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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.”


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