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Saga and Tilney Bestinvest team up for over-50s planning service

Written by: Scott Sinclair
Saga and Tilney Bestinvest are to launch a joint venture offering investment and financial planning services to the UK's over 50s.

The business will be branded as Saga Investment Services and powered by Tilney Bestinvest. The venture is set to launch in the second half of the year and will provide those approaching or at retirement with information and advice on their options.

Full details of the services that will be available are yet to be announced, but Tilney Bestinvest CEO Peter Hall said people will be able to deal with the new offering by ‘phone, post, online or face-to-face’. Saga group CEO Lance Batchelor said its aim is to ‘bring the level of expertise that has generally only been available to very wealthy individuals’.

They said the joint venture will develop a range of bespoke services and solutions that will draw upon Tilney Bestinvest’s investment and financial planning expertise and Saga’s access and insight into the needs of the nation’s over 50s.

Saga will identify people within its proprietary database of 10.6 million over 50s who could benefit from the new services and Tilney Bestinvest will deliver the investment and planning elements.
The joint venture has been announced as many of the pension ‘freedoms’ unveiled in last year’s Budget are set to be introduced in April.

Peter Hall said: “Whether people want to have their investments managed for them, have the support of an expert adviser, or to manage their own investments, we want the new business to be recognised as the market leader for meeting the investment and financial planning needs of the over 50s.

“Whether you are planning ahead for retirement, or have an investment portfolio to manage in retirement, we will provide you with clear, impartial information and expert support to help you make the right financial decisions.”

Lance Batchelor added: “The investment and financial planning needs of the majority of Britain have not been well served by the financial services industry to date. We will develop a range of services and solutions tailored to the needs of people, rather than the convenience of financial institutions.

“I believe [this joint venture] represents the best opportunity for Saga’s customers and shareholders to develop an investment and financial planning service.”

Saga and Tilney Bestinvest will each own 50% of the joint venture business. The board will consist of three directors appointed by Saga and three by Tilney Bestinvest, plus a managing director and finance director who are yet to be appointed.

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