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NU and Standard take lead for life multi-ties

Norwich Union and Standard Life would be the top two choices for IFAs multi-tying for life and pensions, according to The One Account/Money Marketing IFA State of the Nation poll.

The survey shows that 81 per cent of IFAs would not consider multi-tying but participants were asked to list their top four life and pension firms if they were faced with a choice for multi-ties.

Norwich Union tops the poll by featuring in 65 per cent of the lists. Standard Life, despite recent problems and its planned demutualisation, is second with 55 per cent and Legal & General is third with 34 per cent.

Skandia, which is smaller than several of the leading life offices, performed well, taking fourth position with 33 per cent.

Friends Provident is fifth with 30 per cent and Clerical Medical sixth on 21 per cent.

The rest of the top 10 is Axa seventh on 18 per cent, Scottish Equitable eighth on fractionally less than 18 per cent, Scottish Widows ninth with 11 per cent and Pru 10th, just below 11 per cent. Scottish Provident is in 11th place with 8 per cent.

Scottish Widows marketing director Peter Jordan says alth-ough the firm&#39s position in the poll is disappointing, it does not reflect its increasing share of the IFA market.

Dennehy Weller managing director Brian Dennehey, who says his firm does not plan to multi-tie, says: “Norwich Union and Standard Life taking the top positions does not surprise me but I am surprised about Scottish Widows, which would be top of our list. Widows replicates what Skandia does but is cheaper for us and the client. Part of the problem may be not getting their message out there.”

Skandia Life managing director Nick Poyntz-Wright says: “It is pleasing to be rec-ognised as an attractive partner. IFAs align themselves with someone they trust. Innovation is vital and we are continuously reinventing. We envision a development in open architecture which is set to grow in the future.”


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