Phoenix Group has announced Axa Wealth will be rebranded as Phoenix Wealth from 1 July, following its acquisition of the non-platform investment and pension business in 2016.
Phoenix Wealth will take on board all of Axa Wealth’s business interests, which include the Family Suntrust Sipp, several individual pensions, such as the Retirement Wealth Account, and an investment bond with a minimum lump sum of £15,000.
Andy Moss, CEO of Phoenix Life, said “We are delighted to confirm the rebrand to Phoenix Wealth and very much look forward to continuing to deliver the service proposition previously delivered by AXA Wealth.”
Phoenix has written to customers and advisers informing them of the rebrand, and reassured correspondents that there will be no changes to the terms and conditions or features of policies.
The company stated: "We recognise how important the on-line offering is to advisers and their customers and we are committed to continue to offer this key service.
Phoenix Wealth has stated that it has worked hard since the acquisition “to make the appropriate changes to the websites, supporting literature and servicing model, ensuring that the individual strengths of the Axa Wealth and Phoenix models are combined to make a strong solution, whilst ensuring customer service standards and accessibility are maintained.”
Helen Holcroft, managing director of Equanimity IFA, said: “We are always concerned when Phoenix is involved in a rebranding as the admin levels are quite poor and fund performances can also be disappointing compared with companies offering new business.
“Phoenix has been sending out a lot of paperwork, but it’s time-consuming to go through and a level of bureaucracy we can frankly do without. In general, rebranding is also very confusing to clients, unless it is handled with care.”