An online IFA listings service has launched for fee-based IFAs where advisers are ranked according to client feedback.
The website, VouchedFor.co.uk, aims to connect consumers with recommended financial advisers, as opposed to all IFAs within a consumer’s area.
IFAs can post details of their services on the website for free, but have to be either exclusively or predominantly fee-based. They also have to be offering an independent, whole of market service.
There is no minimum qualification requirement for advisers but those who have already attained QCF level 4 will be differentiated on the website by a kitemark against their profile.
VouchedFor.co.uk founder and managing director Adam Price says: “The concept is for consumers to be able to find advisers they can trust.
“Our research shows most consumers want an excellent IFA, even if they are a little distance away, rather than the choice of lots of IFAs nearby. It is these consumers we will be targeting nationwide albeit with a particularly intensive focus on the SW London and Surrey areas initially.”
IFAs will pay the VouchedFor service after an initial telephone call with the client and once an initial meeting is secured.
Depending on the type of clients an IFA is looking for, the cost will range from £99 to £299.
The website went live on May 20.