Over half of financial advisors are losing up to two hours a week as a result of inaccurate extranet information, according to a survey of members of the Association of Independent Financial Advisors (AIFA).
Sixty per cent of all members insisted that they would 'not work' or would be 'a lot less likely to work' with a provider whose site was regularly out of date.
Independent financial advisors use such sites to obtain product information for their customers, and 78 per cent indicated that they spend up to two hours a day searching extranet sites for information.
Only eight per cent of surveyed members did not use the internet at all for this purpose, and 67 per cent felt that the quality of the financial provider's extranet was either 'important' or 'very important' in their decision as to whether or not to use them.
Joseph Wykes, managing director, European operations, at Percussion Software, which sponsored the research, said: "Financial advisors are incredibly important to financial service providers yet obviously feel that their needs are being overlooked by a large majority."
AIFA is a trade body representing 70 per cent of the market. A total of 360 members were polled for the research.
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