St Valentine’s Day sees the publication of Defaqto’s third Investment Service Report and, at a time when many are focused on their personal relationships, perhaps it is timely to review the relationship IFAs have with their chosen business partners.
We choose and stay with our life partners because on balance we get on together. We may not be well matched in all areas of our life, in fact some things our partners do may annoy the hell out of us, but on the whole there is sufficient compatibility to ensure a mutually beneficial relationship.
The situation is not disimilar for IFAs and their preferred investment bond providers. In Defaqto’s study, Skandia, Standard Life and Zurich Assurance were voted the most popular providers of onshore bonds and on the whole these providers are performing well from a service satisfaction viewpoint. Interestingly, though, they don’t get top scores for all the service disciplines examined in the study. Some providers, for example, AXA, Prudential and AIG Life score very poorly indeed.
Most would agree that lasting relationships are built on mutal respect and commitment from both parties rather than the occasional grand gesture, such as heart-shape balloons and flowers on St Valentine’s Day. Just like personal relationships, IFAs will put up with with a certain amount from their preferred providers, but in the end if things don’t improve, they may be forced to bail out and seek romance elsewhere!
The report is available to download free from www.defaqto.com/report
