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Sun Life of Canada to set up IFA network

Sun Life Financial of Canada is setting up an IFA network in a bid to keep

its direct salesforce from leaving and becoming IFAs elsewhere.

At the start of 2000, the salesforce totalled 795, down from 950 in 1999

and 1,130in 1998.

The future of the salesforce was thrown into doubt in April after analysts

said the Canadian parent company&#39s decision to wind up its salesforce could

set a precedent for the UK due to concerns over its shareholder value.

SLFOC denied it was planning to run down or disband the salesforce but

admitted it was introducing a new framework designed to provide financial

consultants with “options” so they could develop their career without

having to leave the company.

Options currently available include becoming a Dunbar-style franchisee or

a salaried employee.

The Basingstoke-basedlife office announced the plans for the network to

staff last week. It has advertised for a managing director to set up the

network. He or she will help lead SLFOC “move in to a major expansion

period of their range of services on a national scale”.

The company already has an in-house IFA with five registered individuals.

The salesforce introduces clients to the IFA when their needs cannot be

matched to a direct product. The two product ranges are separate.

Spokesman Paul Riddell says: “We are expanding our IFA services, including

direct marketing and this is part of that. All the fieldforce know what is

going on.”

A source close to the company says: “The network is to stop the direct

salespeople moving out and becoming IFAs.”


Pru to float and buy in US

Prudential is floating on the New York stock exchange at the end of thismonth in a bid to raise around £136m for a potential acquisition.The Pru says it is hoping to raise the capital for “general corporatepurposes”. According to a spokesman, the cash could be ring-fenced for anacquisition in the near future.But the life office […]

Speaking volumes

The introduction of stakeholder, with its regulated maximum charge, hasforced the industry to reappraise its approach to group pensions.Fundamental business decisions need to be made by providers and advisers ifthey want to continue to compete profitably in this market.The downward pressure on margins has already hada significant impact oncommission, with most providers paying considerably less […]

Restaurant aiming for £4.5m EIS to expand

Restaurant chain the Santa Fe Group is aiming to raise £4.5m throughIFAs and venture capitalists as part of an Enterprise Investment Scheme.The group wants to fund plans for expansion to other parts of the UK.It says after the success of its first two restaurants in Islington andReading, it wants to open 15 new restaurants over […]

Stakeholder – the target is moving

How would you encouragethe average person to buya stakeholder?JG: A twin thrust of quality promotion, including individual advice whereappropriate, from qualified advisers and improved understanding andawareness of financial requirements at different lifestages will helpconsumers choose from the options available for their financial planning,with stakeholder one of those options.We have already seen a growing recognition, especially […]

Allianz Technology Trust – April 2017

Welcome to the latest update for Allianz Technology Trust PLC from the Trust’s portfolio manager, Walter Price. Portfolio review The Trust’s NAV returned 4.3% , outperforming the Dow Jones World Technology Index return of 2.8%. In US dollar terms, the portfolio gained 4.8%. During the month, stock selection contributed to relative performance, and industry allocation […]


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