According to a survey of over 1000 independent financial advisers (IFA's), by the European Federation of Financial Advisers & Financial Intermediaries, poor service from product providers is the main problem facing their businesses.
The Europe wide survey revealed relations with providers was at such a low point, it was cited by 47% of respondents as the main problem facing their businesses. Only 31% said that the red tape produced by regulators had the worst effect on their business, compared to 35% last year. Around 58% of advisers said that it was poor service levels and inefficient administration from product providers that had badly affected their company's ability to do business.
Our view
We have to say we agree. At we have clocks that time how long we are hanging on telephone lines to providers. We also have monitors to check how often providers get things wrong and we even charge more for dealing with certain providers.