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Banks and societies still pose biggest IFA threat

IFAs believe that their main competitors will remain banks and building societies, according to the annual Money Marketing/One Account State of the IFA Nation poll.

The survey shows that 40 per cent of IFAs believe highstreet banks and societies are the main threat to their business while 35 per cent think future bank and building society multi-ties would be their main competitors in five years.

Thirty-five per cent of advisers believe that rival IFAs are their main competitors but only a quarter thought they would remain their main rivals in the future.

Only 9 per cent said new internet operations, including direct fund supermarkets and other online IFAs, were their number one threat, 4 per cent voted for private-client stockbrokers and 2 per cent for direct-sales reps.

Holden Meehan director Amanda Davidson says: “In London, there are many IFAs within walking distance of each other but this is not really where the competition lies.

“IFA businesses are very individual and this is where going to an adviser for a tailor-made service comes in.

“I think banks and building societies will change the shape of the sector in years to come but who is to say whether they will get these propositions right.”

Heron House Financial Management director Chris Jordan says: “I am disappointed by these results because I think they show that a lot more advisers are deciding not to remain wholly independent in the future.”

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