IFAs are set to benefit from the reshaping of the Zurich IFA network. The group is in the process o...
IFAs are set to benefit from the reshaping of the Zurich IFA network. The group is in the process of restructuring its Zurich Financial Services arm, which will result in a number of job losses within the company and cost savings of around £50m. But IFAs are set to benefit from the shake-up as Jim Reeve, managing director of IFAs, introduces more synergies and better solutions for advisers.
Sandra Paul, external affairs at ZIFA, said: 'We will give IFAs extra tools to help them manage the business other than just looking at top line profits. We want to become far more focused in helping IFAs increase their profitability.'
Part of the restructuring process will see a more customer-focused approach from the IFA arm of the business. Paul said: 'Reeve is moving from focusing on the IFA, to helping the IFA focus on the end customer. We will help an IFA come up with a package of solutions which will meet their customers' needs. He is developing best practice using the sales management experience that we have. He will also be looking at ways to decrease bottom line costs for IFAs and enhancing added-value services. These will be through, for example the Professional Development Foundation,' she added.
ZIFA announced in April that it would be reshaping the life businesses for Zurich Financial Services, which would result in a number of redundancies and predicted cost savings.
'We are implementing a part of that reshaping now. This is a reorganisation and will bring together and eliminate duplication of the brand marketing divisions and the product development unit for the various brands we had. Now we will have just one development unit which will look at and cover all the various brands that we have, for example, Allied Dunbar, Zurich Life and Eagle Star,' Paul said.
'The restructure is there essentially to look at the development of solutions now with a separate area looking at customer segmentation and focusing on customers needs in the future. This is where we will look at ways of developing them ourselves or develop partnerships with other companies in order to provide a solution,' she added.
The resturcturing means a num-ber of job losses are due, but its is unsure how many at the present time.
