Most IFAs are ready and willing to take on the distribution challenges of depolarisation and meet requirements to maintain an independent status, suggests research from software and services developer Focus Solutions.
Some 82% of 840 IFAs surveyed through a general questionnaire and specific follow-up interviews say they would maintain an independent status subsequent to depolarisation becoming reality.
This level of commitment to independence to an extent contradicts previous vox pop views the new rules “would point towards a large share of the UK’s business being conducted on a multi-tie basis.”
”According to the research only 17% of IFAs will adopt a combined independent and multi-tie structure,” Focus Solutions says.
Where a question mark does hang, however, is over the need for an industry IFA portal for comparative quotes, the company adds.
This is because of resources expected to be put into portals or extranets built to serve the developing multi-tie sector.
Still, the numbers committed to maintaining an independent status suggests there will be a role for the IFA portal: 87% of those surveyed say they will continue using portals for both sourcing comparative quotes and placing business electronically.
Some 90% surveyed say they expect ecommerce to play a more important part in their business in future, although 10% say either they expect the level of ecommerce to remain constant, or, in the case of 1% of respondents, they actually expect to do less ecommerce in future.IFAonline
Joined as head of strategy, multi asset, in June
Group income protection
Nine in 10 do not have income protection
Set to become part of Single Financial Guidance Body