Aegon has become the latest platform to succumb to the curse of replatforming, with advisers locked out of accounts and unable to see fund valuations.
Technology gremlins have left advisers exasperated following the launch of a brand new Aegon Platform at the start of the month. The new service went live on 8 May after 400,000 Cofunds accounts were transferred during the Bank Holiday Weekend.
But now problems have begun to surface, echoing the litany of technology errors still being experienced by Aviva users several months after the provider transferred clients to a new FNZ platform.
Taking to Twitter to vent their anger one adviser said:
Despite Aegon's attempts to deal with the issue with advisers directly, other IFAs piled in with their own complaints:
Fiona it’s a total joke. Wrong valuations, wrong funds, zero balances when the clients has £270k! It’s all going wrong! @NewModelAdviser— Brampton & Carragher (@twolabz) May 15, 2018
Bad start sadly. Even a basic GIA to ISA transfer is long-winded, cumbersome and paper based and my early experience of the functionality is pretty luke warm to be honest.— Steve Buttercase (@SteveButtercase) May 15, 2018
An Aegon spokesperson said that the company was adding extra telephone lines to reduce support waiting times.
'We are aware that some advisers are struggling to activate their account and this is leading to high levels of demand on our contact centre as advisers call in for support,' he said.
'We planned for high levels of demand but are continuing to add extra telephone lines, extend opening hours and automate parts of the process to bring down waiting times. We’d ask that advisers bear with us and we aim to resolve any access problems quickly.'
'The recent upgrade of the Cofunds platform onto Aegon technology was incredibly large and complicated, and touched more intermediaries and customers than any other similar project in the industry. We’re encouraged that more than 15,000 users have activated their accounts and are accessing records and trading but are actively managing issues advisers have flagged to us.'