The Association of Professional Financial Advisers (APFA) has warned advisers to keep a "record of activity with any clients they have with Aegon" after it emerged the Dutch provider had contacted clients to switch-off trail commission.
APFA said advisers should ensure Aegon has records of any adviser-client interaction that occurred in the last year to avoid losing out on legacy trail paid for advised clients. The calls came after Aegon decided to streamline its trail cut-off process, meaning it is now actively contacting about 1% of its customers, who it believes have had no contact with their adviser for 12 months. If those clients confirm they are no longer in contact with their adviser, or if they do not hear from them following the letter, Aegon will write to the adviser and concurrently remove servicing rights...
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