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&#39Technology spellsthe 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.”


Widows&#39 windfall is delayed again

Scottish Widows is warning its 1.6 million policyholders they must wait afurther two months before receiving their windfalls from its £6.7bntakeover by Lloyds TSB.Widows blames the delay on the sheer scale of the task. It says it hasprovided additional options for members to receive their windfalls.The original options were either a cheque or loan note […]

50 MPs back Standard mutual fight

Standard Life has won the support of 51 MPs in itsbattle to stay mutual.Among those backing the life office is chairman of the influential AllParty Building Society Group, Andy Love.He has thrown his weight behind the mutual in its battle withcarpetbagger-in-chief Fred Woollard by putting down an Early Day motion inthe House of Commons – […]

All the right movies

The subject of this week&#39s column is a software package that is, in fact,one of the most widely used tools in the IFA market. However, there areprobably comparatively few people in the industry who would realise this.Macromedia&#39s Director package is used extensively to create simple orcomplex high-quality active graphic presentations for websites, CDs andDVDs. The […]

Change of name for Johnson Fry as it looks to boost retail funds

Moneyextra has set up moneyextra insurance, a new fully online virtualmarketplace for personal lines of insurance.The service offers product providers real-time feedback on the profiles ofprospects and customers.It allows insurers to monitor their competitiveness and manage theirmarket position by amending products and rates online, creating a virtualmarketplace where products and rates are matched to consumer […]


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