A huge research project is being conducted this month by 1st Software, the Association of IFAs and P...
A huge research project is being conducted this month by 1st Software, the Association of IFAs and Phil Billingham Associations to try and find what the fee-based IFA might need to do to maintain profitability.
Around 25,000 IFAs are being contacted throughout August and asked to complete the 'Profit Through Fees' online questionnaire, in the hope it can give a better indication of the time spent client facing and the changes that need to be made by firms moving to a fee-based structure.
This latest research arises from a previous poll - 1st Impressions - which suggested IFAs were not spending enough time with clients and is being sent to 17,500 AIFA members, 9,000 users of 1st Software's Adviser Office technology and around 1500 PBA contacts.
Core results of this research will then be taken to carry out further in-depth analysis, comparing the current levels of client facing time with the level required to ensure profitability in a fee-based environment, says Phil Billingham, managing director of PBA.
"This research should not only confirm if, as suspected, advisers are now spending less time with clients, but, to a large degree, where that time is then spent. We, as a profession, should then be able to look at why the most efficient advisers are able to spend more time with clients, and spread that best practice across the rest of the profession. It is in all our interests that the IFA community, as a whole, becomes more profitable and successful."
A report will be produced compiling these findings as well as recommendations on how profitability might be improved when client facing, while 1st Software will use the opportunity to try and show how technology can compliment the process.
Findings will then be presented to advisers and published in September as a free report.
Any IFA interested in completing a copy of the 'Profit Through Fees' survey can do so by clicking thru the right-hand link to 1st Software's online poll.
Exit fees and conversions
Initial FOC of 0.6%
Former PFS president
Last commission convened in 2002