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Swip in drive to bolster business through IFAs

Scottish Widows Investment Partnership is targeting the adviser market directly with a series of measures aimed at boosting IFA sales.

Swip’s distribution has been done through its sister life company’s salesforce and through a deal with Lloyds TSB private banking.

The company is increasing its stand-alone sales team to six staff and is setting up an IFA sales support operation to back up the team.

Head of UK distribution Simon Wombwell has recrui- ted former Newton colleague Scott Dakers to manage IFA sales in Scotland and third-party sales.

Dakers’ remit will be to get the entire range of Swip-bran- ded investment products on the major fund supermarkets and other life and pension platforms as soon as possible. The firm is also looking to recruit a head of IFA sales.

Swip is making front-end charges on its equity and bond products consistent across the board at 5.25 per cent and 3.75 per cent respectively and paying renewal commission for the first time at 0.5 per cent on equities and 0.25 per cent on bonds.

It is slashing the minimum investment on all Swip products to 1,000, in some cases from 100,000, and is introduce regular savings plans from 50 a month. Changes are due to be in place by Jan- uary 2006.

Wombwell says: “We have the required factors for UK distribution and I think that IFAs will respond positively to the changes.

“A lot of work has been done over the past two years to improve the investment team’s performance and we are looking at combining this with dedicated sales and service support for IFAs.”

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