Former IFA Ivan Massow has returned to the financial services market with a comparison website supporting Oxfam.
Compare For Good is Massow’s first financial services project since leaving the advisory market in 2004 following a failed franchise agreement with Zurich.
But having moved to Barcelona for five years after the Zurich debacle “knocked him for six”, Massow says now is the right time to return to the UK with a venture which offers “a new way of giving”.
The comparison site is backed by Massow and powered by BeatThatQuote.com, with Hollywood actress Joan Collins as its ambassador.
Massow will not disclose the amount he has invested in the project but says the site will ringfence at least two-thirds of its revenue for the charity, with the remainder of the income used for running and admin costs.
It will offer financial products from every provider except Aviva and Direct Line, and will generate revenue from the commission paid by the provider per lead.
Massow says: “I was interested in building a financial vehicle and I wanted to work with one of the biggest and best charities. Oxfam is one of the biggest, best and most innovative.
“The price-comparison market is worth £1bn a year and I thought if I could work with Oxfam to create a financial services company where all the proceeds went to the charity that would be fantastic.”
“I wanted to make CompareForGood.com as relevant to as many people as possible.”
Having decided on outsourcing the technology to BeatThatQuote.com, Massow says he was surprised a number of competitors were only interested in offering bespoke packages of products paying the highest commission.
He says: “We chose to work with BeatThatQuote.com because we were impressed with their impartiality.
“We are now hoping that our technology will allow our offering to become one of the top three sites when you Google search.”
Massow describes the venture as “a new way of giving and a new way of spending money with a social conscience”.
He says: “It is an alternative to giving money to people in the street with a clipboard. It seems to make sense.”
The next move for Massow is to revive his IFA brand, although he will not be advising himself. He says: “I am looking for opportunities now, someone to work with me to develop the brand.
“It is time for Massow’s to rise like the Phoenix. But for now, CompareForGood.com is still a good start because that could raise a lot of money for charity.”