Norwich Union is preparing to test the sale of protection products on an execution-only basis in a bid to boost sales.The trial period is expected to run initially with the NU direct salesforce throughout August and September. NU says it will consider selling through another white-labelled deal as its contract with Tesco Personal Finance on protection products came to an end in February. Head of distribution David Barral says the outcome of the test will determine the company’s next move but he says that non-advised sales suit some types of consumers. Barral says straightforward life policies can be sold without advice but consumers who buy direct are not likely to seek advice anyway. He says: “The majority of the market is still served by IFAs but there is a big untapped market of consumers currently not buying protection. There is a bigger opportunity for advisers where a direct model is in place. This will be an attractive new market.” NU says improved technology systems allow consumers to conduct more comprehensive independent research but advisers must step in to address more complex planning needs.
Lender profile Guy Anker finds GMAC-RFC is optimistic after the sell-off of a majority stake in its giant parent General Motors
These are turbulent times for some IFA companies and their advisers, with one business crashing in the last few months and others facing a financial crunch.
New Star Asset Management is offering what it believes to be the first cautious managed fund offering exposure to three asset classes within a non-fund of fund structure. The Tri-Star unit trust will invest in UK property, equities and bonds in roughly equal amounts and will be managed by joint deputy chief investment officer Gregor […]
Measures designed to prevent the abuse of personal information are not working
Investment Insights from Silicon Valley. The latest views from Allianz Global Investors and Walter Price, lead manager at Allianz Technology Trust – August 2016. Click here
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Harwood Wealth Management Group has bought Southampton IFA AE Financial Services for £4.6m. An initial payment of £2.4m plus £1.54m of net cash balances was paid on completion of the deal and a deferred payment of £2.2m will be paid in two lots over the next 24 months, dependent on AE’s performance. The acquisition has […]