This second tranche of research highlights the importance intermediaries place on strong personal relationships with existing clients and contacts, in generating new business.
Most advisers (85%) expect referrals from existing clients to be the best source of new business, and nearly half (47%) expect to increase revenues from existing clients.
Other sources of new business also rely on personal relationships, including networking (9%) and professional referrals (8%).
When it comes to providing a personal touch, advisers expect as much from their providers as they deliver to their clients.
In fact, the survey revealed that intermediaries value good customer service (77%) over competitive products (68%). Also high on their priority list are fast query / information turnaround (58%), face-to-face contact (41%) and high performing products (43%).
When asked about planned changes to their business, most advisers (79%) say they had no plans to diversify or expand their business within the next few months. However, additional research suggests this may be because most advisers are busy making massive changes to their business models in preparation for RDR, with:
• Almost two-thirds (60%) working on further qualifications
• Over half (55%) changing their remuneration models
• Over a quarter (26%) moving to using a wrap or platform
• And over a quarter (27%) changing their client profile
Just 25% of advisers are doing nothing to prepare for RDR – a close match for the 25% who believe they will no longer be trading come January 2013.
Simon Badley, director of intermediary at Aviva, said: “Putting the customer first has long been seen as the key to a profitable business and our research shows that this is still the case.
“Financial advisers expect the majority of their new business to come through existing customers in the coming months, either directly or through referrals.
“At Aviva, we recognise that advisers rely on us to provide them with the support and tools they need to build strong relationships with their clients. Our role as a provider is particularly important in the current political and economic climate, where advisers are navigating major industry change, while consumers may be reviewing their financial affairs and actively seeking advice.
“The Hot Issues Tracker is part of our ongoing dialogue with advisers. It helps us better understand the challenges facing the UK's IFAs so we can provide them with support where they need it most.”
