IFAs have a key role to play helping small and medium sized enterprises(SMEs) which are missing out on over a billion pounds a year by keeping money in low-paying business current accounts, Standard Life Bank says.
This amount has more than doubled from when Standard life Bank last ran the research in 2004, when inert SMEs were missing out on £523m a year. The huge increase is attributable to the fact SMEs are holding far more cash in their current accounts than ever before, according to the research among 500 SME MDs and senior decision makers. In 2004, the average SME kept just over £8,000 in its current account at any one time while today the average is £14,400. Standard Life Bank says the IFA’s role is crucial in persuading SMEs to switch to a business savings account. According to resear...
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