According to the report from the IFA community internet portal Panacea, 55 per cent of small to medium-sized firms felt unsupported while 49 per cent did not think providers cared about them anymore.
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Two-in-five believed their relationship with providers was weaker than three years ago while 7 per cent said the connection was virtually non-existent.
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Just under half of smaller IFAs admitted that they did not believe providers communicated effectively with them, and overall the survey highlighted communication as the key area that IFAs wanted improvements in, with 66 per cent reporting this. 65 per cent said they would like providers to have an understanding of the problems faced by IFAs and 62 per cent wanted more training and continued professional development.
Derek Bradley, CEO of Panacea, said: “Better communication between the IFA and providers can only be a good thing. It’s time the bridge between the two is closed.”
Paul Fielding, IFA at Cambria Financial, said: “I don’t feel we’ve been abandoned but I do think providers look after their own interests ahead of us and don’t appreciate how much effort we put into get business on the books.”
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