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Man from the Pru on way back

The man from the Pru could be resurrected as the firm looks to launch an online wealth management service with access to direct advisers.

The return to a direct distribution strategy follows a comprehensive review under new director of strategy Nick Smith. Pru is said to be considering spending up to £100m on development, marketing and national advertising costs.

The service is expected to focus on the high-net-worth direct side but could also deliver low-cost products at the lower end of the market.

Smith was recruited from Norwich Union in June in a major reshuffle which saw director of intermediaries Tony Kempster leave the Pru. At NU, Smith headed the wealth management service and is understood to advocate a strategy modelled on Aviva&#39s Australian Navigator system which integrates an online service with access to advisers.

Pru spokesman Paul Keeble says: “The Pru is always looking at new things but I cannot confirm or deny the plans.”

Informed Choice managing director Nick Bamford says: “The Pru will spend millions and will lose millions – it will be wiped out by IFAs who do it better. Didn&#39t they already have a direct salesforce and close it down?”


Independent view

It is amazing how a bear market and a couple of reports can completely change the industry&#39s priorities. There has never been any doubt in my mind that the most important thing in any wholesaling or manufacturing business is the quality and coverage of those manufacturers&#39 retailers.I suspect the distance and the amount of broken […]

Watson Wyatt wins Geest contract

Watson Wyatt has won the contract to supply pensions, actuarial and investment services to fresh food supplier Geest PLC.Geest, based in Peterborough, has operations in Europe and South Africa. It chose Watson Wyatt after a review carried out by its pensions advisers.Watson Wyatt managing consultant Graham Mitchell says he is delighted to have added another […]

Laundry lockout for IFAs

An industrywide standard aimed at complying with new money-laundering regulations will see at least five major life offices refuse new business from many IFAs from September 1.The IFA Certificate has been developed by Aifa and the ABI with the aim of helping to collect the information that providers must have on file.However, the certificate has […]

Homeowners Investment Fund Managers – Homeowners Equity Isa

Friday, August 16, 2002Type: Oeic maxi IsaAim: Growth by investing in the Homeowners investment growthfundMinimum investment: Lump sum £500, monthly £30Maximum investment: Lump sum £7,000Catmarked: YesInvestment choice: 100% in Homeowners investment growthfundCharges: Annual 1%Commission: NoneTel: 0800 0286248


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