Canada Life is restructuring its sales process to focus on helping IFAs.
The move comes as the company raises its individual income protection rates by an average of 40 per cent to stem demand while it carries out a review of the product.
The restructure sees Canada Life cut its account managers from 65 to 55. They will work through six core teams across the UK and supplemented by specialist sales teams for offshore business and onshore retirement income and inheritance tax products.
Wealth management executive director Alain Wolffe says the company is aiming to strengthen its position in its core markets of group life, group income protection, offshore, retirement income and onshore wealth management. It will be offering support for IFAs moving into new markets to achieve greater profitability and efficiency and at a product level.
Wolffe says: “What we have to do is develop strong relationships with those IFAs we believe we can add value to and who in return will want to support us as they feel they have a genuine relationship with us.”
Lighthouse (South-east) director Hilary Simpson says: “They have been helping us with making best use of our resources and enhancing existing systems. With a young practice like ourselves, it has been very beneficial.”