View more on these topics

IFAs put their faith in customer loyalty

Customer loyalty is more important to IFAs than the search for new business, says a survey by Devon-based IFA network Berkeley Wodehouse Associates.

The survey finds that one of the main challenges facing IFAs is the extent of their workload and they risk neglecting existing customers in trying to get new business.

The survey covered 175 BWA members. Over a third of members said had seen 20 per cent of their clients in the past six months.

Respondents said financially inactive clients were the most difficult to contact. Most IFAs contact their inactive clients by phone. Some IFAs contact their clients at spec ific times and 21 per cent when it is appropriate for that client.

BWA says IFAs need to keep in regular contact with their clients to make them feel valued. It says phoning, e-mailing or personal visits are often too time consuming and that other marketing initiatives should be considered such as mailshots or newsletters.

BWA chief executive Malcolm Streatfield says: “It costs a great deal more to find a new client than it does to keep an existing one. Keeping a client loyal has the same effect as cutting 10 per cent off your overheads.”

Recommended

mPower Europe buys out online IFA Sort

Sort.co.uk, the UK&#39s only online IFA, has been bought out by mPower Europe. The subsidiary of US parent mPower plans to establish an online service providing virtual financial advice to companies. The takeover was announced by mPower Europe commercial director Ben Goss at the Sofa conference last week. In a debate with Aifa director general […]

Schroders triples equity held by staff

Schroders, the UK’s second largest listed fund manager is to triple the amount of equity held by its employees over the next five years in a move to strengthen its independent status. The move comes amid speculation that Schroders which manages £143.6bn of assets will be forced to sell up to large financial conglomerate in […]

Abbey pushes to finalise merger with BoS

Abbey National is pushing to finalise its merger with Bank of Scotland amid signs that Lloyds TSB is preparing to launch a bid for the former building society, according to national newspapers. Abbey has offered between £21bn and £25bn for BoS and has agreed to locate the enlarged group’s head office in Edinburgh. Also, the […]

New mortgage range from Yorkshire

Yorkshire Building Society has launched a new fixed rate mortgage at 5.99 per cent fixed to 12 January 2006 on a maximum loan to value of 95 per cent. Redemption charges of 5 per cent, 5 per cent, 5 per cent, 4 per cent and 3 per cent apply during the five year term. There […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment