Aegon - Cofunds

woodchal

I had 2 accounts (different IFA) with Cofunds. Aegon have migrated these accounts to their platform and are insisting that I have two different email accounts.

I think this is madness - they have got their data model wrong. I do not want the complication of having to manage two email accounts.

Also they are insisting on communicating through something called Unipass - about which I got no prior warning.

Any thoughts/comments on Aegon customer focus.

Malthusian

The most effective way to resolve this would be to ask your IFA (IFAs?) to move you to a different platform (provided you are able to be without access to your investments for a few months).

Aegon is totally dysfunctional and they will probably be only too happy to. IFAs would quite happily move all their clients off Aegon / Cofunds if it could be done by clicking a button. What stops them is the paperwork involved and the time either out of the market (if transferred as cash) or without access (if in-specie). If you asked them to do it, I expect they will.

You only need to move one account off to solve this particular issue, but this is unlikely to be the last time you get problems with customer service.

It's not clear to me whether you still have two IFAs or whether the accounts arose from different IFAs used at different times. If the latter, there seems little reason not to merge your accounts into one.

dunstonh

I had 2 accounts (different IFA) with Cofunds. Aegon have migrated these accounts to their platform and are insisting that I have two different email accounts.

This is a consequence of their system requiring each account to have a unique email address allocated to it.

We have the same on the IFA side. I have multiple email addresses used for multiple login functionality. Daft but that is how it is.

I think this is madness - they have got their data model wrong. I do not want the complication of having to manage two email accounts.

Many would think that using two IFAs is madness. You dont want the complication of two email accounts but happy with the complication of having two IFAs.

We are intending to migrate most of our servicing clients that are still left on Aegon (Cofunds) off the platform over the next year. We are just waiting for the last platform migration to happen early next year and the completion of our special terms negotiations and then will decide which to move to.

With many of the big platforms moving software this year and early next, I suspect many IFAs will be reviewing which they are using going forward. Plus, many IFAs are finding the platforms are offering special terms when asked and this may sway their choice for some scenarios.

woodchal

Many would think that using two IFAs is madness. You dont want the complication of two email accounts but happy with the complication of having two IFAs.

I fear you are falling into the same trap as Aegon by taking the view that there is only one view of the world.

There are two IFAs for historical reasons, in fact one was not really even an IFA (moneysupermarket). It all stems from the data model used. Do accounts have owners (one to one relationship) or do customers have accounts (one to many). When you start your system design from one view or the other you get different systems. I want companies that put customers at the centre and so as suggested by Maltusian I might migrate away from them. I don't want to pay the cost but they are never going to get this right.

Everything was OK on the Cofunds system

dunstonh

The Cofunds system was creaking and way behind the others. It needed updating significantly. So, the move was logical.

Aegon (Cofunds) is really an intermediary platform. Not a DIY platform.

I fear you are falling into the same trap as Aegon by taking the view that there is only one view of the world.

That is not the case. I fear you are expecting an intermediary platform to work like a DIY platform.