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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.”


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