Auto-enrolment is a huge opportunity for advisers to grow their book of corporate clients but they must adapt and properly prepare for the change, according to Scottish Life.
The pension provider said personal pensions were a cornerstone of adviser business but establishing and overseeing corporate schemes was a different prospect.
Business development manager Jamie Clark said: "There is a decision that advisers have to make: Are they capable of dealing with it? Do they have the resources to cope with it?
"It is about them getting geared up for that, if they want to be in that market."
Scottish Life is in the final stages of testing its auto-enrolment package that advisers will use to establish new qualifying pension schemes. It is scheduled to be up and running this October, should any clients want to move their staging dates forward.
About 12 independent financial advisers are trialling the package around the country and giving feedback to the firm.
The provider said setting up the right scheme for companies based on its needs, rather than focusing exclusively on pounds and pence charging was important.
Clark (pictured) explained: "We think the design and implementation stage is more important than the run stage. It is all very well saying ‘we want the cheapest option' but pounds and pence costs might not work out as cheap when administration is factored in."
He added on-going reports provided under Scottish Life's auto-enrolment package would enable the adviser to add value to their client relationships.
"We are 100% IFA focused and we will continue to support these guys."
Speaking at PA360 North
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