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Medal plan to grade IFAs by profit potential

IFAs are set to be ranked according to their profitability in terms of gold, silver or bronze by providers, claims Cap Gemini Ernst & Young.

The move is likely to result in tiered levels of service, with life offices looking at customer relationship management software that will see more profitable IFAs receive a higher grade of service from providers.

The pressure for more focused CRM provision is growing as research from Cap Gemini Ernst & Young shows that 80 per cent of all business placed by IFAs comes from only 25 per cent of RIs.

More productive IFAs will receive more of the benefit of providers&#39 new marketing initiatives as well as a higher level of administrative support.

The CRM technology enables call centre staff to ascertain what value and proportion of an IFA&#39s business comes to that life company and target IFAs with marketing campaigns and address marketing problems.

Less productive IFAs will be given a bronze ranking, channelling them to different call centre departments providing lower levels of service.

Cap Gemini Ernst & Young vice-president and head of insurance Shaun Crawford says: “Providers cannot be all things to all men. They will continue to deal reactively with less productive IFAs but they will not do lots of proactive work behind the scenes to help them manage their business.”

Retirement Options Teesside & North Yorkshire IFA Harry Fletcher says: “It is inevitable that you give your best customer preferential treatment. But my clients deserve exactly the same kind of service as anyone else&#39s.”


Seed Capital to launch third Oxford Technology VCT

Venture capital manager Seed Capital is set to launch its third Oxford Technology VCT in February.The fund is looking to raise £10m and will be managed by the same team as Oxford Technology and Oxford Technology 2.It will be launched into a very saturated market, with more than £300m being sought across new VCTs this […]

Investment seminars free with Killik & Co

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Dripfeed option to encourage the reluctant investor

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Disgusted with Tunbridge Wells

In common with many of my clients, I have had a 10-year with-profits policy with Tunbridge Wells Equitable Friendly Society that matured on October 1.We all received a letter from Twefs on August 7, stating the maturity value due for payment on October 1. Due to the events of September 11, Twefs then decided to […]


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