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Majority of IFAs want to become PFPs, says Aegon

Eighty per cent of IFAs will seek to become professional financial planners under the FSA’s proposals, according to research by Aegon.

Results of the Aegon IFA Insights Survey show advisers want to maintain the independent label, with 69 per cent saying it’s important to their clients.

None of the IFAs questioned say they would consider becoming a primary adviser working for a bank or insurer, while 76 per cent believe many consumers cannot afford full advice or find an adviser willing to advise them.

Aegon head of business regulation Steven Cameron says: “The research was carried out a few weeks after the discussion paper was published so it’s not surprising to find a degree of concern among IFAs about some of the FSA’s proposals. However the majority agree with three out of the five market problems identified by the FSA, so there is clear acceptance of the need to act.

“In particular IFAs agree that lack of consumer access to full advice is a significant problem for the industry. Our research indicates it’s likely full advice will be available to fewer people in the new regime as IFAs move to the top of the advice spectrum and are able to serve fewer clients.

“This means it’s imperative the debate moves on to focus on how best to serve the remainder to close the advice gap. IFAs broadly agree there are issues to resolve so, where they don’t agree with the FSA’s proposed solutions, we need to come up with better solutions. Now is the time to think creatively.”

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