Clydesdale and Yorkshire launched an IFA service for private banking and business customers on June 1 through its Financial Solutions Centres. This is in addition to a partnership with Axa launched in November to offer investment and protection products to retail banking customers via a tied distribution arrangement.
The Retirement Adviser director of retirement planning Nick Flynn says: “LEBC Group has had a long and mutually successful relationship with Clydesdale and Yorkshire banks. Now they have moved to a whole of market model, it makes sense to outsource annuity advice and focus on their key markets. We are increasingly being approached to provide outsourced annuity advice.”
The Retirement Adviser is a division of LEBC Group.
Flynn says because specialist advisers get higher rates from providers, introducers normally get the same or similar income without needing to take on the work or potential liabilities.
He adds: “This creates a win-win scenario for all concerned, especially the client.”