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Barclays bids for 30% multi boost

Barclays Financial Planning is aiming to increase turnover by 30 per cent this year through its multi-tie with Axa, Friends Provident, Legal & General, Norwich Union, Prudential and Standard Life.

The results of a nine-month beauty parade, rating providers on quality of service, value for money, product features, technical experience and financial strength, see the high-street bank follow HSBC’s entrance into the multi-tie market last week.

Product areas covered by each provider are not yet confirmed and are subject to contract but will be finalised over the forthcoming months, with a launch date of June 1.

Barclays says the majority of its 800 advisers – 350 at Barclays IFA, 350 at Barclays Financial Management, 35 at Sedgwick and 35 at Gerrard Financial Planning – will move into the multi-tie. Any of the advisers wanting to remain independent will be offered positions within Sedgwick or Gerrard.

Barclays Financial Planning managing director Jim Reeve says: “This is a different approach – neither single-tied nor different providers across the whole range. We are trying to get away from the term multi-tie as it can have different interpretations. Our plan is to increase business growth by 25 to 30 per cent by the end of 2005.

“We feel that these multi-tie plans strongly support that growth. It is a busy time but we will be ready by June 1.”

Friends Provident director of UK distribution Simon Clamp says: “We are delighted to be inside. No one will be worse off as a result except those providers who are not the winners in this instance.”

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