IFAs will be ranked in terms of efficiency and profitability under a new study being launched by the Institute of Financial Planning, Aifa and Clerical Medical.
A survey, run by Advisor Impact, will be sent to around 5,000 businesses on the databases of Aifa and IFP and will ask questions about each firm's profitability, productivity, RI productivity, use of time, business efficiency and cost management.
It will group IFAs by size and by turnover to benchmark their performance against that of similar business. IFAs will be able to compare themselves with the market average and the best in the market Clerical believes this is the first time that such an extensive survey of the IFA market has been carried out.
The survey is going out to IFAs this week and preliminary results will be presented at the IFP conference on October 6 and 7.
The IFP is also keen to talk with IFA firms and banks about how they can develop their service to clients through financial planning.
Chief executive Nick Cann has been in talks with Lloyds as well as Grant Thornton, John Scott & Partners and Park Row among others about how they can develop their advisers.
Cann says: “As depolarisation starts to happen and we see the different ways that people are approaching their clients, we will pick up conversations that we have been having with people about the financial planning side. This is not just with the independent advice parts of banks but also with leading IFA firms.”
Clerical Medical head of intermediary strategic planning David Shelton says: “The survey will enable IFAs to see where they stand in comparison with the rest of the market.”