Kent-based IFA Brunning Newton Houghton (BNHL) is preparing to lose hundreds of clients as it seeks to cut costs in 2009.
Managing director David Brunning says the company will be writing to up to half of the 2,000 clients it considers "unprofitable" and expects to lose "around 80%" of them. He says customers will be offered an ongoing service on a fee-basis and, if they refuse, BNHL will terminate its contract with them. "It's something we should have been doing over the last couple of years but the economic climate has really brought it into focus," he says. "It is costing us simply to have them on the books. We're printing leaflets for customers and are going to be distributing them in two week's time...
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