Prudential denies reports of return of direct sales force

Following reports Prudential had relaunched its direct sales team with plans to target 200,000 clients, a spokesman for the provider revealed its new advisers were not chasing IFA’s customers.

As reported by sister newspaper Financial Adviser in September 2011, Prudential is looking to build a team of 80 advisers to service customers who came from Man from the Pru.

Reports across the financial press today (7 February) have claimed that Pru is resurrecting its direct sales force and is looking to target 200,000 new clients that will potentially move away from IFAs post-Retail Distribution Review.

However, a spokesman for Prudential denied this and said intermediated distribution would remain the provider’s core route to market. He said Prudential decided to hire advisers after being inundated with calls from direct customers seeking advice.

Last year Alan Jones, a chartered financial planner from Tenon Financial Management, was hired as sales director for the face-to-face advisory department.

Andrew Power, lead Retail Distribution Review partner at Deloitte, said: “A sales force that targets specific segments of clients makes perfect sense for providers.

“One of the reasons companies are doing this is to plug the advice gap. There will be fewer advisers after RDR and many financial services companies will be looking at ways to improve their direct to consumer distribution model.”