View more on these topics

AA drives into the IFA sector with annuities

AA Financial Services is re-entering the IFA market with plans to build the UK&#39s number one IFA brand through a new company AAIFA.

It aims to build the brand by targeting the AA&#39s 11 million members.

The first phase will see AAIFA entering the annuity, Isa, term insurance and investment bond markets by the second quarter of this year on an execution-only basis initially. It hopes to be providing advice on these products and across a broader range of products by the second half of the year.

AAIFA has started a recruitment drive by advertising seven key positions, including annuity manager and annuity adviser, all based in AAFS Cardiff offices.

The second-phase development will see it partner a range of financial services providers and it will join forces with a leading IFA brand to offer independent advice.

AAIFA says its market research clearly illustrates an opening for a “trusted brand” in the market.

AA Financial Services chief executive Kerry Richardson says: “We will not offer advice in the first stage but will consider IFA partners with a powerful advice brand later on this year. People are crying out for a source of personal finance they can trust.”

Torquil Clark pensions development manager Tom McPhail says: “In terms of annuities, it is a big market getting bigger. They must have a big database making it easy to identify and mailshot people coming up to their 60th or 65th birthday.”

Recommended

Coffee to go at the new-look Abbey

Abbey National is linking up with retail brands Costa and the Carphone Warehouse to launch its first banking superstore in Croydon. The superstore will offer banking facilities and financial services and will demonstrate how customers can use internet technology to manage their money. As part of the initiative the Abbey is testing a new logo, […]

CA and CML slam FSA over loan regulation

The Consumers&#39 Association and the Council of Mortgage Lenders have expressed serious concerns over the FSA&#39s decision not to regulate mortgage advice. Their criticism comes in response to the FSA&#39s consultation on mortgage regulation, which ends this week. The failure to include mortgage advice under the regulatory umbrella forms the biggest objection within their responses […]

CML predicting steady 6% increase in house prices

The Council of Mortgage Lenders is forecasting a good year for the property market, with the rise in house prices slowing to a steady 6 per cent by the end of this year. The CML thinks this will continue at a similar level until 2003, with average house price rises of 6 per cent next […]

Widows pension offers external funds

Scottish Widows is offering a stakeholder pension which gives policyholders access to external funds and pays standard Lautro commission levels. The company says its plan meets the Govern ment&#39s standards as well as offering access to a range of 17 investment funds managed by Widows and funds from Merrill Lynch, Schroders and Newton. Widows says […]

European Opportunities: 'It’s nice when stock selection results in a macro tailwind'

Amid significant macro headwinds in August, Mark Page explains why his fund’s focus on stock selection has helped it outperform a falling market in August. BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com