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Basingstoke headquartered AXA Wealth has reported impressive results for 2012
AXA Wealth has announced its full year financial results for 2012, reporting significant growth against a challenging economic environment.
Overall assets under management for the Basingstoke-based investment and at-retirement specialist, which employs around 2,000 staff, with 650 working at its head office in Winterthur Way, reached £21.6 billion – a rise of 14 per cent on 2011.
Even with markets and continuing uncertainty still putting pressure on investor confidence, AXA Wealth’s total sales reached £3.3bn.
Many of the business’ activities were focused on making changes ahead of the retail distribution review (RDR).
This is an initiative across the finance industry to increase professional standards and to improve clarity for consumers who use financial advisers.
It was launched in 2006 by the Financial Services Authority (FSA) and aimed to improve professional standards within the industry and to improve the clarity of charging.
RDR effectively banned commission, which was the traditional way of paying for financial services advice and products, but has now been replaced by a more transparent way of charging, which is agreed with the customer upfront.
AXA Wealth’s chief executive Mike Kellard, said: “This year consumers will see changes to the way they access financial advice as commission, which has traditionally made the industry rather opaque, is no longer allowed. Now customers will know upfront the costs for the services provided to them and will be able to see the true value of the advice they receive.
“This is something that AXA Wealth has been at the forefront of, having worked this way for a decade. Working in partnership with financial advisers, AXA Wealth staff have been dedicated to delivering a number of projects related to RDR to make it easy as possible for our customers to do business with us.
“To have delivered such strong performance in a year that saw big changes to business processes is a real achievement.
“At the same time, the fundraising efforts of our staff reached new heights, as they raised an incredible £145,000 for charity in 2012.
“Following an employee vote at the start of 2012, a large proportion of the money raised went to support St Michael’s Hospice and we will continue to support them this year.
“I believe we are in a strong position for 2013 and look forward to seeing what AXA Wealth and our staff can achieve in the coming year.”
To find out more about RDR watch Mike kellard’s video on YouTube by visiting http://www.youtube.com/watch?v=R0WF4NtUKFs