Skandia offers support to IFAs switching business models

Skandia has launched a business consultancy service to help advisers change their business model from a reliance on stand alone product sales to complete financial planning.

Skandia says the launch responds to the changing nature of the advisory market as consumers increasingly want ongoing advice.

It also highlights instructions from the FSA in its Retail Distribution Review (RDR) that advisers must offer an ongoing service if they want trail commission.

The business consultancy team will provide practical assistance on topics including developing robust investment processes and building value into an adviser’s business.

The team will frame its advice within the context of current and future regulatory requirements such as treating customers fairly (TCF) and the RDR.

Dave Chessell, UK sales director at Skandia, says: “We know from working closely with growing businesses that they have specific challenges and this new team has been established to support them in meeting their broader strategic objectives.

“Through the platform paper, the FSA has made clear its interest in making sure that advisers are using platforms appropriately and advisers can expect to see a definite focus on the question of platform suitability."

Gary Stirrup, Skandia’s former investment solutions manager covering the north of the country, becomes UK head of platform sales to head the team.

Stirrup, who joined Skandia’s investment platform Selestia in 2001 before moving to Skandia last summer, reports to Mike Wallis, UK sales development director.

The team, which will consist initially of three specialists including Stirrup, brings Skandia’s business development team to 30 people.

To comment on this story contact:

Jennifer Bollen
Reporter
Tel: 020 7034 2679
E-mail: Jennifer.bollen@incisivemedia.com