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&#39Business on the net set to save IFAs £37k a year&#39

Business-to-business dealings over the internet will save IFAs an

estimated £37,000 a year, according to London Economics.

In a report commissioned by internet-based company GroupTrade, the

consultant says online dealings will revolutionise the way business is

conducted in the UK.

Small businesses in the UK will save between £18bn and £24bn a year.

The figure for this year is set at £2bn but London Economics expects that

number to increase as online business grows.

The procurement of goods and services over the internet will make up a

large portion of these savings.

Aifa director of policy and technical services Fay Goddard agrees that

business-to-business inter-net transactions will inc-reasingly be a boost

for independents.

She says recent figures show that 25 per cent of IFAs have websites.

Goddard says: “Independent advisers see the business-to-business aspect of

the internet to be more important than the business to consumer aspect.

“This will only increase as more product provid-ers set up extranets with

information and services available.”

London Economics consultant Paul McShane says: “The significant savings

due to business-to-business procurement of online services and products

will affect a wide range of sectors, including IFAs.”

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