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Survey reveals boost for IFAs&#39 fee-based business

Three-quarters of IFAs say they are optimistic about their future, with the same number saying they have seen their fee-based business increase during the year, according to exclusive survey results from The One Account and Money Marketing&#39s State of the IFA Nation 2004 survey.

The fact the vast majority of advisers are seeing the fee-based side of their business increase reinforces the continuing trend away from traditional commission-based remuneration for advice.

The third annual poll reveals that 81 per cent of independent advisers would not consider multi-tying when polarisation is abolished, preferring to remain independent.

Seventy-five per cent have endorsed the network model, saying they are optimistic that it will survive the next five years.

Not surprisingly, Government handling of financial services policy was slated, with 70 per cent saying it has done poorly. Only 12 per cent rated its job as excellent, very good or good in this area.

More survey results which cover all the major areas of IFAs&#39 businesses, including their plans for dealing with depolarisation and the onset of mortgage and protection regulation, will be published in Money Marketing over the coming weeks.

Professional Partnerships financial planner Edward Nice says: “In our experience, clients are willing to pay fees partly because they appreciate the benefits of truly independent advice and the levels of expertise that financial advisers have.

“We have therefore been able to build long-term relationships with our clients that banks, for example, are unable to do.”

Baronworth Investment Services director Colin Jackson says: “The last three years have been very tough but things have certainly improved in the past six months.”

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