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B&B is set to rethink stakeholder strategy

Leading national IFA Bradford & Bingley believes it may have to change the way it operates to gain a strong foot-hold in the stakeholder pension market.

The company is looking to manage its stakeholder business through more cost-effective channels.

Such a move could see B&B turn its back on traditional individual face-to-face advice on stakeholder as margins become tighter, leading it to concentrate on the corporate pension market or sales via the internet.

It believes customers who are only paying in about £10 or £20 to their policies but exp-ect to get individual advice could become unviable under stakeholder.

B&B says the internet provides a more cost-effective way for stakeholder transactions but the average person coming to B&B with the minimum level of stakeholder contribution does not usethe internet.

The society says it remains to be seen what will happen in the stakeholder market and whether national IFAs will have to look to the corpor-ate market.

Investment marketing manager Ken Rayner says: “We are looking at an overall strategy from a customer point of view. If the market moves towards corporate business, we will have to change theway that we operate.”


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