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IFAs ask why providers need to monitor service

IFAs have slammed an industrywide syndicate set up to monitor IFA service satisfaction, claiming it is unnecessary as providers should listen to the feedback IFAs give providers every day.

Some of the industries biggest investment firms have joined together to commission market research company ORC International to perform a mass survey of IFA satisfaction on all aspects of service.

But some IFAs believe the research would not be necessary if providers communicated with IFAs efficiently and used the feedback they get through broker consultants on a daily basis.

The study will be a long-term initiative supported by nine investment companies, including Norwich Union Investment Funds, Schroder, Standard Life Investments, Fidelity and Gartmore.

The syndicate says it is working towards best standards of service with its plans to conduct 500 one-hour face-to-face interviews with a cross-section of IFAs every six months.

The surveys will investigate the issues of IFA service and support as well as IFA perceptions of investment performance and the financial strength of providers.

Orc International director Hanya Dezyk says: “The idea for the survey came about in response to the changing nature of the investment industry. The increased level of competition from a broader range of companies has meant service has to be better than ever before.”

But Dennehy Weller & Company company director Brian Dennehy says: “The IFA community gives this sort of feedback to providers everyday through broker consultants but we do not get any response.

“If providers were organised enough to channel this feedback to the decision-makers and communicate this back to IFAs we would not need time-consuming surveys.”

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