Currently Portman’s regulated sales force, Portman Financial Services Limited, is a wholly owned subsidiary of Norwich Union to whom Portman is tied as an introducer. With effect from 1st January 2005, Portman will adopt a multi-tied model with Norwich Union acting as a key supplier.
Portman and Norwich Union have agreed heads of terms for the transfer of the sales force from PFS to the Society. “Norwich Union and the Portman have a very strong relationship” comments Robert Sharpe, Portman’s Group Chief Executive, “we have maintained an open dialogue for many months and we have now agreed that this change to our partnership model makes sense.”
Peter Hales, Sales and Marketing Director at Norwich Union said: “We have been working closely with the Portman to develop this new business model. We look forward to a continued and long relationship with Portman in key product areas.”
Following the Portman’s recent merger with the Staffordshire Building Society, Portman already controls a regulated sales force, Staffordshire Financial Services, which is tied to AXA. With effect from 1st January 2005, this sales force will be managed as part of the Group’s new enlarged financial services business. Robert Sharpe confirms that: “we are talking to AXA about a suitable role for them within our new supplier panel”.
Paul Evans, Chief Executive of AXA Life commented “AXA is very supportive of this development and looks forward to building on our strong relationship with the Portman Group”.
As part of the planned changes Portman is taking the opportunity to re-organise its branch network which will see the business split into two channels – Retail and Regulated. Day-to-day customer service within the Society’s 150 branches will be managed within the Retail channel whilst insurance, mortgage and investment sales will be handled within the Regulated channel. The branches will continue to trade under both the Portman and The Staffordshire brands depending on location.
Robert Sharpe commented “Portman Group has more than tripled in size since 1997 and the changes we have announced today will help us leverage our scale by taking total control of the customer experience.”
Sharpe adds: “We have a lot of fantastic consultants already which is a great place to start. We intend to become the employer of choice for the best and the brightest people in the market.”
