The service allows advisers narrow down their options when choosing a network from the responses received.
Adviser Matrix managing director Paul Fryers says: “Our research has found advisers who consider joining a network or a national IFA typically spend three or more hours with each organisation they consider. Unsurprisingly, this leads to them only looking at a few options before making a decision. There is a lot of variety in the propositions available, so if an adviser takes a narrow view they run the risk of missing out on what may have been the most suitable option.”
Fryers says an adviser would have to spend 50 hours of research if they were to investigate every distributor in the UK. “Intermediaries simply don’t have this sort of time on their hands,” he says, “by doing their research via Adviser Matrix, they can cut this down to just a few hours. It is unavoidable that advisers must invest time in understanding the detail behind a network proposition before they sign up, but we can help make that easier for them.”
Telos project director Richard Farr says: “I believe this is highly topical at present as there is a lot of interest in joining the network with the right fit amongst the adviser community.
“The Adviser Matrix model also creates the opportunity for networks and national IFAs to be able to promote their unique proposition to businesses that they may otherwise not have been able to attract, so I am not surprised so many have shown a positive interest.”