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Bank staff training to sell Widows&#39 complex lines

Lloyds TSB and its subsidiary Scottish Widows are investing several million pounds to train 300 advisers to offer a specialist financial planning service to customers.

The move is part of the group&#39s preparation for the “post-depolarisation world”.

Widows has chosen the advisers from over 2,000 staff in Lloyds TSB branches and they will train as financial planning managers, focusing on its more complicated products.

All Widows&#39 products are now available from Lloyds TSB branches. The new higher-qualified tier of advisers will provide advice on the likes of phased and income drawdown, Sipps, SSASs and Widows&#39 Frank Russell multimanager investment funds.

Widows says it has not decided if its advisers will eventually sell other companies&#39 products. Although it is targeting the middle market and not Lloyds TSB&#39s Create wealth management service&#39s high-net-worth customers, it says it will have some overlap.

Widows brand and network development director David Graham says: “We are gearing up for the post-depolarisation world and would like to offer an open and broadly based advice proposition.

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