Liverpool Victoria is targeting the IFA market with a with-profits tax-free savings plan.
It is the second product from the friendly society's recently launched IFA
The 10-year plan is for investors seeking a regular savings vehicle for
the long term. It offers a choice of regular savings amounts, regular
bonuses and a guaranteed minimum death benefit.
Liverpool Victoria wants to widen its distribution from 90 salespeople for
general insurance, life and pensions by selling through big IFA firms.
A range of protection products is expected to follow.
Forty IFAs from Liverpool Victoria subsidiary Frizzell defected to Towry
Law earlier this year. The friendly society's direct salesforce has also
suffered difficulties over the last two years and numbers have fallen from
a high of 300.
Liverpool Victoria anticipates IFAs making up 50 per cent of its total
business written within a year.