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Britannic stirs the waves with new brand of &#39EFA&#39

IFAs have criticised Britannic Assurance for muddying the waters between

tied and independent advisers by dubbing the upmarket end of its tied

salesforce as EFAs.

IFAs are concerned the public will confuse Britannic&#39s new group of

executive financial advisers with fully independent ones because of the

similar acronyms.

The life office says it aims to recruit 270 EFAs by the end of the year in

a move to target the “upmarket end” of the home-service sector. Britannic

says its 2,500-strong salesforce remains the core of its distribution

strategy but customer demand for remote paying has prompted it to introduce

a new grade of salesperson.

The EFA branches will be set up in areas where the life office believes

customer density and behaviour warrant it.

Wentworth Rose IFA managing director Philip Rose says: “This really does

not help the issue of polarisation. IFAs and IFA Promotion have spent a lot

of time and money on making the public recognise IFA as meaning independent

advice and this EFA is too close to the edge.”

Britannic marketing manager David Newman says: “We will be looking to

recruit both internally and externally for our new band of EFAs. But we in

no way see this as competing with IFAs as it is targeted at our traditional

customer base.”


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