6 August 2007

Unbiased.co.uk generates another year of record returns for member IFAs (Trade)

Unbiased.co.uk’s consumer and business ‘Find an IFA’ tool delivered an estimated £71 million worth of commission income for member IFAs in 2006, according to independent research conducted by strategy consulting firm Oliver Wyman.

The figures show that an estimated 42% of Unbiased.co.uk’s online and hotline enquirers went on to visit a member IFA**, buying an average of 1.59 products per person, up from 1.45 in 2005.

The analysis*** clearly demonstrates that the value added for member IFAs has increased by 373% since 2000 – an indication of the benefit of Unbiased.co.uk’s membership. The individual commission value per sale increased by 34% to an average of £900.

David Elms, Chief Executive of Unbiased.co.uk, commented: “2006 was a fantastic year for Unbiased.co.uk and its member IFAs. These figures clearly highlight that independent financial advice remains a crucial element in consumers’ financial planning and that the Unbiased.co.uk search adds real value to our 9,000 member IFAs.”

Unbiased.co.uk’s members pay an annual fee to subscribe to its Online Marketing Package, which was launched in September 2004. To date, over 3,200 members now subscribe to this service.

Neil Reynolds of Mercer Oliver Wyman, who carried out the study, commented: “Unbiased.co.uk has a great track record of promoting the benefits of independent financial advice to the consumer. In addition to that Unbiased.co.uk works hard to support its member IFAs and sponsors with a variety of activities. With up to £71 million worth of commission income, 2006 has been a record year for Unbiased.co.uk delivering value to its member IFAs.”

-ends-

*The research is based on proprietary market research as well as 1,889 returned questionnaires sent to a sample of enquirers, to establish what action they took after using IFAP’s hotline and online search

**In raw numbers, an estimated 137,300 people went on to visit an IFA following their initial enquiry

***Analysis based on two scenarios: a lower calculation assuming that non respondents to the survey are half as likely as respondents to have purchased a product and an upper calculation assuming non respondents are equally likely to have purchased a product.

For further information please contact:

David Elms

Anna Schirmer /Jonathon Grove

Chief Executive

Lansons Communications

Unbiased.co.uk

020 7294 3682

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 at www.unbiased.co.uk/media

1.      Independent Financial Adviser Promotion

IFA Promotion, is the organisation 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, incorporating over 17,000 registered individuals. These individuals hold over 20,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice. 

IFA Promotion is sponsored by 28 leading financial institutions, and in the past 12 months, over 600,000 consumers and businesses used unbiased.co.uk 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

Legal & General

Abbey

Lincoln Financial Group

AEGON Scottish Equitable Plc

Mortgage Express

Alliance Trust

National Savings & Investments

AXA Life

New Star Investment Funds

Bright Grey

Norwich Union Life

BUPA Health Services

Prudential

Canada Life Ltd

Scottish Life

The Children’s Mutual

Scottish Life International

Clerical Medical Investment

Scottish Widows Plc

Defaqto

Skandia UK Group

Friends Provident

Standard Life Assurance Company

Tomorrow

Unum

Invesco Perpetual

Zurich Intermediary Group

Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606

 

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