New website to rank IFAs
Share
An online IFA listings service has launched for fee-based IFAs where advisers are ranked according to client feedback.
The website, VouchedFor.co.uk, aims to connect consumers with recommended financial advisers, as opposed to all IFAs within a consumer’s area.
IFAs can post details of their services on the website for free, but have to be either exclusively or predominantly fee-based. They also have to be offering an independent, whole of market service.
There is no minimum qualification requirement for advisers but those who have already attained QCF level 4 will be differentiated on the website by a kitemark against their profile.
VouchedFor.co.uk founder and managing director Adam Price says: “The concept is for consumers to be able to find advisers they can trust.
“Our research shows most consumers want an excellent IFA, even if they are a little distance away, rather than the choice of lots of IFAs nearby. It is these consumers we will be targeting nationwide albeit with a particularly intensive focus on the SW London and Surrey areas initially.”
IFAs will pay the VouchedFor service after an initial telephone call with the client and once an initial meeting is secured.
Depending on the type of clients an IFA is looking for, the cost will range from £99 to £299.
The website went live on May 20.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
View results 10 per page | 20 per page
Readers' comments (17)
Anonymous | 3 Jun 2011 3:27 pm
Not keen on that idea. It sounds like 'check a trade' where some tradesmen keep pestering people to leave feedback on the sight. Lowering the tone a bit I'd say.
Unsuitable or offensive? Report this comment
Unimpressed | 3 Jun 2011 3:29 pm
“The concept is for consumers to be able to find advisers they can trust.". Interesting concept. But you have to be fee-based to register. Are you saying therefore that non-fee-based advisers are all not to be trusted? Sounds like it to me.
This website sounds like one individuals' idea of what is "the best", but being touted as something that is going to get the client to the best adviser for their needs, which is not the case at all.
Everyone needs different things from their adviser, and being fee-based is not the only way. Client agreed remuneration is a viable way to offer advice and should be treated as such as opposed to being a poor relation.
Unsuitable or offensive? Report this comment
Arthur Childs | 3 Jun 2011 3:31 pm
I have already listed on this as I can see it's potential. You can see my entry here http://www.vouchedfor.co.uk/ifa-profile/arthur-childs-124. My only advice is when you link in your photo make sure it is square or you can end up with a very fat face
Unsuitable or offensive? Report this comment
Bob | 3 Jun 2011 3:43 pm
Yet another parasite
Unsuitable or offensive? Report this comment
Arthur Childs | 3 Jun 2011 3:50 pm
I am delighted to read the comments from 'anonymous' and 'unimpressed' although I cannot see the point of hiding your name in this blog - what are you afraid of? The reason I am delighted, of course, is that once people really start to find their way to this website they will only find those advisers who are are happy to get clients to post comments about them over which they have no control. The fee issue is a red herring. Simply make sure you only work on a fee basis with enquiries from this website.
Unsuitable or offensive? Report this comment
Anonymous | 3 Jun 2011 3:54 pm
Underwhelmed..................
Unsuitable or offensive? Report this comment
Anonymous | 3 Jun 2011 4:11 pm
i think its a good idea
because the advisors are rated by actual clients so it should be an honest opinion on how they rated a particular advisor which potentially (if a good service is provided) will only help the adviser attract more business?
i do also agree with unimpressed's comments
"Everyone needs different things from their adviser, and being fee-based is not the only way"
it seems harsh to exclude those that are not fee based from something that could potentially help grow there business the way i have taken the above the ratings are based on client feedback not on how clients an advisor charges a client
im sure their are many great advisors that are not exclusively fee based
Unsuitable or offensive? Report this comment
Steve Johnston | 3 Jun 2011 4:21 pm
I think this is great and should be embraced fully.
A website where you can find rank IFA's? What could be better!
Better than RDR!
Unsuitable or offensive? Report this comment
Phil Sipocz - Maxima Financial Management Ltd | 3 Jun 2011 4:44 pm
As usual someone talking themselves and their "service" up as being the best thing since sliced bread. If you're good enough then you will be referred by existing your clients anyway, so why pay money to another of the industry leeches, unless of course you are feeling insecure.
Unsuitable or offensive? Report this comment
Phil Castle | 3 Jun 2011 5:01 pm
Sounds interesting.
Personal reccomendations are important to reassure people who are new to you and that is why I have several on my linked-in profile. They need updating a bit though.
Rating sounds interesting but it depends on whether it is fair and truthful, so I'll have to look at whether I'd be happy with somehting like that in due course.
Unsuitable or offensive? Report this comment