‘Out-of-date’ independent financial advisors (IFAs) are being confined to Dorset’s Dinosaur Museum in an exhibition launched by life insurance company Beagle Street.
The campaign aims to show how the firm offers an alternative to the 'prehistoric' traditional health insurance packages by literally sending IFAs to the museum as exhibits.
The scheme was launched on the back of a study of 5,000 UK adults from research company 72Point, which found that 63 per cent of UK adults do not trust Independent Financial Advisors and 84 per cent believe that the ‘middlemen’ are an unnecessary point in the financial services process. Another half of respondents said they would buy life insurance if the whole process was easier.
The exhibition reads: “IFAs were a complex group of animals that first appeared in the pre-internet age. They were the dominant terrestrial financial advisors in a world where financial products were so complicated an entire industry was created just to explain them.
“The birth of Beagle Street, an online life insurance company, that offered simple, friendly and affordable service led to the extinction of most IFAs by the end of 2014.”
Matthew Gledhill, managing director of Beagle Street, said: “We aim to shake up the market by using technology to offer a simple, friendly and affordable way to get life insurance, which we hope will make the old bureaucratic approach extinct.”
The alleged ‘endangered species’ will be displayed alongside fossils, skeletons and replica dinosaurs at the Dinosaur Museum in Dorset this weekend.