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Standard Life sales restructure sees changes to adviser support

Standard Life has restructured its sales team to re-focus on wrap users and corporate advisers. Clients no longer active will rely on tele-support. 

The company says no jobs were lost as part of the restructure. A total of 80 people work in the field sales team, plus 59 regional staff in platform consultant, regional manager and regional business development manager roles. Standard Life has a further 11 telephone support staff.

The firm says the change is designed to refocus sales staff attention toward adviser firms it expects to grow post-RDR, particularly those that are purely fee-based.

The move will see staff focus more on users of the Standard Life Wrap as well as advice firms already active in the workplace savings market or those looking to access corporate advice under auto enrolment. 

Standard says those firms targeted under the re-organisation will see an increase in face to face support or increased opportunities to access support with business support including IT and marketing operations.  

It adds the firm will also be seeking to renew relationships with some firms that stopped dealing with Standard Life since it exited the commission market.

A Standard Life spokeswoman says: “All the changes we are making have been driven by a careful analysis of the market, focusing on the needs of progressive firms that we expect to thrive in a fully transparent environment.  

“As these firms have achieved the highest professional standards their demands have changed, asking us to focus on broader business issues, such as risk and cost management, process development, specialist platform support, and helping them deliver positive change in their business.”

Clearwater Financial Planning managing director Duncan Carter says: “We were an early adopter of the Standard Life Wrap and have been happy with the service we have received. I can see why Standard Life is interested in targeting auto-enrolment advisers as well.” 

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. They are not and never have been keen on small firms

  2. Standard (non) Life – support? Are you kidding? There hasn’t been support from them for over a decade.

    Service – a word not in their lexicon.

  3. I haven’t introduced any new business to Standard Life for many years but, at the not inconsiderable risk of being seen to contradict Harrry Katz, I have to say that the level of service I experience from the Company in relation to the existing business I stiil service, both Life and Pensions, is perfectly satisfactory.

    As for the direction the Company is now taking, all of the ‘investment based’ Life Offices are faced with the same problem – Post RDR, essentially they’re redundent – their role has been taken away, and they have to somehow re-invent themselves, and not all are going to do so successfully. I understand why SL are seeking to work with a smaller number of (bigger) firms, but even if I was of a size to attract them, I’m not at all sure that I would want to promote such a ‘tie-in’ to clients. Far better it seems to me, to propmote an ‘independent’ identity, using a range of platforms, e.g. Cofunds, Elevate, FNW, but with the backing of a large and strong parent..

    It seems to me that there will be very few Life Office ‘winners’ in this, and probably only L&G and AXA at the moment, with the rest, outside of the protection specialists, all suffering a long, slow and painful decline,

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