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Comments
Viva IFA
Oh come on Alan. Firstly the IFP has got a mangled crutch from sitting on the fence for so long. They are petrified of coming out in favour of independence in case they loose members (from SJP etc). IFA is actually the perfect term. Independent because that’s what we are (or I am at least). This means whole of market and offering a straight fee option. In my view it also means being master of your own destiny and being able to set your own tariff without referring to anyone else – i.e. between me and the client – not a whole raft of management as well. It does NOT mean that the client HAS to write a cheque in every instance – charges can be taken from the product – with PRIOR agreement. Financial – because I deal with all aspects of finance and money Adviser – because that’s what I do. I advise – I don’t sell products – the client pays for the advice whether or not he/she buys a product. I do not offer my time for free. Not rocket science – not difficult. My clients know what I am and I rather think that they appreciate it. New clients ask whether I’m independent and my professional connections know that I am. The title suits me. I’m not ashamed of it. In fact I still like it. All these silly other titles are fatuous. Financial Planner?? Wealth Manager!! Financial Agony Aunt!!!! To me they convey nothing.
Posted by: Harry Katz
CORRECT!!!
Harry I agree, that was my point. We now have so many terms for different advisers - IFAs, wealth managers, financial architects, salesman, representative, partner, associate that the term IFA has lost much of what it was intended to convey. Until the madness of depolarisation the divide was clear - IFA or tied. The consumer had begun to understand the marfked differences and the iFA brand was rising. Depolarisation destroyed this clarity and now we have industry-wide (RDR forced) arguments about names for both whole of market and 'restricted' advisers. The FSA has performed the remarkable task of successfully confusing consumers that previously had an understanding of advisers status. Unless their disbandment brings an about turn we must assume that these muddied water is the way forward for the next 10 years.
Posted by: Alan Lakey