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Axa Wealth replaces Co-op advisers

The new financial advice service offered by Axa Wealth comes on the back of Co-operative Financial Services pulling the plug on its field-based advice channel in July, impacting 670 financial adviser and support employees.

Axa Wealth’s deal with Co-op follows similar agreements being struck with Clydesdale and Yorkshire Banks plus Britannia Building Society.

Co-op Bank’s customers will be offered a specifically tailored fund range, including ethical funds, designed by Architas, Axa Investment Managers and Co-operative Insurance Services Unit Managers.

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The service is backed by a bespoke version of Axa Wealth’s Elevate wrap platform.

The partnership will deploy 265 advisers across the branch network.

The new team will include the transfer of roles from the existing Co-op business and a significant number of new roles that will be offered to Co-op’s staff.

Simon Philp, managing director of banking partnerships of Axa Wealth, said: “Our new financial advice service has huge benefits for Co-op’s 5m customers and is beneficial for both of our businesses.

“Axa Wealth is proud to be partnering with a company with such a strong history and positive reputation.”

Rod Bulmer, managing director of retail at The Co-operative Banking Group, said: “This arrangement extends our historical partnership with Axa to the bank’s 345 strong branch network and ensures our customers will continue to have access to quality financial advice and a broad range of competitive life and savings products.”

Back in July Co-operative Financial Services pulled the plug on its field-based advice channel, impacting 670 financial adviser and support employees.

CFS bosses concluded their customers would be best served by extending its partnership with Axa to provide in-branch financial advice that existed across the 245 branches of Britannia to its 90 Co-operative Bank branches.