Nationwide Building Society transfers financial planning service to Aegon UK
Nationwide Building Society is transferring its financial planning service to Aegon UK, its investment partner of seven years, as it instead looks to boost its focus on “other products”.
NBS transfers financial planning service to Aegon UK
With less than 1% of its customers having investment products, the society has made the decision to turn its investment service over to the digital platform provider in a move expected to take place in “early 2024”.
Since 2016, Aegon UK has acted as the society’s third-party provider for investment products, including ISAs and GIAs. These are already managed by its platform, while until now, NBS has served as advisory with its in-house financial planning service. The agreement will now bring both sides under Aegon UK’s remit.
The transfer also includes the NBS financial planning teams and managers, who will now become employees of Aegon UK.
For NBS, the world’s largest building society, it confirms in a statement that the agreement will enable it to focus on other product areas, “primarily mortgages, savings and current accounts”, but that it intends to redirect new consumer investment inquiries to Aegon UK.
Rachael Sinclair, director of mortgages and financial wellbeing at NBS, describes Aegon UK as “well placed” in being able to support its customers financial planning service needs, and anticipates a “smooth transition” given the partnership’s longstanding history.
“We will be working closely with Aegon UK in the coming months to transfer our investment planning service to them.”
