Pictured are: Adrian Daly, CEO of PensionSource with Minister for Small Business, John Perry T.D.
PensionSource, Dublin-based financial services company, is to create 23 jobs in Ireland over the next three years in an initiative backed by Enterprise Ireland. Details of the expansion were announced by Minister for Small Business, John Perry T.D., at the launch of the Enterprise Ireland High Potential Start Up-Showcase.
PensionSource, which was established in 2009 by industry veteran and former CEO of Hibernian Insurance Group, Adrian Daly, has invested €1.5m in a cloud based platform which allows financial advisers to handle client pension schemes more cost effectively. The company has opened an office in London to cater for what it says is a rapidly changing pensions environment in the UK.
Making the announcement, Minister for Small Business, John Perry T.D., said “PensionSource has developed a financial adviser business model and technology platform which has major potential to create jobs and exports into the UK, home of one of the foremost financial services industries in the world. It is a tribute to the company’s entrepreneurship and foresight that it has brought this model to market at a time when the pensions and broker industry internationally is undergoing fundamental change”.
“The implementation of the new Retail Distribution Review (RDR) rules in the UK from January 1st has banned traditional commission based business. This, combined with the introduction of pension scheme auto enrolment, which also affects Irish companies with UK subsidiaries, means that IFAs (Independent Financial Advisers) in the UK must find more transparent ways of generating income and new ways of managing their business. Our platform helps them achieve that,” commented Mr Adrian Daly, founder and managing director, PensionSource.
“PensionSource’s channel to market in the UK will be through Discretionary Fund Managers (DFMs) and IFAs. The reaction already in the UK suggests to us that the company has a major opportunity to meet a need in a market that is going through the most fundamental change in the history of the pensions and financial adviser industry”, commented Leo McAdams, Manager Financial Services, Enterprise Ireland.
PensionSource, which has already signed a number of partners in the UK, provides pensions advisers and their clients access to over 16 different fund managers representing over 200 funds on a single platform. It also provides streamlined pensions administration which can be accessed by IFAs, their clients and staff through the cloud.