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Survey reveals extent of client recycling

Existing customers account for just one-third of IFA’s new business, according to Tillinghast.

The consultancy says this implies the majority of new clients are recycled from other advisers and IFAs are failing to provide an ongoing service to customers.

Tillinghast associate Joanna Hall says: “A cultural change is needed whereby the current sell and move on approach is replaced by a regular and ongoing advisory service. Customer value ongoing financial planning advice but currently less than 20 per cent of advisers hold advanced financial planning qualifications.”

A separate survey by the firm found although 80 per cent of advisers have adopted online planning tools, such as asset allocation and risk analysis services, many IFAs have failed to grasp their full potential.

Tillinghast is holding a free seminar on how advisers can use these tools to enhance their skills, particularly regarding asset allocation, on November 2 in London.

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