View more on these topics

Networks offer deals to lure Pru sales staff

At least two IFA networks are offering ex-Prudential sales staff special deals in a bid to woo them away from national IFA Inter-Alliance.

Letters obtained by Money Marketing reveal that Bankhall and Positive Solutions have negotiated reduced network rates for Pru employees who were made redundant last month following the company&#39s decision to close its direct-sales arm.

The networks&#39 packages are designed to give salespeople alternatives to joining Inter-Alliance which signed a deal with the Pru to purchase the salesforce.

Bankhall is reducing its average charge of 25 per cent of turnover for individuals who sign up to its nursery network Investment Strategies to 15 per cent for gro-ups of Prudential salespeople until June 30.

Positive Solutions is telling Pru salespeople they will receive details of its “special Prudential offer” if they attend one of its seminars which also explain the firm&#39s philosophy to help people decide if it is right for them.

As part of encouraging advisers to join Inter-Alliance, Pru sales director John Prout says restrictive coven-ants are being eased and the salespeople can take 50 customers with them subject to data protection and regulatory and client approval.

The Pru is also allowing people to start training with Inter-Alliance during their “gardening leave”.

Bankhall director Tony Murrell says: “We have been approached by a number of Pru salespeople who would like to set up their own IFA rather than join an established practice. It is not unusual to offer commercial terms to large groups of people.”

Positive Solutions spokes-man Alasdair Mitchell says: “We are creating a level playing field so people do not lose out financially by not joining Inter-Alliance.”

Recommended

FSA reveals its regulation by risk regime

The FSA confirmed at this year&#39s PIMS conference that most IFA firms will be in the FSA&#39s lowest-risk category following N2, meaning they will require less attention. After N2, the FSA will bring all IFAs under a new investment firms division and ranked A to D on a risk scale. Firms with a turnover of […]

Johnson moved to DTI

Former Economic Secretary Melanie Johnson has been moved to the Department of Trade and Industry. As parliamentary secretary, Melanie Johnson will have responsibility for consumer affairs, although her full brief is yet to been announced.During her two year stint at the Treasury some felt that she had stuck too close to the official line in […]

Skandia leads defence of performance

Skandia plans to lead a coun-ter-attack on the FSA&#39s position that past performance is no guide to the future after a sca-thing attack on the regulator. Speaking at the Skandia Pathfinder conference, director of investments Jim Roberts said the life office would be writing to the FSA with evidence to prove past performance is a […]

Wearing of the green

JB writes: I have an increasingly difficult relationship with one of my work colleagues and it is getting to the point where I dread meeting him in the office. We both started at the same time and used to be friendly. When I had a really good month recently, he made my life very awkward. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com