It is becoming increasingly obvious that many (though not all) IFAs are taking the ostrich attitude towards the internet and e-marketing.
Contrary to what we often hear, only 12 per cent of internet users are the unemployed and students. Over 30 per cent of users are middle and senior management and professionals.
The average user is of the “inheriting classes” looking to invest (often) substantial single premiums.
Also contrary to popular opinion, the internet, especially in the UK, still has massive expansion potential, with only 20 per cent of the population using it regularly.
With commission levels having fallen to unprecedented lows, there is only the prospect of further falls to come.
Most IFAs will not be able to work any harder or any extra hours to replace this income as most are already working at peak capacity.
The only way to offset these falls will be to market “smart” and find the areas of business that remain both timeand cost-effective.
Probably the most effective means to do this will be via the internet, where the bulk of recent searches have been individuals looking for investment advice and term insurance and employers looking for stakeholder advice.
These are, of course, the three areas (single premium, non-regulated and corporate) most IFAs would love to be developing.
So step 1 is – get a good quality web site. Have a look at those offered by MyMoney-Advisers, IFA-websites and IFA-systems.
Step 2 – market it. There is no point in having a web site if it is not actively marketed. Directories provide the best source of “hits” so make sure you have joined searchifa.co.uk, adviserweb.co.uk, money-web.co.uk etc.
Those IFAs who are actively marketing themselves will be far more likely to survive the upheavals to come.
And the ostriches ?
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