The opportunity
A "silo" mind-set exists in the way in which Product Providers and SME IFAs interact and gather information to help in the running of each other's businesses. Recent research has demonstrated that life assurance, investment, pension and mortgage product providers have wanted to find a realistic and cost effective way to reconnect with, and show support to, small to medium-sized directly regulated IFA firms and redress and support and service balance - currently in favour of Networks and larger national IFA firms. Small and medium-sized IFA firms are disadvantaged in many ways by the "manufacturing" side of the financial services industry, quite ofen by "Friendly Fire".
By utilising technology, Panacea has found a way to allow Product Providers and small to medium-sized, directly regulated IFA firms to reconnect in an efficient, meaningful and cost effective way and has been met with universal product provider enthusiasm and approval.