IFAs believe marketing is important - but most do nothing about it, a survey suggests.
A study of 1,000 IFAs by networking website IFA Life concludes that, while almost all believe marketing is important to their business, only 5% have a formal plan.
The results also show that 99% have no plan to target the web, despite a majority of IFAs recognising the Internet's increased importance in finding new clients and professional networks.
Philip Calvert, founder of IFA Life, says: "There's no doubt IFAs believe marketing - both online and offline is an important business activity. But for some reason, the majority are not doing anything about it.
"The vast majority still rely on ad hoc referrals from clients and professional connections, but are not formalising or measuring their approach to lead generation. This lack of a structured approach will inevitably cause problems for them in the future."
The survey suggests ideas for IFAs to develop their marketing, such as:
• Identifying a niche market
• Live events
• Writing articles
• Networking - face-to-face and online
• Purchase leads
Calvert will be hosting an 'Internet Marketing Masterclass' as part of the Institute of Financial Planning annual conference on 6 October.
