IFAP members increasingly recognising the value of online leads
IFAP MEMBERS INCREASINGLY RECOGNISING THE VALUE OF ONLINE LEADS
Annual survey reveals member IFA satisfaction with IFAP activity
46% cite the ‘Find an IFA’ web service as a main membership benefit an increase of 12% on 2004 findings
Four in five satisfied with IFAP’s work to raise awareness and educate consumers on depolarisation
Almost half (46%) of member IFAs think the ‘Find an IFA’ web search tool is a key benefit of their membership to IFA Promotion (IFAP), the organisation promoting the benefits of independent advice an increase of 12% on figures for 2004. This is according to the fourth annual IFAP member survey*, analysed by independent research agency Consensus. In addition, of those members who expressed an opinion on the issue, almost four in five are satisfied with IFAP’s efforts to educate consumers and support independence throughout the convoluted process of depolarisation last year.
The survey also reveals that a massive 78% of all consumer leads generated via IFAP’s websites, white label ‘Find an IFA’ search tools and free phone hotline number resulted in business for local member IFAs thus helping to explain why the ‘Find an IFA’ referral service is regarded a core benefit of membership by so many members.
Furthermore, the research demonstrates that:
73% of member IFAs acknowledged the referrals they received from IFAP during the last year, with 56% receiving between 1 and 5 new business leads, and 17% gaining 6 or more. The vast majority of these leads were from consumers, with 5% from businesses.
Similar to previous years, 61% of member IFAs view use of the independent financial adviser blue pound sign roundel as a key IFAP member benefit, with 82% perceiving this as the symbol of independent financial advice.
David Elms, Chief Executive of IFAP commented: “2005, the year of depolarisation, posed challenges for all in the market for financial advice. However, the independent financial advice sector has continued to thrive and last year, the volume of new business leads generated by IFAP shot up to over half a million. What is more, the quality of these leads has been maintained. The web of course played a fundamental part in this, so naturally we are delighted that such a healthy share of our membership acknowledges the benefits of our online referral tools”
“In an era when the internet has become the financial advice-seekers tool of choice, it is vital that the IFA market keep pace. However, whilst it is encouraging that nearly a third of our members have signed up to our Online Marketing Package, as it is a means to enhance individual online search entries, and make them stand out to potential new clients, the fact that four in ten of our members are yet to list a website with us is truly baffling”
The survey explored further into views on the various ancillary activities and services offered by IFAP, and showed that:
Over 6 in 10 (61%) member IFAs support IFAP’s Media Services initiative**
39% of member IFAs expressed interest in becoming involved with IFAP’s regional Press Clubs, which work with local media to promote local independent advice
85% of recipients find IFAP’s bi-monthly Update newsletter useful***
Elms continued “This year’s member survey is brimming with positive feedback and confirms that IFAs throughout the UK are recognising the broad spectrum of IFAP member benefits. We are particularly proud of the fact that, given the sensitivities of depolarisation, such a large majority of members appreciated our efforts to ‘cut through the clutter’ for consumers and continue to raise a positive profile for independent financial advice overall.
“The first quarter of 2006 has proved extremely encouraging - with total numbers of consumers requesting details of a local IFA up 12% on the first quarter of 2005. We therefore approach the rest of the year confidently in the knowledge we have our members’ full support for the wide-ranging marketing programme IFAP carries out on their behalf.”
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* The research was analysed by Consensus Research International and data was collected throughout December 2005; results are based on returned questionnaires completed by IFA Promotion 1557 member IFAs
**Media Services is an established initiative, now in its eighth year of existence. It is a service for the national, regional, online, broadcast, consumer and trade media, which helps source independent commentary, case studies and advice. All member IFAs are offered the opportunity to become a media IFA and feature in a yearly printed directory that is distributed to the UK media, as well as available online at www.unbiased.co.uk and in the media centres of a range of trade organisation websites and leading UK financial services companies
*** IFAP’s next bi-monthly update newsletter will be distributed by email only
For further information please contact:
David Elms Chloe Mann / Holly Godden
Chief Executive Lansons Communications
IFA Promotion 020 7294 3681 / 020 7294 3674
020 7833 3131
For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on 020 7294 3682 or search online in ‘Media Services’ at www.unbiased.co.uk
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 around 9,000 firms of independent financial advisers across the UK and is sponsored by 32 leading financial institutions. In the past 12 months, over 530,000 consumers and businesses used IFA Promotion to find local independent financial advice.
IFA Promotion 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 consumer’s choice, wherever they live in the UK.
Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial Adviser Promotion’s sponsors
Aberdeen Asset Management | Mortgage Express |
Abbey | National Savings & Investments |
AXA Life | NatWest Business Banking |
Bright Grey | New Star Investment Funds |
BUPA Health Services | Norwich Union Life |
Canada Life Ltd | Old Mutual Asset Managers (UK) |
The Children’s Mutual | Prudential |
Clerical Medical Investment | Scottish Equitable Plc |
Defaqto | Scottish Life |
Friends Provident | Scottish Life International |
GE Life | Scottish Widows Plc |
GMAC Residential Funding | Skandia UK Group |
INVESCO Fund Managers Ltd | Standard Life Assurance Company |
Legal & General | Unum Provident |
London Mortgage Company | Webline Limited |
Lincoln Financial Group | Zurich Intermediary Group |