UK - The sale of financial services products in the workplace is set to soar over the next two years, latest research by Tillinghast Towers Perrin shows.
The consultant found that around half of financial services companies were generating up to 5% of new business through workplace marketing.
But it estimates that by 2005 four out of 10 will generate more than 25% of their income through worksite marketing.
Tillinghast Towers Perrin found that employers’ attitude to staff benefit provision was the most important factor driving sales through the worksite.
Other factors included the demise of DB schemes in favour of stakeholder plans and the government’s desire to reduce the retirement savings gap.
Senior consultant Vaughan Jenkins said: “In the USA, worksite marketing is a major distribution channel but in the UK it has yet to really take off.
“However, our research suggests this is set to change and that for many people, purchasing a financial product or accessing financial advice through the workplace will become far more common.”
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