10 Nov Wren Sterling wins Leek United distribution deal
Wren Sterling has signed a deal to provide independent financial advice to members of Leek United Building Society, its eighth partner in the sector.
Under the terms of the deal, two advisers have moved to Wren Sterling under TUPE transfer.
The Leek United operates 12 branches across the Staffordshire region. Until recently Legal & General provided advice to Leek United members, prior to exiting the market earlier in 2016.
Paul Chafer, Chief Commercial Officer at Wren Sterling, says the building society sector is a natural partner for advice:
“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. 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.”
Leek United Chief Executive Kevin Wilson 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.
“We look forward to working with Wren Sterling. We’re confident the partnership will continue and enhance the high levels of customer service on which our own reputation is based.”
Chafer added that Wren Sterling is looking to work with more building societies. It is also in the market for back book purchases as it continues its drive for growth.