Bluefin eyes solution to ‘huge' legacy business

Axa-owned advisory business Bluefin Wealth Management has identified some 190,000 ‘legacy’ customers following a marked drop in adviser numbers, and will begin re-engaging with them ahead of the RDR.

The company formed from the business previously known as Thinc has moved from having 800 advisers three years ago to 32 highly-qualified planners following a restructure.

Due to the drop in numbers, the company has identified thousands of what it calls ‘heritage' customers - those who are on its books but now have little regular contact with the company.

It is in the process of building a proposition which will cater for those clients who wish to continue to have limited contact. It also hopes to identify those who may wish to engage with the wealth management team more regularly.

Nick Burns (pictured), CEO of Bluefin Advisory Services, said: "There is a huge legacy business.

"We believe several thousand of these customers may wish to move to our holistic financial planning service. Others may simply want some specific advice or to access a free online service which will be updated with financial information such as market analysis and updates".

The move is part of ongoing efforts to turn the loss-making business into a profitable advisory group ahead of the Retail Distribution Review.

The group's latest accounts show Bluefin lost £1.9m before tax in 2010, but that result includes the profit-making Bluefin Corporate Consulting.