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IFA going online for 24-hour sales

Riach Independent Financial Advisers is setting up a website which offers users the chance to buy financial products direct.

The website at www.logon aims to remove the paperwork associated with buying a wide range of financial products such as unit trusts, Isas, mortgages and life insurance.

Principal Bob Riach says IFAs not using the internet may be left behind by intermediaries who are beginning to embrace e-commerce.

By utilising the internet, he says IFAs can maintain their existing client base while making their services more attractive to potential clients.

Riach says internet users are already searching the web to evaluate financial products before approaching an intermediary or lender.

Consumers can access logon2money to check their credit status, arrange Pep transfers or buy Isas and unit trusts via its link to Fidelity&#39s fund supermarket, FundsNetwork. They can also phone the IFA to get individual advice on products.

Riach says: “Today&#39s clients require access to financial products 24 hours a day and the internet is the best way of providing this.

“I believe IFAs and providers of financial services need to evolve and respond quickly by actively pursuing online business.

“A high percentage of consumers are surfing the net outside business hours. IFAs will need to have systems in place that are capable of allowing the consumer to purchase products and services online, any time of the day or night.”


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