Professional Directory managing directory Barry Sears is aiming to recruit 1,000 IFAs to the service within a few months at an introductory registration fee of £20 for 15 months.
The internet-based service will allow consumers to look for IFAs in their area who offer particular expertise such as pension or mortgage advice. It will direct them to a page featuring a local IFA and offer contact details and a brief explanation of the firm’s services. The client will provide feedback on the service they get from the adviser which will be posted on the site.
Sears says he hopes to sign a large number of advisers up very quickly by approaching networks. He has already approached IN Partnership which has 500 RIs and has had talks with Millfield and other networks. The aim is to build up 10,000 firms on the site.
Advisers pay a registration fee and £20 for each lead they accept. After the first 1,000 have joined, the annual fee will be £50.
IN Partnership group executive chairman Stanley Lovell says: “The IFA community is increasingly recognised as the preferred source for financial advice by the public and corporate bodies and this services will improve the opportunity for consumers to find an IFA in their locality.”
Sears says: “Having been an IFA for eight years, I recognise the increasing need to specialise. Professional Directory will encourage IFAs to identify their areas of expertise to attract the types of enquiries that they need.”