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Saga searches for IFAs to boost advice business

Saga Services is recruiting IFAs in a bid to become a major player in financial advice to its customer base of people over 50.

The financial services, holidays and publishing company which targets the growing and increasingly wealthy grey market in the UK is looking for FPC3-qualified IFAs to work from home on a salaried basis.

It is hoping to attract people who are working in banks and building societies as well as existing IFAs to join its PIA-approved Saga Investment Services division.

Saga offers information and quotations on its website and through its call centre on financial products, including Isas, with-profits bonds, private medical insurance and general insurance.

Syndaxi Financial Planning director Robert Reid says: “It does have a substantial mailing list but one of its biggest challenges will be finding enough IFAs with the qualities for its market. The industry is not recruiting enough new people to fill staff target numbers.”

IFA Yorkshire Financial Clinics director Malcolm Guy says: “I am pleased they are using IFAs and the Saga name does not worry me as we are competing with lots of brand names like high-street banks and Marks & Spencer. Brand names tend to attract a less discerning investor.”

Saga was unavailable for comment.

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