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Tech firm offering client bank deal to retiring IFAs

Technology firm IFA Data is offering advisers who want to leave the industry a way to make old client banks marketable.

The firm offers IFAs wanting to sell up a service that puts their back books in electronic form to allow firms buying client books to be able to evaluate an IFA’s client bank.

IFA Data will process old paper files or files on older software systems that will not interface with modern systems.The service can also be used by IFAs who want help in modernising their client database and not just advisers who are retiring.

Director Paul Breaks says: “The contract gets around the Data Protection Act because IFAs ask us to update client data and we send a letter to product providers explaining this. An up-to-date electronic database gives the adviser and us a clear picture of that client bank that makes marketing to those clients easier.”


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