Aviva departures fuel distribution overhaul
Aviva has revamped its distribution division following the departure of its general manager distribution Shaun Williams and national sales manager Paul Greenwood, who both left to join adviser groups.
The changes see former general manager group marketing and distribution development, Paul Northey, take on Williams' role while former Aviva staffer Stephen Trist returns to the company to become national key account manager.
The company has also flattened its distribution structure, with the team now looking after both Navigator and Aviva products and services.
Aviva has also appointed Jeremy Houghton into the newly created role of new national manager account development to generate more strategic alliances.
According to Aviva chief operating officer Grant Salmon the group is also in the process of recruiting for a national sales manager.
Salmon says the group is also considering creating several institutional roles to supplement its focus on advisers and dealer groups.
“We have exceeded the number of dealer groups [Aviva now has a working relationship with] for the first 12 months and we are still looking for advisers to work with,” Salmon says.
According to Salmon, the new alliances are designed to boost the use of Aviva products and Navigator, which now has $10 billion of funds under advice.
The company has ruled out offering a ‘lite’ version of Navigator, saying its pre-select option already offers that service.
“Navigator is a full service offering, but we created the pre-select offering which have MERs between 10 to 15 per cent lower thereby effectively creating a ‘lite’ version,” Salmon says.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.