AXA looks to build dealer group
AXA is looking at creating a new insurance advisory business by bringing together some of its top risk writers into a single company.
Wednesday, November 1st 2006, 6:45AM
AXA Leaders Forum was established several years ago and consists of a handful of its top, and biggest, business writers.
A key aim of the new company would be to establish a universal advice based brand with a national network of independent professional financial planning and advisory service providers.
Under current ideas AXA would purchase a 51% of the equity of each business, the balance of 49% being retained by the current business entity and its shareholders.
Advisers who join the new company would end up selling their business for cash and shares and also having a plan to exit the business further down the line.
They would end up managing a local office for the new company.
It is envisage the new company would be a national brand with 100,000 customers and managing over $200 mill in funds.
Within five years it is anticipated that the group will comprise of 25 businesses that account for 75% of AXA’s adviser business revenues.
AXA chief executive Ralph Stewart, when approached by Good Returns about the proposal, had no comment. It is understood the target start date for the new company is April 1.
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