Life offices and IFA firms should share their data to build more accurate databases and allow them to plan marketing strategies, the meeting heard.
Bestinvest head of marketing Justin Modray said providers were taking the wrong approach with the research they made available to IFAs,as the smaller groups which would find it most useful cannot afford to buy it.
Modray wants to see providers spend less money on marketing material and use more of their resources for IFA support such as offering IT help or research.
Equal Partners managing director Vivienne Starkey said that although margins were being squeezed for product providers, they were spending their marketing budget ineffectively.
She wants to see providers offer a service for IFAs rather than just product information.
Origen marketing director Sharon Mason-Hunter said: “Most companies struggle with their databases. There is a specialised knowledge between advisers and clients and providers have a wider knowledge. Joining all that up would give direction in marketing, allowing us to stay one step ahead.' Modray said: ” It is all about immediate acquisition at the moment, the providers are not interested in customer retention or tools for helping to manage clients.”