Beagle Street exhibition casts IFAs as 'extinct dinosaurs'

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Independent Financial Advisers (IFAs) have joined Tyrannosaurs, Triceratops and Velociraptors in a new exhibition sponsored by Beagle Street.

The exhibition at The Dinosaur Museum on Britain's Jurassic coast in Dorset is sponsored by the online life insurance company.

It is running a placard stating: "Independent Financial Advisers were a complex group of animals that first appeared in the pre-internet age. They were the dominant terrestrial financial advisers in a world where financial products were so complicated an entire industry was created just to explain them. The birth of Beagle Street, an online life insurance company, that offered simple, friendly and affordable service led to the extinction of most Independent Financial Advisors by the end of 2014."

Beagle Street's research of over 5,000 British adults also said 63% of UK adults do not trust IFAas and 84% believe they are an unnecessary point in the financial services process.

According to the poll, 48% claim that they would be more likely to buy life insurance if the process was made simpler and could be done online.

A third (31%) believe IFAs slow down the process of taking out cover and are there purely to "make money for themselves and third parties" (54%).

Just 39% of those questioned admit that IFAs make them feel like they do not know what they're doing.

Matthew Gledhill, managing director of Beagle Street said: "It cannot be right that a financial service has become so complicated that over the last twenty years a separate industry of advisors has grown up just to explain it."

Gledhill continued: "There has been a chronic lack of innovation in the life insurance market, which we believe under-serves its customers."

 

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