View more on these topics

Aifa refuses to reveal membership numbers

Chris Hannant 480

Aifa has refused to disclose the level of income brought in by annual subscriptions over the last year, saying only that it has seen a “small decline” in membership subscriptions.

The trade body published its annual accounts for the year to 30 June this morning, which showed a pre-tax loss of £153,665, compared to a £194,419 loss the previous year.

Turnover, made up of member subscriptions and event income, fell 15 per cent over the year from £1.6m in 2010/11 to £1.4m in 2011/12.

Last year, Aifa separated out the amount brought in by annual subscriptions, which fell 14 per cent from £1.4m in 2009/10 to £1.2m.

But following a change of auditors during the year, this information has been excluded from the 2011/12 accounts. The latest accounts show sales turnover of Aifa Services, which covers events and project work, fell 37 per cent over the year from £416,138 in 2010/11 to £263,006 in 2011/12.

Aifa policy director Chris Hannant says factors impacting Aifa’s income include the Association of Mortgage Intermediaries’ decision to split from Aifa in February, and market consolidation.

He says: “There has been a decline in income from other services and events. There has also been a small decline in membership subscriptions, partly due to a couple of associates leaving, and a degree of consolidation. One of the principal reasons for people ceasing membership is they are becoming part of larger entities which may already be a member.”

Aifa was also considering introducing higher fees for networks this time last year to bring contributions more into line with fees paid by directly authorised firms.

Hannant declined to comment on whether raising network fees was still an option.

He says: “The fee structure is something the council will continue to review. It needs to constantly consider whether we have the most appropriate structure.”

Aifa’s results have been published ahead of its annual general meeting on 13 November. At the meeting members will vote on Aifa’s proposed rebrand to the Association of Professional Financial Advisers, following the decision to open up membership to restricted advisers in July 2011.

Members will also vote on new council members, including Adviser Alliance director Alan Lakey who is standing for election.


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. Considering they have done nothing for their membership fees, i’m not surprised their membership numbers are in decline. They have failed to have any significant impact in the RDR debarcle. Failed to promote the advantages of finanacial planning to the general public. I cancelled my membership long ago.

  2. AIFA failed to represent IFAs in RDR so should pay the consequences.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm