One in five financial services providers regularly lose customer documentation and one-third of IFAs have to wait three or four weeks for firms to process documents, suggests a poll of advisers.
Software provider Vignette conducted a survey of 60 advisers to discover IFAs wait an average 16 days for providers to process documents while 7% regularly advise clients it may take up to eight weeks to get a response from “ill-equipped” providers.
Although the study questions only a handful of firms, 58% of respondents said the apparently disorganised manner of firms negatively affects their reputations in the marketplace.
An aggregated, web-based view of all personal finance documents which increase customer self-service, suggests almost eight out of ten advisers (79%) however, IFAs also admitted they leave a client meeting on 28% of occasions without having all the necessary paperwork completed.
This appears to be in part because the clients themselves are financially disorganised, says Vignette, as 55% of those questioned argue consumer lose around £1,000 a year in investment opportunities thanks to their own lack of organisation.
At least one quarter said that figure could be worth as much as £3,000 a year (14% of responses) or more (10% of responses).IFAonline
‘Important to have an anchor’
Lack of innovation for solutions
Some 2,000 consumers affected
Achievements, charity work and other happy snippets