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Exchange has big lead as top portal for IFAs

The Exchange overwhelmingly remains IFAs&#39 favourite portal, with 70 per cent saying they use it most, according to a survey by IBM and 1st Software.

Misys&#39s AssureWeb is the second favourite, cited by 11.5 per cent of those surveyed. Synaptic Systems-run IFAonline is the choice of 3.3 per cent.

The survey concluded that IFAs value what portals offer but want them to do more, with the most beneficial attributes being comparative quotes, followed by policy valuations, product valuations, fund switching and commission tracking.

The survey also shows that IFAs value individual providers&#39 extranets but complain that they all use different systems and require different passwords, reinforcing the importance of portals.

Over half the respondents use three or more portals, with the majority using them weekly or more often.

IFAs would be prepared to pay an average of £30 a month for all the present portal functions plus all the other functions that they would like a portal to deliver.

The most frequently used extranets are Norwich Union, Standard Life, Skandia and Legal & General.

IBM surveyed 58 IFAs from the very biggest firms and banks to sole traders.

Life and pensions solu-tions manager Jerry Seabridge says: “The general reaction to electronic trading is a positive one. A start has been made but IFAs feel that it is time to take it to the next stage. Electronic trading is clearly the way for the industry to make cost savings.

“IFAs see value in individual extranets but do not like having to deal with individual passwords and different functionality.”


R&SA signs five firms for fund links

Royal & Sun Alliance is teaming up with five fund managers to launch external fund links on its online pensions solutions product range. From April 8, IFAs will be able to access 12 funds from Aberdeen, Baillie Gifford, Framlington, Gartmore and Newton. To qualify for the panel, each fund had to have four stars from […]

Pru International branches out with prudence bond

Prudential International, the newly formed offshore branch of Prudential, has established a with-profits and unit-linked bond called the international prudence bond.The bond is marketed mainly as a with-profits bond, but in addition to two with-profit funds, it offers a range of 11 unit-linked funds from five external fund managers.One of the with-profits funds is sterling […]

5.45% fix for non-conforming loan

Specialist lender Mortgages Plc has introduced a 5.45 per cent fixed rate across its range of non-conforming mortgages. The rate is fixed until March 31, 2003 and is available on loans up to 90 per cent loan to value. Right to buy mortgages are excluded. Redemption penalties are 6 per cent for the first three […]

Unum rethinks CI over code fears

Unum has been forced to change its new critical-illness product following a meeting with the ABI&#39s critical illness working party, which had expressed fears that the product could fall foul of its code of business.The company has agreed to add cover against heart attacks, strokes and cancer in one of the categories in its Elixia […]

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]


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