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Compliant new business the main challenge for 45% of brokers: L&G

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Generating new business and staying compliant are the main business challenges for 45 per cent of brokers, according to a Legal & General survey.

Client retention is the main business problem for 23 per cent of brokers, the survey says.

L&G says 90 per cent of brokers surveyed agreed that keeping clients was a priority for their business.

Around half (47 per cent) of brokers say client retention would be helped by faster and easier application processes.

A further 35 per cent of brokers say they would like providers to give them more marketing materials to further help retention.

Legal & General intermediary director Steve Bryan says: “Client retention is essential for the stability and security of every broker’s business.

“With this in mind, it is interesting to see that nearly a quarter of brokers surveyed revealed that client retention is their biggest business challenge. In order to address this issue, brokers must be proactive and constantly refer to their back book of clients to ensure the longevity and success of their business.”

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