“We are still working through automation of those processes. The intention is, as much as possible, to be able to do everything online.”
He expects that by next May advisers will have a more modern, automated and easier-to-use version of the platform.
He believes advisers will be pleased with the end results, although he admits being frustrated that it will have taken two years to achieve.
“With hindsight, we probably would have taken a bit longer to iron out the problems we had,” he adds. “But we felt at the time that is was the right time to migrate the platform.
“The Cofunds technology needed to be replaced. I am pleased with the progress we have made since then, but clearly I would rather we got through it sooner.”
Mr Taylor says the biggest lesson Aegon has taken away from its migration problems is that it needs to listen to advisers more.
It has set up an online forum where around 600 advice companies that have signed up will give feedback.
There continues to be speculation that Aegon wants to buy other businesses.
Not wanting to be drawn, Mr Taylor says he is focused on completing the Cofunds migration.
Beyond bells and whistles
In any case, if and when Aegon considers future acquisitions, he adds that the market can have confidence that Aegon has learnt lessons from the Cofunds migration.
Aegon’s platform assets have passed £140bn, with Mr Taylor projecting that Aegon will be the first platform to reach £200bn.
With a lot of the large pieces of regulation being embedded, he adds that resources can be freed up to enable platforms to be more innovative and support advisers more.
He says: “We really want to help the development of the advisory market in the UK. [With all the uncertainty] advisers are in a unique position to understand clients’ hopes and dreams.
“A lot of what we are trying to do is work with advisers on those big macro themes. We are trying to look beyond the bells and whistles and the platform today and look at how we can help the next generation.”
Ima Jackson-Obot is deputy features editor at FTAdviser and Financial Adviser
