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.