View more on these topics

IFAs seek improved support services

Disgruntled IFAs are calling for a “radical overhaul” of the way that product providers manage relationships with them, according to new research from BT.

The survey of almost 900 IFAs questioned the use of technology to deal with clients and providers.

It reveals IFAs are most dissatisfied with the level of service from providers&#39 call centres and the cost of implementing new technology.

Almost a quarter say technology is the key business issue for them, followed by regulation and compliance for almost 20 per cent and reduced margins for about 15 per cent.

IFAs say they are willing to invest in technology but are frustrated by the lack of online support from financial institutions and 370 IFAs said they want more electronic communication, including email, internet and extranet.

Less than 50 per cent would prefer face-to-face contact with providers and 91 per cent like to use email and the phone.

IFAs will increasingly use email to deal with clients but meetings will remain more important, as 61 per cent believe this personal service differentiates them from competitors such as direct salesforces.

IFA Best Advice consultant Tony Moss says: “There is no middle ground as providers who have invested in technology and people stand head and shoulders above the usual hotchpotch.”

Recommended

Thoroughly modern policies

When we think of term insurance, we often think the cheaper, the better. Of course, for life cover, there is often little else to distinguish one policy from another.However, for critical-illness cover, it is important to delve deeper than just comparing premium rates. IFAs will have a list of must haves to satisfy before recommending […]

Investors turn to VCTs

The early stage venture capital market is thriving with investment from high-net-worth clients, according to a new report from VentureQuest.The 272-page report published last week reveals that many high-net-worth individuals have been turning to the venture capital sector to seek better returns at a time when conventional equity markets have been relatively stagnant.Investment in third-generation […]

Old Mutual appoints new fund head

Old Mutual Asset Managers has appointed a new sales manager and made two promotions within its expanding national and regional sales teams.Sally Reeves has been appointed as the new national and networks sales manager. She joins from the Berkeley IFA Network where she has been in charge of corporate development for two years.Matthew Nagele has […]

ABI rejects call for external actuaries

The ABI is calling for an external review of appointed actuaries&#39 recommendations about with-profits funds, saying this would improve clarity about the way funds are operated.However, in its submission to the FSA&#39s consultation on with-profits funds, the ABI rejects calls to force life offices to use external actuaries to set bonus rates or to have […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment