The number of IFAs regularly using technology as part of the sales process in front of clients has a...
The number of IFAs regularly using technology as part of the sales process in front of clients has almost doubled in the past year, according to a new Exchange FS survey, writes Kirstie Redford.
IFAs' confidence has increased significantly with numbers trusting in technology rising from 22% in 2000 to 40% in 2001.
Use of back office systems has also seen growth among IFAs from 65% to 90% over the last year. A total of 23% of IFAs surveyed now use bespoke systems, compared to just 7.6% in 2000 and the number of IFA companies with a website has also increased from 56% to 80%.
Stephen Wynne-Jones, head of life and health protection at Exchange FS, said the findings suggested more IFAs are realising that technology can help ease pressure by cutting costs and improving the efficiency of their business.
'The findings of this research demonstrate the impact technology is having on the IFA market. This is also proven by the fact we have seen a significant increase in the use of our IFA portal with 44 million quotes and transactions processed in the first six months of 2001, up from 30 million in the first half of 2000,' he said.
