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Aegon chief sees just 5% fall in IFA share

IFAs’ share of the personal finance market will fall by only about 5 per cent over the next three years, according to Aegon UK chief executive Otto Thoresen.

He expects IFA share of the personal finance market to fall to between 65 per cent and 70 per cent from its current 70-75 per cent bracket and says multi-tied advisers will only eat into single-tie space over the next three years.

Thoresen was upbeat after profits at Aegon inc-reased by 16 per cent last year to 151m from 130m in 2003. This is the group’s highest annual profit since 2001.

Total new business for Aegon’s UK life insurance operations increased by 27m to 662m.

Thoresen says: “We exp-ect to see IFAs maintain a 65-70 per cent total market share on a three-year basis. There will probably be more change in the remainder of the market away from single-tie.

“The big question is what proportion of the market falls into the multi-tie model in the longer-term.”

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