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IFA label seen as ‘tarnished brand’

Capital Asset Management managing director Alan Smith claims the IFA label is tarnished and it is no longer a title he wears with pride.

Speaking at the wrap and platform round table, Smith said that his firm prefers to be known as a financial planner.

He said: “IFA is a tarnished brand in my opinion. We will do anything we can to disengage with that brand.”

Cofunds marketing and proposition director Alastair Conway argued that the retail distribution review needs to clarify what the word “independence” means. I am acutely aware of advisers clinging to the word independent because they feel it distinguishes them from other financial services.”

Nucleus chief executive David Ferguson said the word independent has “passed its sell-by-date”. Investment Quorum chief executive officer Lee Robertson added that as advisers embark on moving their business models to service-led rather than transactional, many will stop calling themselves IFAs.

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On the Bright side

I ended up in this industry as a result of a three-week rugby tour to the US. At the end of the tour, I missed my plane home (don’t ask), met a girl, married her and, having obtained my Green Card, followed the very pointed advice of my new mother-in-law to “find a proper job”.

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