IFAs 'too reliant on referrals'

This comes despite growing use of the Internet by consumers as a way of purchasing goods and services. IFA Life's survey found 99% of advisers have no formalised Internet marketing plan. Even conventional marketing efforts are neglected, with only 5% of the 1,000 IFAs surveyed admitting to a formal strategy. Those firms with a comprehensive plan are set to benefit from the industry wide inertia, IFA Life says. Traditionally, the IFA business model relied heavily on ad hoc client referrals. However according to founder of IFA Life, Philip Calvert, this will inevitably cause probl...