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Sun Life of Canada wants 300 RIs for its network

Sun Life Financial of Canada is aiming to recruit 300 registered individuals for its new IFA network.

The unnamed network will initially recruit more than 100 experienced RIs but SLFOC plans to triple its membership within four years.

It says it will draw on a number of sources, including the company&#39s 850-strong salesforce and IFAs. About 40 SLFOC tied agents are set to make the move.

But the life office says it will continue to expand its direct-sales arm. Numbersfell to 750 last year but have since risen by 15 per cent to 850 this year.

Industry sources say the network is designed to stop RIs leaving the life office to become IFAs elsewhere and taking their client base with them.

SLFOC intends to have the network up and running by the first quarter of 2001. The network&#39s managing director has yet to be appointed.

SLFOC says the network is part of its strategy to offer customers a wider choice of face-to-face advice as well as expand and provide a career framework for its salesforce.

The salesforce can choose to become self-employed. Another option under discussion is for the salesforce to operate as Dunbar-style franchisees. Plans for them to become salaried employees have been shelved until next year.

SLFOC sales director Phil Lockyer says: “This provides financial consultants with more options so they can develop their careers, either tied or independent of SLFOC, without ever having to leave the group of companies.”û

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