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IFAs see most value in 'independent' badge post RDR

· ‘Independent’ will be the most popular word to describe advice offered when the Retail Distribution Review comes into play

· Over half of IFAs plan to promote themselves by using the word ‘professional’

Despite a shift towards up-skilling and increased professionalism in the run up to RDR, the ‘independent’ brand will remain strong – with the vast majority of IFAs planning to focus on the word ‘independent’ to describe the type of financial advice they offer.  A survey by unbiased.co.uk of over 210 IFAs, shows that 87% say they will use the word ‘independent’, while ‘professional’ is going to be used by 57% of IFAs.

Initial RDR proposals suggested breaking the synonymous link between the terms ‘independent’ and ‘whole of market’.  With this having now been decided against, almost half of IFAs (48%) are going to focus on using the words ‘whole of market’ to describe the advice they offer.  The terms ‘unbiased’ and ‘unrestricted’ were also popular, receiving 43% and 29% respectively.

Only 1% of advisers stated they plan to leave the IFA profession ahead of the RDR implementation coming into force.

Karen Barrett, Chief Executive of unbiased.co.uk comments: “The RDR is clearly posing a huge change for the IFA industry as a whole, and individual IFAs in particular. We are already seeing a drive amongst IFAs to increase their level of professionalism by preparing for the new qualifications required.  Regardless of these changes, the results of our survey highlight that the IFA industry clearly understands and supports the ‘independent’ brand.   

“While it is indisputable that the RDR will lead to increased professionalism – from a consumer point of view, using the word ‘independent’ is a clear signpost of the advice offered.  We know that consumers are associating the word ‘independent’ with the one unifying aspect of the IFA market – being able to source products from the whole of the market.”

ENDS

Opinium Research carried out an online survey amongst 218 IFA’s from their exclusive Independent Voice panel from 5th-7th May 2010.

Karen Barrett, Chief Executive, unbiased.co.uk: 020 7833 3131

Anna Schirmer/Anna Moulds/Charli Scouller, Lansons Communications: 020 7294 3682

For expert commentary or case studies from over 150 media-friendly IFAs, journalists should visit www.unbiased.co.uk/bluebook.

About unbiased.co.uk, the professional advice website

The unbiased.co.uk portal is a free and confidential UK-wide search matching consumers with local professional advisers: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is currently inviting registrations for its ‘find an accountant’ service.  These searches enable consumers to find professional advisers by postcode, area of specialism, qualification and payment method. In 2009, unbiased.co.uk fulfilled half a million searches for local, professional advice. 

IFA Promotion, the organisation behind unbiased.co.uk, is now in its 21st year, and was set up to promote the benefits of independent financial advice to consumers.  IFAP is sponsored by the following companies:

Registered Office: unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606