A survey by FIS Software has found that Independent Financial Advisers (IFAs) are losing around £8,000 in revenue, due to poor service from providers. 1 in 5 IFAs said the service that they receive from providers is terrible and think that it has got worse in the last year.
This poor service and commission rates could lead to some Independent Financial Advisers to concentrate on the more affluent groups, leaving most people with less choice in the marketplace over where to buy financial advice and products.
Our view
We agree. employs staff literally to follow up queries with Insurance Companies for clients. We literally pay for people to sit at their desks 'on hold' listening to supermarket music.
If it becomes intolerable, we claim compensation to offset against client fees.
We suggest others should do the same.