Aegon restructures marketing in preparation for product push

Investment firm Aegon has restructured its marketing set up to exploit upcoming regulatory changes that will likely increase the pool of prospective customers.

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The company has appointed Friends Provident managing director Paul McMahon to the newly created role of group marketing director.

McMahon will oversee marketing strategy for its “at retirement” products – pensions and investments – and “workplace savings” products such as company pensions and employee benefits packages.

He will also be charged with steering Aegon’s entry into the growing “platforms” market. Platforms are online tools that allow individuals or their independent financial advisers to manage their investments.

The British tennis sponsor is also hoping the move will capitalise on the anticipated increase in potential customers an upcoming change to regulation is expected to bring.

The Financial Services Authority’s Retail Distribution Review has set higher qualification standards for IFA’s, with many older advisers expected to retire rather than take new exams, putting thousands of customers and many millions in investments up for grabs.

As part of the restructure, head of individual marketing Gordon Greig will assume the title of platform director, while product propositions director Dominic Holmes becomes packages director.

McMahon was MD of Friends Provident’s corporate business. Prior to this, he was MD of corporate benefits at AXA.

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