Hundreds of IFAs admit 'we just use paper'

More than 120 of the 800 intermediaries surveyed by 1st-The Exchange admitted to "just using paper" to store and manage client data and the software provider says the results may be indicative of the sector as a whole. Elsewhere, almost six in ten say they use a "recognised" back office system to hold data, although 25% still rely on basic "off the shelf" spreadsheet software. "With such massive regulatory and cost pressure impacting so many firms at the moment, it's very worrying to see 15% are still supposedly managing sensitive client data using manual, paper based methods," 1st mana...