View more on these topics

Elms urges advisers to recognise IFAP&#39s value

IFA Promotion chief executive David Elms is telling IFAs they should prepare to pay more for its services, saying it is time they started recognising the value that being registered with IFAP brings to their businesses.

Elms also believes Aifa should be fully funded by its members. He says the only way Aifa can be truly independent as a trade body is if it breaks financial ties with product providers.

Between 80 per cent and 90 per cent of Aifa&#39s funding comes from IFA members but Elms says in an “ideal world” the trade body would be completely funded by IFAs.

His comments come just a week after Aifa director general Paul Smee was criticised by the Treasury select committee for product providers&#39 cross-subsidisation of IFAs&#39 Financial Services Compensation Scheme costs.

Smee says some providers are associate members but he strongly denies that their presence affects its independence.

Smee says: “Every trade body I know has associate members. This is not a unique or unusual situation. Having associate members in no way compromises our independence.”

Elms says there are plans to charge IFAs more for the services that IFAP provide. Companies currently pay a one-off fee of £250 per head office and £100 for every additional office.

He says IFAs should look to the post-depolarisation world and realise the value that IFAP brings to their businesses in terms of differentiating them from other types of advisers.

Elms says: “Given the growing value of IFAP&#39s marketing programme on our members&#39 bottom lines and the opportunity of differentiating the IFA brand post-depolarisation, we are considering ways to attract additional support from members who want to market themselves more actively.

“In an ideal world, it would be good to see the value that Paul Smee and his team deliver, recognised by Aifa&#39s members fully funding its activity.”


International Health Insurance – IHI First Choice

Type: Group private medical insurance for expatriates Minimum-maximum ages: From birth-no maximum Minimum group size: Three Maximum benefit: £1m, euros 1.5m, $1.8m Cover provided: Module one &#45 hospitalisation, inpatient treatment including outpaient/day case treatment in a hospital, local transport by ambulance, hospital cash for maximum of 25 nights and emergency treatment, module two &#45 outpatient […]

IFAs in pilot scheme to give advice via bureaux

The Citizens&#39 Advice Bureau service is teaming up with IFAs to give generic financial advice to consumers. IFAs will work in collaboration with nine bureaux to provide clients with independent and impartial advice. The CAB says, despite the fact that individuals on lower and middle incomes are often most in need of good financial advice, […]

A consumer&#39s view

There are times when it pays to beat your breast, repeat mea culpa at least three times, and say sorry. Paul Smee, director general of the Association of Independent Financial Advisers, would have done well to remind himself of this before he faced the pitbull terriers who sit on the Treasury select committee, which is […]

Changes to early exit pension charges

In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]


News and expert analysis straight to your inbox

Sign up


    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