AXA Wealth to provide new financial advice service to Co-operative Bank

AXA Wealth has won the contract to provide a new financial advice service to the Co-operative's (Co-op) five million retail banking customers across its bank branch network. The major distribution agreement will include an investment, pension and life insurance advice offering.

The exclusive seven year distribution partnership, which will launch in October 2011, will provide Co-op's clients with access to expert financial advice and a wide investment and protection product range, backed by the resources and strength of AXA Wealth, the company said.

AXA Wealth said it builds on its strong reputation for providing efficient and effective advisory services to the retail banking sector, following its successful agreements with Clydesdale and Yorkshire Banks, and Britannia Building Society.

The new service, which is designed for the post Review of Retail Distribution world, will offer Co-op Bank's customers a specifically tailored fund range, including ethical funds, designed using the considerable expertise of Architas, AXA Investment Managers and Co-operative Insurance Services Unit Managers. The service is backed by a bespoke version of AXA Wealth's Elevate wrap platform, which is the leading platform operating in the retail banking sector

The partnership will deploy 325 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.

‘Our partnership with Co-operative Bank has huge benefits for Co-op's 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,’ said Mike Kellard, chief executive officer, AXA Wealth.

Simon Philp, managing director, AXA Wealth, Bancassurance, said that the agreement is a significant and exciting deal for AXA Bancassurance. ‘It reinforces our reputation for having the broad capabilities to provide advice and life and savings products to retail bank customers,’ he explained.

‘With over 550 advisers servicing an even greater number of retail customers, AXA Bancassurance now has significant distribution capability and makes us a leading provider of investment, pension and life assurance advice in the retail banking sector,’ he added.