He says this means that new players in the wrap market have a very limited audience because most of those “good” IFAs have already committed to a platform.
Ferguson says: “There are only really 5,000 good IFAs working in the UK at the moment.
“As the retail distribution review becomes imminent I think that 5,000 number will start to rise and over the next three to five years we’ll end up with a much larger sector of quality IFAs, but at this minute in time it really is a small audience.”
Simply Biz chairman Ken Davy says: “I like David, however in this instance he is totally misjudging the ability of the vast majority of IFA firms and advisers.
“We are already seeing significant progress among the firms that we serve to embrace both the increased professionalism, service levels and product design aspects that will probably be required of them in the coming years.”