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: Client declarations still being required on paper; IFA reticence in using IT in clients’ homes; IFA concerns about not having a paper record; Time limits, which make it quicker to use an administrator to complete applications. 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-enter...
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