View more on these topics

Virgin sets target for IFA business

Virgin One is starting a nationwide recruitment drive with ambitious plans to generate up to half of its business thr ough intermediaries.

The company is seeking key staff to lead its push into the independent adviser market, including a head of intermediary sales, regional business development managers and call centre sales-support staff.

The move is part of Virgin One&#39s strategy to generate a substantial proportion of its mortgage business through the intermediary channel over the next few years.

The drive follows successful pilot schemes with a number of intermediaries, including IFAs such as Mad dison Mon etary Manage ment, earlier this year.

The company says it exp ects to pay commission in line with industry standards alth ough it is unable to reveal details at this stage.

Virgin is planning to break from its traditional marketing focus on the South-east by employing a team of regional business development managers to work with intermediaries across the country by early next year.

The company says it sells 12 per cent of its loans through intermediaries but hopes it can significantly increase business through the channel to bring it closer to the industry average of around 50-60 per cent intermediary sales.

Communications manager Andrew Smith says: “This year, we made the decision to run a series of pilots to help us dip our toes in the water.

“Intermediaries represent an important future business channel for us. We are fully committed to providing a proactive, professional and personalised service to enable independent advisers to offer the Virgin One product.”

Recommended

Chase Fleming Asset Management – FF-US Strategic Value Fund

Wednesday, 15th November 2000.Type: Sicav.Aim: Growth by investing in a value style biased portfolio of US companies.Minimum investment: $5,000.Place of registration: Luxemburg.Investment split: Financial services 30.3 per cent, consumer cyclicals 0.8 per cent, consumer staples 10.7 per cent, communication services 10.4 per cent, energy 9.9 per cent, capital goods 9 per cent, utilities 7.3 per […]

Don&#39t clock off before planning

There are a number of good reasons to undertake inheritance tax planning during an individual&#39s lifetime.Before looking at these further, it is worth dealing with the argument that an estate can be varied after death, so that estate planning can be left until the 11th hour in all but the bigger cases.This argument rel ies […]

Ex-Burns Anderson chiefs join Berkeley

Devon-based IFA network Berkeley Wodehouse Asso ciates has pulled off a coup with the rec ruitment of two former top directors of rival network Burns Anderson.They are former chief executive Philip Whitehead who retired from Burns Anderson in 1998. He will become chairman of Ber keley. Former associate commercial dir ector Mal colm Streatfield will […]

Timetable for change

The changes announced in Gordon Brown&#39s pre-Bud get report represent the most radical shake-up of retail financial services for more than 12 years.The first phase will bring the abolition of polarisation for sales of stakeholder, Cat marked Isas and fund supermarket products.It will allow tied age nts to sell products from more than one provider […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment