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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.”

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