View more on these topics

Aviva: We will not push into wider advice market

Briggs-Andy-2012-Resolution-700x450.jpg

Aviva has no plans to expand its ownership of advice firms beyond Sesame Bankhall Group following its decision to relaunch a face-to-face advice arm.

The insurer revealed plans to re-enter the restricted advice market last month through the launch of a face-to-face-at-retirement advice service, three years after it cut its 120-strong team of advisers.

Speaking after Aviva’s half-year results announcement today, UK and Ireland life chief executive Andy Briggs told Money Marketing the insurer does not have plans to buy IFA firms.

He says: “We already own Sesame Bankhall Group and what we have done there is move out of the appointed representative side of wealth advice so we have got two core components of Sesame Bankhall Group now and it is performing well.”

Aviva offers a directly authorised model through SBG and also a mortgage advice service. It inherited SBG through its 2015 acquisition of Friends Life.

Briggs reiterated that Aviva’s move back into advice was driven by its mass market customers not necessarily wanting to pay IFA fees.

He says: “Post-RDR what we are seeing is high-net worth customers are going to IFAs and paying a fee for the service.

“We have got a lot of mass market customers, some of them will go to IFAs and we will happily work through that way but, for those that do not want to pay the fees to IFAs we are creating an advice service and capability to meet those customer needs.”

Aviva reported a 13 per cent increase in pre-tax profit in the first half of the yar driven by growth in its UK life and fund management arms and cost savings from its merger with Friends Life.

Recommended

8

The man from Aviva: What the return of advice arm means for the market

Three years after it culled its 120-strong team of advisers, Aviva is to restart its face-to-face advice service. Millions of Aviva’s pension customers will be directed to the field-based advice arm – which will be restricted to Aviva products – at the point of retirement. Advisers fear the move “muddies the waters” but trade and […]

Aviva-building-logo-2013-700x450.jpg
1

Friends Life cost savings boost Aviva profits

Aviva has posted a 13 per cent increase in pre-tax profit for the first half of the year, driven by growth in its UK life and fund management arms and cost savings from its merger with Friends Life. Operating profits have gone from £1.17bn as at the end of June 2015 to £1.3bn. Aviva’s life […]

Thumbnail

Neptune video: Abenomics: the impetus for Japan’s fast-track recovery?

The remarkable performance of the TOPIX over the past year has caused many sceptical equity investors to look again at the Japanese market. These returns have come despite very significant problems facing the Japanese economy. Chris Taylor, manager of the Neptune Japan Opportunities Fund, discusses these problems and whether Abenomics will be able to overcome them, enabling the market to continue to rise.

In the video, Taylor addresses the following:

• The size and speed of Japan’s unprecedented monetary policy
• Abenomics and the implications should it fail
• Corporate Japan and beneficiaries of government policy

Newsletter

News and expert analysis straight to your inbox

Sign up

Leave a comment