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IFAs missing out on term sales

IFAs are losing out on valuable business opportunities by not considering

term insurance for their clients, according to figures from Swiss Re Life &


The company&#39s research shows that direct salesforces sell nearly twice as

much individual term insurance as their IFA rivals, with DSFs accounting

for 61 per cent of all sales compared with just 32 per cent for independent


As a result, thousands of customers are potentially paying over the top

for life cover, as many of the top term insurance providers, such as

Scottish Widows, Scottish Provident and Legal & General, have independent

advisers as their dominant dis- tribution channel.

The report says IFAs are in the unique position of shopping round to get

the cheapest cover with the added benefit of being able to rebroke the life

cover every couple of years as premium rates fall.

Towry Law Fraser Smith regional sales manager Patrick Murphy says: “I am

very surprised by the figures. Perhaps it is indicative of the way that

IFAs are moving to provide clients with wealth management from an older

client base.

“But term insurance represents one of the few areas left where an IFA can

genuinely add value and save their clients money while not having to worry

about commission levels.”

Maddison Monetary Management managing direc-tor Mark Howard says: “I can

understand why direct salesforces are ahead. It is because IFAs have a much

wider range of products to offer and they do not tend to go for the easy

options like their direct salesforce counterparts.”


Net firm in warning on electronic voting

Hopes that electronic voting will pave the way for major improvements inUK corporate governance have been dashed in a report sponsored byshareholder voting service E-vote.While electronic voting is due to become legal in the UK later this year,E-vote warns that millions of these votes could be excluded under arcane UKcompany law regulations.Under current law, proxy […]

Misys set to pick final two firms for stakeholder panel

Axa, Scottish Equitable and Friends Provident are competing to fill thelast two places on Misys&#39 stakeholder pension panel.The board will discuss who to choose at a meeting on Wednesday, with Axaand Scottish Equitable said to be favoured over Friends.In May, Misys appointed Scottish Widows, CGU, Clerical Medical andScottish Amicable to the panel.Competition was fierce as […]

If wins big deal with Mysis IFAs

Halifax’s tele-net bank Intelligent Finance is signing a deal with Misys to register 4,500 IFAs to its July-launched service. Mysis IFA Services is the parent company for five IFA networks namely IFA Network, Countrywide, Financial Options, Investment Options and Kestrel. The latest deal means around 20 per cent of all RI’s will have signed-up to […]

Pass website to update review IFAs

The Pension Advisers Support Scheme has set up a website to help IFAsthrough the pension review and the newly announced FSAVC review.The Pass site will offer advice and post up-to-date information about bothreviews free of charge. The siteat isan extension ofthe scheme&#39s services used by 3,000 registered IFAs.Many of the Pass services can be […]

Natixis video: Making smarter use of asset classes

Content supplied by Natixis Global Asset Management This video from Natixis Global Asset Management focuses on Active Share. One strategy for the smarter use of equity investments is ensuring you get what you pay for. According to the company, looking at Active Share can give you a better perspective on where performance comes from. Active […]


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