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The online business and social networking website has been designed to help advisers share best practices, debate key industry issues, pool strengths and access business resources.

The upgrade includes a number of new features and tools to help members grow and develop their businesses.

This includes a resource section where advisers can access a range of services from external providers such as seminar and event organisation, marketing, office supplies, software tools and compliance expertise.

Research conducted by IFA Life found that while 95 per cent of IFAs believe that networking is an important activity to attract referrals, find professional connections and to meet with other IFAs, only 5 per cent were proactively attending weekly or monthly networking events.

Philip Calvert, founder of IFA Life, said: "Most IFAs told us that finding time to network was a big problem. IFA Life enables them to network and interact with other IFAs online without having to leave their office. At the heart of the site is the forum, where IFAs are discussing crucial industry issues in real time.

"IFA Life has all the functionality of major networking sites, but has been designed specifically with IFAs, mortgage advisers and financial planners in mind – making it a very attractive proposition for professional financial advisers to raise their profile and to improve their Google rankings."

John Beale, marketing director for Shropshire-based Pi Financial Dixon Sutcliffe & Co, said: "This has always been a cottage industry but professional ability comes from sharing. Sharing knowledge and skills is what will drive the industry forward and I believe this website could help in that."