Thinc’s advisory business rebranded as Bluefin in January this year but its networks retained the Thinc name. However, the decision has now been taken to put the nail in the coffin of the brand.
The move to dispose of the networks and the Thinc brand comes just under a year after Thinc Group – the collective name for Thinc Assured Network and Thinc Network Services – was fined a whopping £900,000 for risk management and compliance failures relating to sub-prime mortgage sales.
But Bluefin says the decision to ditch the brand has nothing to do with the fine and came after a strategic review.
It says it found that businesses not carrying the Bluefin brand did not fit its strategy.
Gregg Taylor, managing director of financial advice at Bluefin, says: “The decision to close our network operations is based on a strategy of developing Bluefin as a premier provider of financial advice under a single brand. It is an indication of the company’s strategic direction.”
Julian Wells, director of the Marketing Innovation Forum, says: “Bluefin has made a brave decision to wipe out an established brand like Thinc. One of the challenges facing those who manage brands is how they fit together.”
Wells contrasts the decision with the long-running marketing campaign behind Norwich Union’s transition to the name Aviva.
He says: “The Bluefin brand will be embedded faster than Aviva but in some ways it’s more risky in a marketing sense.”
Stephen Young, sales and marketing director at Sesame, says: “We have worked hard to secure this exclusive arrangement. We are delighted to be able to offer Thinc network members the opportunity to continue building their businesses with the backing of our financial strength and wide range of support services.”