Prudential International unveils tool to simplify adviser offshore business

The tool is designed to provide advisers with easy access to information on offshore bonds, as the firm has found advisers want technical knowledge and sales opportunities highlighted frequently, as they use the products occasionally.

Richard Leeson, head of UK development for Prudential International, says the average adviser handles business which may require offshore bonds around three to six times annually.

Consequently the market is spread across 3,000 firms, presenting a challenge to contact such a wide group of advisers regularly, he says.

The proposition offers IFAs 11 profiles to choose from so advisers can match their client to the profile that most reflects their characteristics, including age and future plans.

Once the adviser chooses the profile, the tool outlines key challenges their client faces, how an offshore bond could work to their advantage and a plethora of support material to boost advisers' knowledge.

The tool also includes worked examples of the scenarios and a calculator which allows advisers to input a client's details and compare savings of using an offshore bond, onshore bond and collectives over a chosen period of time.

"Advisers can print the sheet off and populate their files knowing the research is compliant with regulations and can discount alternative solutions to the one chosen," says Leeson.

"It's an airtight client process which is centrally controlled," he adds.

Some profiles also offer PowerPoint presentations, plus links to product details, illustrations and quotes.

IFAs can also send pre-worded email campaigns explaining why an offshore bond may suit a client's needs.

Prudential plans to roll the online tool out across other products, with talks commencing on creating a similar proposition for pensions and annuities.

"The pre/post RDR shift will mean timesaving tools are critical as they will give advisers more time to deal with clients, enabling them to generate more income," says Leeson.

He estimates the tool could save an adviser almost three hours per client investigation, leading to more money in clients' and IFAs' pockets.

Leeson says: "I think it is the future of how IFAs will interface with providers more effectively. The profiles provide a non-investment reason for IFAs to contact clients and increase their business."

 

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• Offshore Investment