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Leads from IFAP bring in 47m business

IFA Promotion says it generated up to 47m in commission income for IFAs last year, up 52 per cent on 2003.

The business was gener- ated through IFAP’s consumer and business hotline and website, Find an IFA, and has been researched by strategy consultancy Oliver Wyman.

Consumers and businesses used IFAP over 446,000 times during 2004 to get details of local IFAs, an increase of a third on the previous year. The Wyman research is based on proprietary market research as well as 2,968 returned questionnaires sent to a sample of enquirers to establish what action they took after using IFAP’s telephone hotline or online search.

The survey shows that 52 per cent of hotline callers and 44 per cent of online searchers went on to visit a member IFA, buying an average of 1.3 and 1.7 products respectively.

IFAP chief executive David Elms says the figures emp- hasise how much product providers benefit by supporting the IFA sector, especially through the upheaval of reg- ulatory changes.

Elms says: “There is only one gold standard of finan- cial advice and that is independent. It is a far stronger consumer proposition. People are then being dealt with by advisers, not salesmen.”

PMI director John Stewart says: “IFAP does a fantastic job. I had a client in today with one of their free consultation vouchers, giving us a great opportunity to see new clients without paying much marketing cost. They cost less than 200 a year which is absorbed by our network costs. We get at least one enquiry a week thanks to IFAP and we would be very unhappy if they stopped what they are doing. I am not surprised by the 47m figure.”

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