Misys and Bankhall are both out to cherrypick the Equitable Life salesforce after the life company put itself up for sale last week following its defeat on an appealin the House of Lords.
But they will have their work cut out as Equitable is drawing up packages which are designed to retain its400-strong salesforce.
The life office says the salesforce will keep it attractive to buyers despite the £1.5bn bill from the cost of meeting its guaranteed annuity policies.
Bankhall says it is interested in the salesforce because they are “experienced, capable and professional”. With Equitable, they earn an average of £50,000 a year and write £6m each a year in new business.
Misys is discussing how the salespeople can become IFAs. They could join its national brokerage or set up in business with one of its five networks, including Countrywide, Financial Options and Kestrel.
J Rothschild Assurance is also believed to be interested in recruiting Equitable's sales staff.
Equitable Life head of PR Nigel Webb says: “We want to sell the business in its current state so it is commercially sensible to have retention packages for the salesforce.”
Equitable case details and reaction, p8