Saga and Tilney Bestinvest have announced a new joint venture partnership to provide investment and financial planning services to Saga's over 50s base. The new business, branded "Saga Investment Services powered by Bestinvest" is due to commence operations in Autumn 2015. Each partner will own 50% of the new business.
The joint venture followed a detailed strategic review of potential operating models and partners. It plans to offer execution-only, investment advisory, investment management and financial planning services through a range of distribution channels, including face-to-face advice on a national basis.
Today's announcement suggested that Saga's existing personal finance business will operate separately from the new venture. This raises some interesting challenges given that the existing operation already includes, among others, a financial planning service from "my wealth" (Wealth at Work), life and annuity services from Legal & General and equity release and care funding from Just Retirement.
In a separate announcement, Saga has also announced a partnership with Spire Healthcare to pilot a "home from hospital service", which is intended to help the resettlement of customers discharged from hospital.
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