Speaking at Money Marketing’s wrap and platform round table recently, CAM managing director Alan Smith said his firm would do anything to disengage with the IFA brand.
But IFAP chief executive David Elms says Smith’s comments do not accurately reflect the public’s perception of IFAs, which he insists is strong.
Elms says: “I understand that he wants to differentiate himself in the market but I do not think he should make statements that fly in the face of reality. We have 10,000 people per week contacting us looking for IFAs.
“This looks like a personal vested interest to me and it does not marry up with the reality of the market.”
Smith says: “We very much support Ifap and the work it does but, in my experience, many people who have dealt with IFAs want something different.
“The situation at the moment is that IFAs generate commission through product sales. We are trying to differentiate ourselves as a business that focuses on financial planning and wealth management, rather than the sale of products.”