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Peter Chadborn ponders the information flow between the top of the tree and front-line distribution

07/02/12
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Whenever I’m out and about amongst industry folk and find myself being enticed with a beer or two to share views from the coal-face, I am often amazed at how little the people who I frequently and fondly refer to as the “important decision-makers in the industry” understand what life is like for us over-worked and underpaid IFAs. Ahem. OK, whatever we claim to be and whatever you think of us, we can all agree that most IFAs are at least opinionated. Despite this truth, it is surprising that there really do seem to be barriers to information flow between the top of the tree and front-line distribution.

 

One area of blame should probably be Middle Management. Most advisers’ interaction with people in the industry begins and ends with their broker consultant, if they have one. Any issues that the adviser may have can be relayed to their broker consultant but as long as said consultant’s sales target is not affected, they really aren’t bothered. If it is a big enough issue to get referred up the line, it will probably go no further than the manager’s inbox. After all, who can blame Middle Management for paying little heed to whinging advisers who they’ve never met? With all due respect to high volume distributors this does not apply to them. First; their issues are very different to us small-volume players and second; their business volumes mean that their needs are responded to effectively, relatively speaking. Big-hitters they may be but us firms with only a handful of advisers are reflective of the vast majority of the industry.

 

Proof of this breakdown in communication frequently manifests itself via the cosy chats with Senior Management over a beer, where commonly held adviser frustrations are seemingly news to them. Maybe they are just humouring me but I don’t believe so in every case.

 

It is a shame that more frequently these days the most effective method of getting a resolve to an adviser grievance is via trade media or a negative post on twitter. But these points should not relate to only negative issues. I am sure that great ideas and initiatives also get overlooked because the two ends of the distribution chain are so far removed. (By the way; don’t ever let advisers hear you referring to them as being part of a distribution chain)!

 

I sense that more than ever the product manufacturers in the protection industry are desperate to know how adviser distribution is going to evolve in the run up to 2013. Quite simply; those that observe from their ivory towers will learn little, whereas those that roll their sleeves up and get their hands dirty at the coal-face will learn much.

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