Switching from initial commission to renewal commission is IFAs' biggest priority to generate income over the next year, says Lincoln Financial Group.
A poll by the provider found 26% of IFAs surveyed rate switching the focus to renewal commission as their main priority. A further 20% say their priority is improving management information on client profitability while 13% say it is moving to fee-based advice. The survey also shows 44% of IFAs see building long-term relationships as the biggest potential threat to their businesses over the next year. Almost 40% say their biggest threat is the need to keep up with product development. Simon O’Connor, head of product and marketing at Lincoln Retirement Income, says: “Initial commission’s ...
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