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IFAs say their net use will soar in five years

IFAs expect to use the internet much more in their daily business over the next five years.

Seventy-six per cent of 300 advisers questioned by Sesame predicted a growth in internet use while 30 per cent thought there will be a major increase.

Sesame has teamed up with Mori to launch a quarterly survey of advisers.

Ninety per cent of advisers say they conduct their daily business face to face with clients but only 56 per cent use the net for day-to-day business.

Just 15 per cent use WAP technology but 16 per cent expect to see an increase in use over the next five years. Sixty-nine per cent say they still use the mail to contact clients but 23 per cent expect this to fall over five years.

Financial Technology Research Centre director Ian McKenna says: “The need to cut costs in the industry is crucial. In five years time, it will be absolutely essential that people are trading electronically and anyone not planning to do this probably should be thinking about leaving the industry.”

Assureweb head of transaction delivery Stephen Wynne-Jones says: “The key point is that technology will never replace the need for advisers to meet face to face with clients. The power of technology will be in the back office to make businesses more efficient. I can see paperless transactions becoming the de facto standard for certain classes of products such as term insurance.”

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