Dispelling the Myths
The financial landscape in Ireland has changed dramatically in recent times, with brokers facing unprecedented challenges. For brokers to service their clients effectively in this new world, IFG have adapted their business model to make it relevant to the current market. Our competitors have neglected to keep up-to-date with recent developments in One Network, which is why our team would like to clarify myth from reality.
Don’t listen to what our competitors have to say about us! Listen to our clients...
Myth 1
One Network will take ownership of your client database if you become a member.
This is a myth. All client data records remain the property of the original broker. One Network will never contact any client directly without the expressed permission of the relevant broker in line with the Data Protection Act (2003).
Myth 2
One Network is just a broker.
This is a myth. One Network is a highly regulated financial intermediary and part of IFG Group plc, which is listed on the Irish and London stock exchanges. As a strong financial intermediary, we have greater scale and resources than a standard broker network.
Myth 3
It is easier to deal directly with all the product providers, rather than through a network.
This is a myth. Product providers are now insisting that brokers deal with them more efficiently and are currently moving to systems like One Network to improve their business efficiencies in dealing with brokers.
Myth 4
Brokers must use One Network in conjunction with Best Advice & Advisor Plus online quotation systems.
This is a myth. The One Network system allows brokers to keep comprehensive client records by integrating the various tools used by brokers. This insures that the broker can maintain accurate records of every financial service provided to a specific client on one single system.
Myth 5
One Network offers the same commission as any other Network.
This is a myth. As the largest financial intermediary in our industry, IFG’s One Network has the scale to negotiate favourable terms for its members, beating our competitors’ financial proposition. Our members are further rewarded for volume and loyalty, as we continue to negotiate with providers as the Network grows.
Myth 6
The One Network proposition will not benefit your business financially.
This is a myth. One Network will enable you to:
- Diversify your income streams
- Significantly reduce your cost base
- Reduce your overall business risk
Myth 7
One Network is just an IT system.
This is a myth. The One Network is a full service proposition for brokers as well as a powerful IT solution. For the latest service proposition, please contact your regional sales consultant.
Myth 8
The One Network has no CRM functionality.
This is a myth. The One Network system has a more sophisticated CRM functionality than any other broker platform. It allows you to manage client records, process applications and fact finds. It also allows you real-time access to commission statements.
Myth 9
As a member of One Network, renewals are owned by IFG and the broker receives no payment.
This is a myth. Where renewals are due, the broker will always receive commission. This is clearly stated in the contractual agreement between IFG and the broker members.
Myth 10
One Network will take ownership of your client book if you terminate your agreement with IFG to transfer to another network.
This is a myth. Our standard agreement clearly states that if a member of our network terminates their agreement with IFG to transfer across to another network, the client will remain the property of broker, in line with the Data Protection Act (2003).
Click here to download the Dispelling the Myths flyer.