Professional Adviser

IFAs still don't get IT

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  • By Jonthan Boyd
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More IFAs than ever are submitting business electronically, yet almost all that are still rely on paper application forms that are re-inputted back at the office, research from The Exchange suggests.

The findings come through a survey of about 500 IFAs visiting the ExWeb portal.

Reasons for the apparent paradox are put down to:

  • Client declarations still being required on paper;
  • IFA reticence in using IT in clients’ homes;
  • IFA concerns about not having a paper record;
  • Time limits, which make it quicker to use an administrator to complete applications.

    • Just 8% of the IFAs surveyed said they entered data directly into a PC while with a client.

    A full 92% of the 81% who stated they submit business electronically said they collected data on paper with a view to re-entering the data when back at the office.

    The Exchange has published a free guide for IFAs explaining how to submit business electronically to provider, available from the “buy” section at www.exchange.co.uk.

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