View more on these topics

&#3999 million quotes show Exchange is service of choice&#39

A primary focus for The Exchange in 2003 is the level of interaction

we have with our IFA customers. One of the biggest lessons we have

learnt throughout our 12 years of providing technology solutions to

IFAs is that, for technology to be of practical benefit to IFAs, it

must fit their current business processes as closely as possible.

This knowledge and experience is one of the key reasons why our Exweb

portal is the service of choice for the vast majority of IFAs today.

We are proud of this position but do not take it for granted. We are

committed to continuing to develop our services in line with the

needs of IFAs. That is why the feedback we receive from our customer

helpline and client surveys and the face-to-face contact we have via

IFA focus groups and industry conferences is vital to us.

It is this that shapes our products and services and helps us deliver

the functionality and depth of service that we hope adds real value

to an IFA&#39s business.

A key indicator of the value our portal gives to our customers is the

level of usage it receives. At the moment, the best yardstick is the

level of quotations that are processed and, in 2002, Exweb processed

99 million quotes. This positions Exweb as the key facilitator of new

business in the intermediary sector and demonstrates its vast

distribution capability.

This distribution capability that can help drive up the volume of

fully end-to-end electronic transactions within the intermediary

sector. This is a key point. Exweb is much more than a quotation

engine. IFAs can already research, quote and apply for new business

electronically via Exweb.

The reason why our volume of quotations is such an important figure

is because the quotation is the starting point of the application

process. There is a natural transition from online quotes to

electronic transactions and eventually end-to-end processing. Exweb

is ideally placed to enable this transition.

This year we will be making significant enhancements that will give

our service the capability to revolutionise the way many of our

customers run their businesses. The dynamics of the market are

changing and the needs of our IFAs are evolving. There is increasing

demand from consumers for complete financial planning services that

encompass all the individual&#39s financial affairs. This is shifting

the emphasis within an IFA&#39s business from simple product and

provider selection to managing the client relationship and providing

advice at appropriate times throughout the relationship.

The next generation of Exweb will match these changing needs. The new

service will include all the current services but will also provide

intermediaries with the necessary functionality required in the

changing marketplace.

This will include a client database enabling IFAs to store all their

client records in one place and identify marketing and cross-selling

opportunities, online workflows and audit trails, consistent

processes across providers, application tracking and aggregated

policy valuations.

Our top priority is to ensure we add value to our customers&#39

businesses. If we can do this, we will remain their technology

supplier of choice.

We value highly the views of IFAs and there can be no better

indication of which portal offers the best service. Last week&#39s Money

Marketing reported the findings of the Money Marketing/One Account&#39s

State of the IFA Nation poll which showed that 71 per cent of IFAs

believe The Exchange offers the best service of all the portals. This

figure is hard to argue with.


DBS fined for misleading ad

The FSA has fined Misys-owned network DBS Financial Management£100,000 for misleading advertising it says did not even “comeclose” to meeting FSA standardsThis is the FSA&#39s first fine for misleading advertising. It says itpenalised DBS for approving an ad for a “protected Isa” and failingto improve its advertising approval procedures between 2000 and 2001.Misys bought the […]

Dampier says Isa sales are dire

Hargreaves Lansdown bel-ieves stocks and shares Isa sales haveplummeted by as much as 80 per cent this season, with some fundmanagers suffering a 90 per cent slump in new business.Head of research Mark Dampier says war in Iraq, the three-year bearmarket and scandals in the structured product and split-capitalinvestment trust sectors have prompted almost all […]

Final-salary trustees warned of legal threat over wind-up

Trustees of final-salary schemes could face legal challenges fromnon-retired members if they lose out when schemes wind up, warnsGissings chief economist Roger Nightingale.Scheme trustees could be vulnerable to litigation if regular paymentswere made at a rate that funds could not sustain because ofunderfunding, Nightingale told delegates at the Pensions ManagementInstitute conference in London last week.But […]

Catalyst brings together EIS portfolio

Catalyst Investment Group has established a second enterprise investment scheme (EIS) fund that invests in a portfolio of between four and 15 EISs. The fund aims for growth by investing in small and developing companies over a five-year term. With a minimum investment of £3,000, it is designed as an alternative to EIS portfolio management […]


Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm