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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.


Emerging views

By Frances HughesEmerging markets funds may lose out at the next Adv-iser Fund Index rebalancing as panellists respond to the prospect of an econ-omic slowdown and rising interest rates. There are currently eight emerging markets funds across the AFIs. The First State global emerging markets leaders, dimensional emerging markets and Jupiter emerging European opportunities funds […]

Leeds extends online facility to include BTL

Leeds Building Society has expanded its online facility and case tracking functionality to include buy to let mortgages.The nedw service will now give introducers 24-hour access to instant mortgage decisions, KFIs and real time updates on their applications.Leeds Building Society general manager sales Kim Rebecchi says: “Landlords already benefit from our simple buy-to-let underwriting criteria. […]

Pru predicts equity release will double in two years

Prudential believes the equity-release sector is likely to double in the next two years to well above 2bn. Lifetime mortgage director Ali Crossley says such a rise is well below what many would hope for but is realistic. Pru launches its direct-sales team of 20 equity-release advisers next week and plans to grow the team […]

Nvesta for sale as Eurolife seeks to cover liabilities

Eurolife Assurance Group is being forced to sell off Nvesta to cover liabilities and pay compensation to policyholders. EAG went into administration in August when it could not pay a £700,000 instalment of a five-year compensation deal for policyholders who invested £17m in its secured bonds in 1999. Industry sources estimate Nvesta has around £120m […]


Guide: 10 required letters — what to send, to whom and when?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.


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