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:
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.
Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus
From 3 to 10 October