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New website to rank IFAs

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.

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Comments

There are 18 comments at the moment, we would love to hear your opinion too.

  1. Patrick Schan 3rd June 2011 at 3:27 pm

    Not keen on that idea. It sounds like ‘check a trade’ where some tradesmen keep pestering people to leave feedback on the sight. Lowering the tone a bit I’d say.

  2. “The concept is for consumers to be able to find advisers they can trust.”. Interesting concept. But you have to be fee-based to register. Are you saying therefore that non-fee-based advisers are all not to be trusted? Sounds like it to me.

    This website sounds like one individuals’ idea of what is “the best”, but being touted as something that is going to get the client to the best adviser for their needs, which is not the case at all.

    Everyone needs different things from their adviser, and being fee-based is not the only way. Client agreed remuneration is a viable way to offer advice and should be treated as such as opposed to being a poor relation.

  3. Arthur Childs 3rd June 2011 at 3:31 pm

    I have already listed on this as I can see it’s potential. You can see my entry here http://www.vouchedfor.co.uk/ifa-profile/arthur-childs-124. My only advice is when you link in your photo make sure it is square or you can end up with a very fat face

  4. Hey Punternet for IFAs!!!!!

  5. Yet another parasite

  6. Arthur Childs 3rd June 2011 at 3:50 pm

    I am delighted to read the comments from ‘anonymous’ and ‘unimpressed’ although I cannot see the point of hiding your name in this blog – what are you afraid of? The reason I am delighted, of course, is that once people really start to find their way to this website they will only find those advisers who are are happy to get clients to post comments about them over which they have no control. The fee issue is a red herring. Simply make sure you only work on a fee basis with enquiries from this website.

  7. Underwhelmed………………

  8. i think its a good idea

    because the advisors are rated by actual clients so it should be an honest opinion on how they rated a particular advisor which potentially (if a good service is provided) will only help the adviser attract more business?

    i do also agree with unimpressed’s comments

    “Everyone needs different things from their adviser, and being fee-based is not the only way”

    it seems harsh to exclude those that are not fee based from something that could potentially help grow there business the way i have taken the above the ratings are based on client feedback not on how clients an advisor charges a client

    im sure their are many great advisors that are not exclusively fee based

  9. Steve Johnston 3rd June 2011 at 4:21 pm

    I think this is great and should be embraced fully.

    A website where you can find rank IFA’s? What could be better!

    Better than RDR!

  10. Phil Sipocz - Maxima Financial Management Ltd 3rd June 2011 at 4:44 pm

    As usual someone talking themselves and their “service” up as being the best thing since sliced bread. If you’re good enough then you will be referred by existing your clients anyway, so why pay money to another of the industry leeches, unless of course you are feeling insecure.

  11. Sounds interesting.
    Personal reccomendations are important to reassure people who are new to you and that is why I have several on my linked-in profile. They need updating a bit though.
    Rating sounds interesting but it depends on whether it is fair and truthful, so I’ll have to look at whether I’d be happy with somehting like that in due course.

  12. If you need financial advice presumably it’s because you have little financial product/investment/legislative expertise or time to make the best of your money. The value of advice is often apparent only after months or years, so how would immediate feedback be of consequence? If you want eBay style business – go to eBay.

  13. Adam Price is just a chancer trying to make some easy money – in my experience, if Unbiased.co.uk, Adviser Breakthrough and other promotional sites are anything to go by, IFAs who spend good money to be with Vouchedfor are likely to finish up disappointed.

  14. “VouchedFor.co.uk founder and managing director Adam Price says: “The concept is for consumers to be able to find advisers they can trust.””

    PR speak for the concept is for AP to make money for doing very little.

    Great idea; pay £299 max and get your staff and your mates to write up how brill you are!

    Isn’t this another version of “The King’s New Clothes?”

  15. another useless website, where you have to pay if you want to be part of the game, just like ‘check a trade’. Another money making opportunity for someone.

  16. It looks like a lead generation site, no more, no less; and in that good luck to them, we may sign up ourselves.

    As an IFA ranking site I suspect that it is a little less valid. Clients may be happy with what has been done for them but as it can be years before something goes wrong, then the ranking appears to be not so valuable. After all, as we so often hear, SJP are voted The Telegraphs Wealth Managers of the Year, nice individuals, well presented solution, well presented adviser, absolutely superb marketing, but competitive product?????

    And fees only? Agree with others, don’t like the inference that product charges are bad. Hey, why not pay me a fee out of your taxed (and NI’d) income for this pension advice – oh and let’s up that by 20% for the VAT? Alternatively I could agree the payment to come from your pension…….

    So, it really is simply harnessing the internet to provide word of mouth recommendations. Something we have all been doing for years.

  17. andrew golding - TDG Financial 6th June 2011 at 1:06 pm

    Are we aggregating advice now or is this merely another advertising format to help smaller advisers who fail to market themselves effectively???
    Check A Trade worked for unscrupulous Builders & Plumbers etc – what will this spell for consumers and advisers alike – Fake or True?
    That said, I can see this being a good little business venture and another place for Advisers to promote themselves its just the effectiveness of its use. The market does need something like this as no-one knows who to go for truly independent advice without all the usual sceptical catches.
    I wonder also whether the big boys will lobby for their advisers to be promoted due to referrals???

  18. @ Bill Crowley: Being “fee only” does not mean that you are unable to take your fee from the product you recommend. We’ve been fee-based for around 6 years now and this is usually the way we work. The main difference is that the fee is agreed in advance by the client so that they know exactly how much our work will cost before agreeing to proceed.

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