Bluestone group chief executive Peter McGuinness says the move has been made because of funding costs.
McGuinness said: "Our cost of funds makes it hard to defend the product in the broker channel. The economies are different without alliance partners."
He says the decision is not been made because alliance partners didn't want to compete with brokers and financial planners.
"It's not so much that we are picking on the broker channel," he says.
Bluestone will keep all its infrastructure in place so it can resume distribution through advisers in the future.
"We will warm the engines up again when sanity returns," he says.
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