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IFAP figures reveal big benefits for providers

IFA Promotion&#39s consumer and business hotlines and website generated £31m for IFAs in 2003, according to analysis by consultancy Mercer Oliver Wyman.

The research quantified and tracked Ifap&#39s core IFA referral service. Its results show that IFAP has more than doubled the commission generated for member IFAs in three years from £14.5m to £31m.

A total of 338,000 people contacted Ifap last year to get the details of IFAs in their area – a 7 per cent increase on the previous year&#39s 315,000.

The figures are based on market research and 3,091 responses received to a questionnaire sent out to a sample of enquirers several months after they made contact with IFAP.

The responses show that 53 per cent of hotline callers and 40 per cent of online IFA searches went on to visit a member IFA.

The figures also reflect an estimated £17m value added for product providers, far exceeding the £2.7m they contribute.

Based on the responses, the consultancy gave lower and higher estimates, calculating that those who did not reply to their survey were half as likely as respondents to have bought a product and a higher calculation assuming non-respondents are equally likely to have bought a product.

Ifap chief executive David Elms says: “These figures show just how much product providers benefit by supporting a strong IFA sector. It is particularly significant that Ifap generated as much as £1.4bn in mortgage lending last year, more than twice the amount generated in 2002.”

ECS Financial Services marketing director Louise Taylor says: “We have significantly raised the profile of the firm through Ifap, particularly on a local basis with a number of articles in local papers highlighting the investment side of our business.”

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