An adviser has withdrawn all his business from Standard Life after accusing the provider of trying to poach clients through direct mailings.
Clifton Business Consultancy principal director Glyn Hazell says Standard is trying to grab IFA clients through marketing literature offering them the opportunity to go direct in general product and life cover mailings. He says he believes Standard is intent on getting business from his firm by mailing information with only the provider’s letterhead as well as address and contact numbers.
He says the option of seeking advice is only mentioned at the back of the document.
Hazell says: “It is an attitude that should have changed asthe industry moves from being transactional to service-based but it remains prevalent. What we need is for one providerto take a stand.”
Standard Life PR manager Paul Keeble says: “The communication is a client-specific notification that the client’s life cover is due to expire. This was sent direct to the client, simultaneously copying in the adviser, with the letter strongly recommending they contact their adviser for further information.”