Abbey: Millions resting in the wrong savings accounts

26 November 2004
Britons have millions of pounds of savings in the wrong sort of account, according to Abbey.

The bank has discovered that as time has passed investors have been left with savings products that are not meeting the current needs or attitudes to risk.

"In discussions with advisers we found that it is not uncommon for them to have clients with significant portfolios that have been built up over many years," said Andy Pennie, head of investment propositions at Abbey for Intermediaries.

"The sheer volume can make the monitoring of individual investments within the portfolio, to identify which ones should be kept and which ones moved, more than a full-time job," he noted, adding: "We wanted to help simplify this and we are tackling it in two ways - first we help IFAs engage with their clients on the issue through the letter and then we offer a possible solution in the form of Abbey Multi Manager."

With multi-manager Abbey agrees performance and risk targets with the leading fund managers for asset classes. These can then be used to fit funds to investors' current needs.

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