9 OUT OF 10 MEMBER IFAs VOICE SATISFACTION WITH IFA PROMOTION
Over two thirds claim to receive excellent value for money
86% of IFA Promotion consumer leads result in new IFA business
Over nine out of ten (91%) of member IFAs are satisfied with IFA Promotions (IFAPs) efforts to promote the benefits of independent financial advice, and over two thirds (68%) believe IFAP membership provides excellent value for money. This according to the second annual member survey* conducted by independent research agency Consensus for IFAP.
The survey carried out in November 2002, based on written responses from over 2,000 IFAP member IFAs, reveals that a massive 86% of all consumer leads generated via IFAPs hotlines and websites resulted in business for local member IFAs, helping to explain why IFAPs referral service is viewed as a core benefit of membership.
In addition the research reveals that:
71% of member IFAs acknowledged receiving referrals from IFAP during the last year with over a quarter (27%) receiving between three and five, and 12% gaining six or more new business leads.
62% of member IFAs view use of the blue pound sign roundel as another key IFAP member benefit, with 85% seeing this as the symbol of independent financial advice.
Over two thirds (68%) of member IFAs see IFAP as the body of most value to IFAs.
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David Elms, Chief Executive of IFAP, said, Its extremely encouraging, for the second year running, to see how valued our efforts over the last 12 months have been amongst our member IFAs. Weve exceeded our start of year target by providing over 300,000 enquirers with details of member local IFAs during 2002, and this research highlights the high quality of IFAP leads, with 86% of those going on to see a member IFA actually converting into new business.
The survey probed further into views on the various ancillary services offered by IFAP, and revealed that:
The majority (59%) of member IFAs support IFAPs Media Services initiative
45% of member IFAs expressed interest in being involved in regional IFAP Press Clubs, working with local media to promote local advice
71% of recipients find IFAPs bi-monthly Update newsletter informative and useful
66% of member IFAs place the IFA roundel on their letterheads, 61% on business cards, and 39% display the roundel in their office windows.
Elms continued, These added-value services have helped to raise the positive public profile of IFAs still further during 2002, and our survey demonstrates a great appetite amongst our member IFAs to get more involved in initiatives such as IFAPs Media Services and local Press Clubs. The regular information we provide our membership with is clearly also appreciated highly.
He concluded, 2002 has been IFAPs most successful year through our continuing integrated programme of promoting the benefits of independent financial advice to consumers and businesses. This in addition to our behind the scenes work with the industry and the FSA to fine-tune the final details of depolarisation - both in favour of a thriving IFA community and to the benefit of consumer.
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* The research was conducted by Consensus Research International and data was collected throughout November 2002; results are based on 2,140 returned questionnaires completed by IFAP member IFAs.
For further information please contact:
David Elms or Richard Winder
CEO Lansons Communications
IFA Promotion 020 7490 8828
020 7833 3131
1. Independent Financial Adviser Promotion
IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents over 10,000 firms of independent financial advisers across the
IFA Promotions believes Independent financial advice should be:
Affordable. The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.
Convenient. IFAs should be available in the location of the consumers choice, wherever they live in the
Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial Adviser Promotions sponsors
AMP NPI | Old Mutual Asset Managers |
AXA | Prudential |
Barclays Global Investors Funds | Scottish Equitable Plc |
Bright Grey | Scottish Life |
BUPA | Scottish Mutual Assurance Plc |
Scottish Provident | |
Clerical Medical Investment Group | Scottish Widows Plc |
Eagle Star | Selestia |
Friends Provident | Standard Life Assurance Company |
GE Life | Swiss Life ( |
INVESCO Fund Managers Ltd | Skandia UK Group |
Legal & General | Tunbridge Wells Equitable Friendly Society |
National Savings & Investments | Winterthur Life UK Ltd |
Zurich Life Assurance Company |