Industry figures have held talks this morning to discuss the possibility of establishing a new adviser trade body to rival Aifa, Money Marketing understands.
Bluecoat Software head of proposition and former Professional Partnerships principal Gill Cardy and former IFA association director general Garry Heath are thought to be involved in the talks. IFA Life founder Phil Calvert was invited to today’s meeting but could not attend as he was on holiday.
It follows Aifa’s recent decision to open up its membership to restricted advisers, marking a departure from its previous stance as a trade body solely for IFAs. Membership will not be open to single-tied advisers under the restructure.
IFA Life revealed last month that it was considering setting up a body to represent advisers, following feedback from its 7,000 members.
Aifa’s decision to broaden its membership to include restricted advisers divided industry opinion. While some believed the trade body was right to allow restricted advisers to join, some felt that Aifa should have stuck to its original objective of being “the voice of the IFA profession”.