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Liverpool Victoria--What'sbehind this??

Independent and Whole of Market Financial Advice Services

1 am writing to inform you of important changes to the services that Liverpool Victoria will be offering you in the future.

As an existing customer of Liverpool Victoria Financial Advice Services Ltd you have previously received Independent or Whole of Market financial advice from us.

1 am pleased to tell you that Liverpool Victoria has made arrangements with LighthouseGroup, a leading National IFA, to provide it's existing and new -customers with independent financial advice from April 2007.

This service will be delivered through regionally based advisers in the LighthouseTemple division and will enable customers to benefit from a significantly enhanced national coverage and a broader range of financial advice services.

We anticipate that many of the existing Liverpool Victoria advisers will take up new positions with LighthouseTemple and this will help us ensure that we achieve a continuation of as many of the existing customer relationships as possible.

LighthouseTemple is a division of the LighthouseGroup, an AIM listed Independent Financial Services provider. LighthouseTemple's core business is the provision of independent financial advice for both personal and corporate clients, operating with over 150 regionally based advisers throughout the UK.

LighthouseTemple provides personalised advice and service of the highest quality to all of its clients. For more information about the LighthouseGroup and LighthouseTemple please visit their website at https://www.lighthousegoup.plc.uk or by calling their dedicated Client Services team free on 08000 85 85 90.

Above is text of letter OH received today. I wonder why LV is hiving off its finacial advice function, that incidentally was originally provided by FRrzzells, to LightHouse Group. Does anyone know much of the new provider?


  • dunstonhdunstonh Forumite
    113.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Most insurance companies have either closed or sold off their advice arm. AXA are doing the same currently as LVFS. They cannot afford the liaiblity that goes with giving advice and the structure that goes with it. A salesforce will see around 20% of the advisers generating 80% of the business. Its an unsustainable business model with todays regulation and compliance standards. By pushing their salesforce into the IFA model, they can pass a lot of the costs onto the advisers themselves along with getting rid of any future liaibility for advice (on new business).

    Its a pain for us IFAs because it means we get a load of tied agents with their salesforce bad habits working as IFAs but under the same style as they were as tied agents. Although many will not make the move as it will scare them when they realise the difference between tied agent and IFA.

    I will stick to what I always say. Avoid the salesforces regardless of their status. Conrad made a very good post in the mortgage section earlier that said good quality advisers dont work for salesforces. You start out and learn the job that way but the good ones will go on to start their own firms or become partners/directors in established small local firms. The bad ones or the lower skilled ones get left behind.

    That is the pattern (in general as there are always exceptions).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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