Speaking at the Tisa discussion forum in London last week, portfolio and retirement planning director Malcolm Small said the online functionality of personal accounts, as well as easy access to broadband, will push more people towards online financial services.
He said: “People will get used to doing their personal accounts online and will start to ask, why can’t I get my life insurance and protection products online too?”
IFA Life founder Philip Calvert says personal accounts may help to drive forward the use of online services but the change is already under way.
He says: “People are better informed when they go to see an IFA because there is so much information available online.”
Calvert says that while advisers might perceive this as a threat, it can be a good thing for their business, provided that they are aware of chan- ging consumer behaviour and adapt to it.
He says: “IFAs should consider doing a round-up of the weekend financial news and write a blog or article for their website. By regularly updating the content, adv- isers are more likely to be found on Google searches and will attract more people to their sites.”