IFA Life is considering setting up a trade body exclusively for independent financial advisers following Aifa’s announcement that it will accept restricted members.
The networking website, which has almost 7,000 members, is planning a meeting in late August or early September to assess potential support for the idea. IFA Life founder Philip Calvert says: “Members mention this idea to us a lot and we will be talking to IFAs to see what they want from us. IFA Life has always been about what IFAs want.”
Barretts Financial Solutions senior partner Kim Barrett says: “Because Aifa has let in restricted advisers there will be a need for a body to represent advisers who serve clients with a whole-of-market proposition.”
Aifa confirmed last week that as a result of its strategic review it will open its membership to restricted advisers, including multi-tied advisers, and rebrand to reflect the change.
Membership will not be open to single-tied advisers.
Aifa director general Stephen Gay says: “I do not think it would be right to expel people from our organisation simply because the regulator has changed the goalposts about what it considers independence to be.”