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&#39Technology spells the end of panels&#39

New technology will soon make IFA product panels redundant, claims

research specialist Synaptic Systems.

It believes panels restrict choice and do not provide customers with true

independent advice since they are often restricted to a handful of

companies chosen using subjective criteria.

Synaptic, which offers software packages to more than 3,000 IFAs, says its

systems allow IFAs to select the most suitable provider for clients using

objective criteria. They enable IFAs to search the whole market to find the

most suitable provider.

But national IFAs and leading networks, which are some of the biggest

exponents of provider panels, say panels offer much more than a mere

comparison of product information.

DBS public relations manager Sue Lewis says: “The counter-argument is that

a lot of research goes into our provider guides such as looking at the

financial strength of a company. There are thousands of products and even

using technology IFAs still have to trawl through a number of databases.

Our guides provide this service for them.”


Actuaries aim to improve switching information

The Institute and Faculty of Actuaries is aiming to improve the information provided to pension scheme members switching from defined benefit to defined contribution plans. The professional body has produced guidance notes setting out the information that should be provided to scheme members, to ensure the information they receive is both comprehensive and consistent. The […]

Click on to a new deal

The internet is all about empowering the consumer and most of the newservices on the web target the consumer directly. Many IFAs still see it asa threat to their business, fearing the accessibility of the medium willerode their position as the first point of reference for investors.In 1998 an estimated 1.1 per cent of UK […]

Business people will trade to aid deaf children

Businesspeople are being offered the chance to gamble with someone else&#39smoney to raise cash for the National Deaf Children&#39s Society.Working in teams, participants will be given £30,000 to invest infictitious companies.The event will pack five days&#39 imaginary trading into one evening. Theteams will be expected to weigh up trading floor speculation and pressreleases to see […]

Woolwich and Halifax in clash on interest deals

Woolwich and Halifax are going head to head by only charging interest onthe difference between customers&#39 borrowings and savings.Woolwich has just set up the Open Plan “offset mortgage”, which it saysbuilds a virtual link between a customer&#39s secured borrowing and savings.This is one of the core propositions of Halifax&#39s new venture, IntelligentFinance, which starts next […]


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