Scottish Widows has bought UK investment and retirement platform business Embark Group in a bid to enhance its long-term savings proposition for intermediaries.
The provider will leverage Embark’s platform and product capability to digitise its Retirement Account as well as improving how it works with advisers.
Advisers will also benefit from smoother sales and onboarding of new clients whilst being able to manage existing clients’ needs more efficiently.
As part of its ambition to achieve a top-three position in the individual pensions and retirement drawdown market by 2025, this acquisition will help accelerate Scottish Widows’ plan to advance its retirement proposition.
Parent Lloyds Banking Group says it will increase the reach of its investment offerings and target accelerated growth with the aim of becoming a top-three execution only / robo-advice business in the medium term.
Embark will continue to build and bring solutions to market through market-leading innovation and expertise. It will co-exist with Scottish Widows, as both businesses will continue to engage with the segments of the market in which they currently operate.
Jackie Leiper will become CEO of Embark at completion, in addition to her current accountabilities. The acquisition and Jackie’s appointment are subject to regulatory approvals and completion is anticipated by the end of 2021.
Antonio Lorenzo, chief executive of Scottish Widows and group director, insurance and wealth, Lloyds Banking Group, says: “There’s an ever-growing customer demand for clear, simple and affordable financial planning and retirement products and services, and our acquisition of Embark will enable us to enhance our intermediary proposition and, modernise the way Scottish Widows works with intermediaries, recognising the continued value of advice.”
Jackie Leiper, pensions, stockbroking and distribution director, Scottish Widows, says: “We know that digital engagement is key to helping people visualise their financial future and this acquisition offers huge potential for us to take our retirement proposition to the next level.
“It’s more important than ever that advisers supporting clients in navigating long-term savings decisions are supported by the right products and services, and this will help us build the best possible experience for intermediaries to meet their customers’ evolving needs, expand our distribution reach and boost our capability to unlock new opportunities, backed by the deep-rooted trust in our brand.”
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