Wren Sterling  

Wren Sterling strikes deal with another building society

Wren Sterling strikes deal with another building society

Wren Sterling has signed a deal to provide financial advice to members of Leek United Building Society.

The building society will become Wren Sterling’s eighth partner in the sector.

Under the terms of the deal, two advisers have moved to Wren Sterling under TUPE transfer.

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The Leek United operates 12 branches across the Staffordshire region and until recently Legal & General provided advice to its members before exiting the market earlier this year.

Paul Chafer, chief commercial officer at Wren Sterling, said: “The building society demographic suits financial advice delivered either in branch or over the telephone. 

“Typically these clients have saved sensibly throughout their lives, but they lack the knowledge to navigate complicated legislation at crucial times like drawing their pension or inheritance tax planning, which is where we add real value. 

“Legal and General exiting the market has created an opportunity for us and we won these deals on the strength of our work with other building societies; meeting their members’ expectations on choice and service, and importantly, delivering a valuable revenue stream for our partners.”

Earlier this week Wren Sterling appointed Ian Halley as its chief executive, poaching him from Aviva.

The company is also partnered with West Bromwich Building Society, Darlington Building Society, Saffron Building Society and Nottingham Building Society.

Mr Chafer added that Wren Sterling is looking to work with more building societies and is also in the market for back book purchases as part of its drive for growth.

Kevin Wilson, chief executive of Leek United, said: "Following a full review of the way in which the society provides financial advice, we decided to offer customers a broader, more comprehensive service.

“Wren Sterling's experience, credibility and reputation in the market made our decision to create this partnership very straightforward.”