View more on these topics

IFA reputation bolstered by the financial crisis, says Nucleus

The reputation of the IFA community has been bolstered by the financial crisis, according to Nucleus.

A poll of 30 member firms showed that 48 per cent believe the crisis has had a positive impact on the reputation of the IFA industry, while 4.9 per cent believe that the crisis has had a negative impact.

Nucleus chief executive David Ferguson says recent events has led to unprecedented opportunities for high quality adviser firms.

He says: “In this respect the financial crisis, as well as the impending RDR, have been very positive catalysts for genuine change and an overall improvement in industry standards.”

“While 2009 has certainly been a challenging year for all in the financial services sector, those adviser firms which offer a transparent, customer-centric service will continue to thrive as clients seek the best advice to guide their financial decisions.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. So IFA firms believe that their reputation has been enhanced during the financial crisis.
    What utter rubbish. As a pensioner ripped off by a large IFA who breached FSA rules over the sale of a Structured Product to me my opinion is never but never trust an IFA. Do your own research and familiarise yourself with FSA rules.

  2. Dear Anonymous

    I sympathise with you.
    I wish we could get rid of these idiot IFA’s that are only out for themselves and the commissions they can grab.

    I can only say do your homework first, and only deal with a totally impartial fee based planner.

    There ARE some good guys out there – honest!

    Graeme

  3. I am not surprised about this poll – as IFAs are possibly the only group left in financial services who can generally be trusted.

    Sorry to hear above comment about a structured product but if you have lost money by investing in one of these it is perhaps not all the IFAs fault as these have been allowed to be marketed by the FSA in such away as to be targeted at “low risk” cautious investors attracted by words like “guaranteed” income or such like.
    When in fact the end distributor (the IFA in this case) had no knowledge of the counterparties underwriting the product nor were they allowed to know as these were kept secret. Having said this I have stayed away from these as products that claim a high fixed return each year when relying on markets, complex insurance and reinsurance et al to provide are possibly a lot riskier than investing direct into a properly constructed bespoke portfolio as the last few years have borne out.

Leave a comment