View more on these topics

Row rages over site aiming to rate IFAs

IFA Promotion has voiced concerns about a website which ranks regulated financial advisers according to reviews given by users.

Chief executive David Elms says it is impossible to verify if a review is genuine and he questions the site’s reliability. allows consumers to search through a database of regulated financial advisers, covering general financial planners and wealth managers to tax, pension, mortgage and investment specialists. They can arrange meetings with advisers and review their services. Advisers who get good reviews will feature in a prominent position on the site and in search results.

Elms says this type of approach does not work in prac- tice as there is no guarantee that the reviews have come from consumers. He says: “We have looked at a user-review-type ranking and I think it is a good idea in theory but it is very difficult to make it work. There is no way to ensure that only someone who has used the adviser can give them a ranking.

“You cannot guarantee that an adviser is not giving himself an overly high ranking or an adviser is not giving a competitor an overly negative ranking. These things can be done via proxy email addresses that are set up for only one purpose and are untraceable.” director Toby Goldblatt says he recognises the problem but claims he has built technology into the site to counter the problem. He says: “We have monitoring and reporting systems so if advisers object to a comment, we will remove it immediately and investigate it. I do not think advisers would sign up to write comments about themselves because they would have to pay for the lead and it would become an expensive and time-wasting exercise.”

Advisers will have to pay a fee for any leads they get from having a listing on the site.


Europe 2017: Value, large-caps & liquidity

Joshua Ausden, Head of Client Investment Strategy, Neptune Read more here Important Information – for Investment Professionals Only. Not for Retail Clients.Investment risksNeptune funds may have a high volatility rating and past performance and forecasts are not a guide to future performance. These are Neptune’s views and as such this document is deemed to be […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm