View more on these topics

IFAs spend only 35% of their time in giving advice

Most IFAs spend only a third of their time advising clients, reveals research by technology specialist 1st Software.

Its online poll, 1st Impressions, found that not one of the more than 200 IFA firms polled spend more than half their time advising clients, with 80 per cent spending less than 35 per cent in front of customers.

A follow-up poll showed 55 per cent of advisers believe improved technology would improve this and 36 per cent reduced legislation.

Sofa vice-chairman and PBA managing director Phil Billingham says: “As we move closer to a fee-based world for IFAs, then firms will need to establish where they are spending their time, and where they can gain time to spend on more profitable, client facing activities. Integrating technology fully into the business and management process is a good way to do this.”

Holden Meehan partner Amanda Davidson says: “In a working day there is much to cover and administration matters take more time than face-to-face advice. Clearly, this is an issue for fee-charging and when working out a proper commercial rate many advisers underestimate the other aspects of their day that have an impact on client fees.”

Recommended

Head of FSA consumer panel to join OFT

FSA consumer panel chairman Colin Brown is quitting his role after just two-and-a-half years to take up a post with the Office of Fair Trading.Brown will depart six months earlier than expected on November 1. He will be replaced by Ann Foster, who has been vice-chairman of the panel since January 1, 2001.Brown is best […]

Exeter FS acquires further PMI assets

Exeter Friendly Society has announced it is acquiring the private medical insurance book of the Royal Bank of Scotland Staff Healthcare Friendly Society, in a move which expands its membership base to around 65,000.Members of both organisations voted in favour of the transfer, which sees EFS now controlling £60m in assets.EFS chief executive Roger Cawse […]

Stand up and be counted on PI

I note with interest that some of the letters you are printing in your paper on PI and other regulatory subjects are becoming anonymous as far as the authors are concerned, presumably on the grounds of fear of retribution. This matter is far too serious for those with a grievance to remain anonymous.From what I […]

Out of context

•”I am crap at being intelligent.” – Clark again on what it takes to set up a successful business.•”Maybe there&#39s been a trade of employees between the Food Standards Authority and Canary Wharf.” – Fee-Based Advice sales director Nick Peters on the mysteries of the latest FSA response to DP19.•”My lovelife is more complicated than […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com