The name of the proposed merger between Sofa and the LIA – the Personal Finance Society – has been overwhelmingly rejected in a Money Marketing poll.
Eighty six per cent of advisers are not in favour of the proposed name, with just 14 per cent approving, according to a poll of 505 advisers carried out by Money Marketing Online over the last week.
IFAs are angry that the name does not include the word “adviser” and does not make allowance for other types of business, for example, corporate work, done by members of Sofa and the LIA.
LIA head of public affairs John Ellis is appealing to members of both organisations to live with the name for a while, saying it can be changed if any major problems arise.
Michael Philips proprietor Michael Both says: “I do not like the name. I think the word adviser should be in the title as that is what we are about.”
Ellis says: “I think that no matter what name we chose, we would have had this sort of reaction. We chose the name deliberately because it is consumer-facing and uses words that consumers will understand. If our job is to raise standards and recog-nition of consumers, then the name makes sense.”