customers who no longer have - or never had - a financial adviser.
PlanWise offers what the company calls 'professional financial advice' to customers about their Friends Life plans. Clients also have access to a range of interactive online tools, such as a 'pension profiler' and 'savings calculator'. Targeting so-called 'orphan' clients has attracted criticism from IFAs, who claim that, in some cases, providers have been in contact with their existing customer bank. The PlanWise website includes the statement: ‘By registering for PlanWise, you will be replacing the current adviser to your Friends Life plan with PlanWise.' But Friends Life mark...
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